Indigo Protocol - iBTC
Crypto Overview
Overview
Indigo Protocol's iBTC is a synthetic asset (iAsset) that tracks the price of Bitcoin on the Cardano blockchain. It is part of the Indigo Protocol ecosystem, which allows users to mint and trade synthetic assets that mirror the price of real-world assets.
Purpose and Utility
The primary purpose of iBTC is to provide Cardano users with exposure to Bitcoin's price movements without leaving the Cardano ecosystem. Users can mint iBTC by depositing collateral in the form of ADA (Cardano's native token) and can trade it on Cardano-based decentralized exchanges.
Business Model
The protocol generates revenue through minting and trading fees. The business model is based on providing synthetic exposure to various assets, starting with Bitcoin. The protocol uses oracle services to maintain price accuracy and requires over-collateralization to ensure stability.
Development and Adoption
Indigo Protocol is actively developed and has launched on the Cardano mainnet. The team maintains regular updates and improvements to the protocol. While adoption is still in early stages, this is typical for Cardano DeFi projects.
Token Distribution and Governance
The protocol includes the INDY governance token, separate from iBTC. The iBTC token itself is freely mintable by users who provide sufficient collateral, rather than having a fixed distribution.
Crypto Impact
To assign a comfort level investing in Indigo Protocol - iBTC from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Indigo Protocol - iBTC.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.