Indigo Protocol
5 SyntheticsSynthetic assets protocol on Cardano — mint iUSD, iBTC, iETH, iSOL and more against ADA collateral
What is Indigo Protocol?
Indigo Protocol is Cardano's leading synthetic assets protocol. It allows users to mint synthetic versions of real-world assets — iUSD, iBTC, iETH, iSOL, and more — by locking ADA as collateral. This brings exposure to global assets without leaving the Cardano ecosystem.
Key Features
Synthetic Assets (iAssets)
Mint synthetic tokens that track the price of real-world assets. iUSD tracks USD, iBTC tracks Bitcoin, iETH tracks Ethereum — all backed by ADA collateral on Cardano.
Over-Collateralized CDPs
Collateralized Debt Positions (CDPs) are the mechanism behind Indigo. Deposit ADA, mint iAssets up to a safe collateral ratio, and manage your position to avoid liquidation.
INDY Governance Token
INDY token holders govern the Indigo Protocol — voting on new iAsset listings, collateral ratios, stability fees, and protocol upgrades.
Stability Pool
The Stability Pool absorbs liquidations, maintaining protocol solvency. Stability Pool depositors earn liquidated collateral at a discount as a reward for providing this service.
How to Use Indigo Protocol
- 1
Visit indigoprotocol.io and connect your Cardano wallet
- 2
Navigate to Mint and select the iAsset you want to create (iUSD, iBTC, etc.)
- 3
Deposit ADA as collateral — maintain a collateral ratio above the minimum (typically 150%+)
- 4
Receive your iAssets, which you can trade, supply to DeFi protocols, or hold as price exposure
- 5
Monitor your CDP health and add collateral if ADA price drops to avoid liquidation
Frequently Asked Questions
What is a synthetic asset?
A synthetic asset is a token that tracks the price of another asset without holding the actual asset. iETH on Cardano tracks Ethereum's price using ADA collateral — you get ETH price exposure without bridging to Ethereum.
What happens if I get liquidated on Indigo?
If your CDP collateral ratio falls below the minimum, your position can be liquidated. Liquidators or the Stability Pool repay your iAsset debt and claim your ADA collateral at a discount.
What iAssets can I mint?
Indigo currently supports iUSD, iBTC, iETH, iSOL, and other synthetic assets. New iAssets are added through INDY governance votes.
What is INDY token?
INDY is Indigo Protocol's governance token. It is earned by participating in the protocol and used to vote on new iAsset listings, parameter changes, and treasury spending.