Indigo Protocol iBTC

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iBTC, part of Indigo Protocol v1, is a synthetic Bitcoin on Cardano's blockchain. Users can mint iBTC by depositing ADA as collateral while ensuring over-collateralization with a Minimum Collateralization Ratio (MCR). The protocol maintains iBTC’s value and its own solvency through a Stability Pool and efficient liquidation processes. Unique to Indigo, users receive ADA staking rewards even while their ADA is collateralized, thanks to the Liquid Staking feature. Governance is managed by the Indigo DAO, which oversees parameters such as the MCR for iBTC and other synthetic assets.

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FAQ

What is Indigo Protocol iBTC?

Indigo Protocol iBTC is a synthetic Bitcoin asset launched as part of Indigo Protocol v1 on the Cardano blockchain. It offers users the ability to mint iBTC by depositing ADA as collateral, ensuring over-collateralization with a defined Minimum Collateralization Ratio (MCR). This protocol provides a decentralized approach to access Bitcoin exposure while maintaining ADA staking rewards through Liquid Staking.

How can users mint iBTC within Indigo Protocol?

Users can mint iBTC by depositing ADA as collateral in the Indigo Protocol. The collateral must exceed the Minimum Collateralization Ratio (MCR) to ensure the position is over-collateralized. If the ADA collateral value drops near the MCR, users need to add more collateral to maintain their position and prevent liquidation.

What benefits does the Indigo Protocol offer with iBTC?

Indigo Protocol offers several benefits with iBTC, including access to synthetic Bitcoin on the Cardano blockchain and the ability to maintain ADA staking rewards through its Liquid Staking feature. Users can trade iBTC while using ADA as collateral, benefiting from its decentralized structure and efficient liquidation process.

How does the Indigo Stability Pool work?

The Indigo Stability Pool ensures solvency by executing liquidations when a user's collateral value falls below the Minimum Collateralization Ratio (MCR). If this occurs, Stability Pool iBTC is exchanged for the user's higher value ADA collateral, thus keeping iBTC over-collateralized and maintaining the protocol's stability.

What role does the Indigo DAO play in the protocol?

The Indigo DAO governs the parameters of iBTC and other synthetic assets within the Indigo Protocol. It has the authority to vote on adjustments to parameters like the Minimum Collateralization Ratio for iBTC, ensuring the protocol adapts to changing market conditions and remains efficient.

What happens if my ADA collateral falls below the MCR?

If your ADA collateral's value drops below the Minimum Collateralization Ratio (MCR), you risk liquidation. The Indigo Stability Pool will allow you to keep your iBTC but will exchange Stability Pool iBTC for your ADA collateral. You can prevent liquidation by adding more ADA collateral to maintain the position above the MCR.

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