Indigo, the largest decentralised application (DApp) on the Cardano (ADA) blockchain, recently teased an impending upgrade, causing the crypto world to buzz with anticipation. The statement, published on the X platform, hinted to the launch of “Indigo V2,” giving fans a sneak peek at the platform’s improved features.
One of the primary aspects seen in a sneak peek video is the iAsset Redemption Margin Ratio (RMR) in operation, which is intended to enhance the protocol’s capabilities.
Understanding Indigo
Indigo is fundamentally an autonomous synthetics protocol that enables on-chain exposure to real-world assets inside the Cardano ecosystem. Indigo allows users to construct synthetic assets, known as iAssets, that mimic the price fluctuations of actual physical goods.
These iAssets may be formed with stablecoins or ADA itself, allowing investors to profit from price changes without owning the underlying assets. This novel technique creates new opportunities for financial involvement and risk management in the decentralised finance (DeFi) ecosystem.
https://x.com/Indigo_protocol/status/1760368725276983568?s=20
Recent DefiLlama figures show a significant increase in Total Value Locked (TVL) on the Cardano network, reaching an astonishing $393.9 million. This spike reflects the rising traction of DeFi projects on Cardano, with Indigo leading the way in this arena.
Furthermore, ADA, Cardano’s native cryptocurrency, has exhibited market resiliency, trading at $0.6 after a 2.4% gain in the previous 24 hours and with a market value of $21.3 billion.
Cardano’s decentralization milestone
Aside from technological breakthroughs, Cardano has just reached a significant milestone in decentralisation. According to famous crypto researcher Justin Bons’ decentralisation index, Cardano is the second-most decentralised asset in the crypto sector, following only Ethereum (ETH).
However, amid the euphoria around Cardano’s advancement, critics have emerged to question its relevancy. Arthur Hayes, the former CEO of BitMEX, has referred to Cardano as the “first wannabe Ethereum.” Hayes warned investors not to be seduced by hype, focusing on substantial technology improvements rather than showy marketing approaches.
