Indigo

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

Indigo is a Cardano-only collateralized-debt protocol whose users mint synthetic iAssets against ADA and other accepted collateral. The DefiLlama endpoint reported about $3.84M on 2026-08-15, but size is not the first gate: every CDP, oracle update, liquidation, stability-pool claim and redemption settles on Cardano. The standing v1 rejected-chain disposition therefore controls before protocol merits or TVL can make the product eligible.

Kill criteria: the events that revoke this verdict
• Deploys meaningful independently verified liquidity on a chain the registry approves
• The Cardano chain verdict changes

The research file

Mechanism and chain applicability

Indigo documents a Cardano-native synthetic-asset system in which a user opens a collateralized debt position, locks accepted collateral and mints an iAsset. Stability pools absorb liquidated debt, and redemptions exchange iAssets against collateral from eligible CDPs. Each economically relevant action is implemented through Cardano transactions and protocol scripts, directly satisfying the rejected-chain dossier.

Current observation and perimeter

The DefiLlama protocol API read on 2026-08-15 classified Indigo as CDP, reported approximately $3.84M and listed only Cardano. Indigo’s current V3 documentation likewise describes Cardano collateral and iAsset operations rather than a deployment on any other settlement chain. The record is therefore Cardano-only; the low TVL is secondary.

Control, loss and exit applicability

Protocol parameters, price feeds, collateral ratios, liquidations, stability pools and redemptions determine a holder’s loss and exit paths. Indigo governance and audits can constrain protocol-specific risk, but they cannot make a Cardano transaction settle elsewhere. A chain halt, consensus failure or unavailable Cardano infrastructure would prevent minting, liquidation processing and redemption regardless of protocol solvency.

Why the shared dossier decides

The v1 rejected-chain disposition controls because Indigo has no reviewed deployment outside Cardano. This is a settlement-layer exclusion, not an adverse finding about Indigo’s contracts or governance. Reopen only if Cardano passes the chain framework or Indigo establishes material, independently verified liquidity on an approved chain; then conduct a product-level review of collateral, oracle, governance, audits, incidents, liquidity and stressed redemption.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Indigo — protocol overview · primary · accessed 2026-08-15
  Supports: Cardano protocol, synthetic iAssets, collateralized debt positions, protocol identity
• Indigo — current V3 architecture · primary · accessed 2026-08-15
  Supports: current version, Cardano collateral, iAsset mechanics, protocol controls
• Indigo — CDP mechanics · primary · accessed 2026-08-15
  Supports: collateral deposit, iAsset minting, collateral ratio, liquidation exposure
• Indigo — redemptions · primary · accessed 2026-08-15
  Supports: iAsset redemption, collateral exit, eligible CDPs, Cardano transaction
• Indigo — audits · primary · accessed 2026-08-15
  Supports: audit record, contract review, protocol security boundary
• DefiLlama — Indigo survey record · secondary · accessed 2026-08-15
  Supports: current TVL, Cardano-only perimeter, CDP category, survey observation

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.