Proposal: Add $INDY token as a borrowable asset to Aada V1 (Approved)

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Proposal Description

  • Approve
  • Disapprove

0 voters

I would like to add the $INDY token as a borrowable asset in Aada V1.

Short Summary

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.

Motivation

  1. Project and token overview

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.

  1. Explain the positioning of the token in the Cardano ecosystem. How will it benefit the protocol?

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.

  1. What’s the asset’s utility?

  • $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;

  1. Token data

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)

Conclusion

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.

References

14 Likes
2

Yes! Lets do it! A great addition to V1 :fire:

2 Likes
3

Definitely in agreement to add Indy token to AADA app v1. Lets do it.

2 Likes
4

Add it and also add djed as we have a partnership

1 Like
5

Let’s make this happen soon

2 Likes
6

Let’s put these proposals to vote what date are we able to vote for the proposal

1 Like
7

This looks great! Only thing I saw was that the circulating supply is actually 1.99 M at the moment rather than 350k. Thanks for bringing this up!

2 Likes
8

I definitely agree, INDY is a good project. So Yes…

2 Likes
9

ohhh yeah!! Lets boost INDY on AADA im in.

3 Likes
10

Great token, great project

3 Likes
11

niceeeeeeeee :fire: :fire: :fire: :fire:

4 Likes