Indigo Basics
Indigo Protocol is a decentralized synthetic assets protocol on Cardano. Mint and trade iAssets such as iUSD, iBTC and iETH, backed by overcollateralized loans, without a centralized custodian.
Indigo Protocol is a decentralized synthetic assets protocol built on the Cardano blockchain. It lets anyone mint and trade iAssets — on-chain synthetic tokens that track the price of an external asset, such as iUSD, iBTC, iETH, iJPY and iEUR — without holding the underlying asset and without a centralized custodian or intermediary.
iAssets are created by depositing collateral into an overcollateralized loan, known as a Collateralized Debt Position (CDP). With Indigo Protocol V3, loans can be backed by Cardano Native Tokens (CNTs) in addition to ADA, and iAssets can also be obtained by swapping through the Peg Stabilization Module (PSM) or trading on the Indigo OrderBook.
The protocol is non-custodial and governed by the Indigo DAO through the INDY token.
Start here
🌟 Indigo Protocol Brief Overview — what Indigo is, why it's built on Cardano, and how to interact with it.
💻 Using Indigo — step-by-step path from connecting a wallet to minting your first iAsset.
Guides — walkthroughs for opening a CDP and depositing into a Stability Pool.
Core mechanisms
🛡️ Collateralized Debt Positions (CDPs) — how loans are opened, managed and closed.
💲 iAssets — how synthetic assets are priced, minted and redeemed.
🏊 Stability Pools — the liquidity that absorbs liquidated loans and keeps iAssets solvent.
🚨 Liquidations — what happens when a loan becomes undercollateralized.
💱 Redemptions — the arbitrage mechanism that holds iAsset pegs.
🏦 Interest — how borrowing costs are set and where the revenue goes.
💧 CDP Liquid Staking — earning Cardano staking rewards on ADA locked as collateral.
Governance and token
🌱 Governance & INDY Staking — how INDY holders steer the protocol and earn rewards.
🗳️ How To Vote — voting on proposals on-chain.
📊 Tokenomics — INDY supply and distribution.
Protocol versions
🛠️ Indigo Protocol V2 — Maintenance Ratio, redemptions and the interest mechanism.
🛠️ Indigo Protocol V3 — multi-collateral loans, the PSM, the Indigo OrderBook and zero INDY emissions.
Elsewhere
Indigo Web App — mint iAssets, manage loans, deposit into Stability Pools and stake INDY.
Indigo Agents Portal — connect an MCP-compatible AI agent to the protocol.
Governance Forum — where proposals are discussed before going on-chain.
Indigo Paper — the protocol whitepaper.
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