I would like to add the $INDY token as a borrowable asset in Aada V1.
Indigo Protocol is the first protocol for synthetics on Cardano. It allows anyone to create synthetic assets and utilize them without leaving the blockchain’s boundaries. As a utility token, $INDY is essential to the platform’s operation, making it a viable addition to Aada Finance’s V1 dApp.
The Indigo Protocol creates synthetic assets (iAssets) by replicating real-world assets (e.g., stocks) or other cryptocurrencies’ prices. In essence, all iAssets are soft-pegged to external-tracked assets using overcollateralization in the form of Collateralized Debt Position (“CDP”). In this regard, the $INDY token is central in whitelisting new synthetics and voting on improvement proposals. It also enables its holders to earn hefty rewards through staking and liquidity farming.
Adding $INDY to Aada V1 will enable the community to participate actively in the Indigo platform staking and voting. Also, it will allow users to take advantage of Indigo’s planned update regarding the protocol’s fee-sharing incentive.
- $INDY can be used to vote in the Indigo Protocol DAO;
- Users can stake the token in the protocol to earn more $INDY;
- LBE Farm on Minswap;
Total Supply: 35,500,000,000 INDY
Circulating Supply: 350,000 INDY
Market Cap (Taptools): 248.13M ₳ (24.11.2022)
TVL (Minswap): 3.01M ₳ (24.11.2022)
Holders: 3945 (24.11.2022)
Volume 24h (Minswap): 501.92K ₳ (24.11.2022)
Adding the $INDY token to the Aada Finance platform is a commemorative moment for the ecosystem. While it will have sentimental value, doing so will bridge the two communities, allowing Aada users to participate in Indigo’s DAO governance and staking incentives.