Indigo (INDY), a Cardano-based Collateral Debt Position (CDP) platform, now ranks among the top 15 protocols in this niche, according to DeFiLlama ranking.
Data from DeFiLlama currently places Indigo as the 12th largest chain with a Total Value Locked (TVL) of $46.92 million. Indigo hit this impressive push after itd TVL soared 11% over the past week.
Indigo: Insight into the Protocol
As a “decentralized non-custodial synthetic assets protocol,” Indigo remains a key driver of capital into the broader Cardano ecosystem. Moving up in ranking in a highly competitive niche dominated by Maker marks a huge milestone for the protocol.
For the past month, Indigo has continued to welcome inflows to bolster its TVL. For this time-frame, this growth metric saw an 18.49% uptick, a rate that dwarfs Maker’s 0.35% for the same period.
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Widening the Indigo ecosystem figures, the market observes a sustained TVL uptrend from the start of the year. The protocol has a market capitalization pegged at $9.3 million. Per DeFiLlama, market participants have staked 29.77 million ADA on Indigo, accounting for 62.58% of its total market capitalization.
While these figures may look small compared to leaders within its niche, the progressive growth pushed Indigo into the top 10 before receding. Despite its hyped metrics, Indigo’s price has topped $1.81, down by 3.88%. This negative tick is, however, counterbalanced by the 278% jump in its trading volume to $178,948 overnight.
Indigo Earned Top Accolades
As one of the highly functional DeFi protocols within the Cardano ecosystem, founder Charles Hoskison acknowledged the strides of Indigo earlier this year. The accolade came after the protocol revealed that it hit a 37% growth in its TVL in March.
Besides its TVL, Indigo also boasts an increment in its unique account growth, underscoring the sustained recognition of its offering, and commitment to improving its ecosystem.
With the latest showing, Indigo now ranks as the second biggest TVL contributor on Cardano, trailing only behind Minswap.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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