Indigo Innovation Proposal: V2030RS, Tokenized RWA, BTC-Fi & Privacy
Indigo Foundation
ID: 69e63a4ed6a29288536b11fc
Indigo aims to bring the first truly institutional-grade, tokenized RWA solution to the Cardano ecosystem with iUSDt. By linking Cardano with institutional liquidity funds, powering Bitcoin DeFi markets on Indigo, and developing shielded iAssets on partnerchain ecosystems, Indigo also seeks to pioneer a landmark revenue-sharing model (V2030RS) with the Cardano Treasury.
- USD peg is aggressive vs current spot (implied buffer ?%).
Scorecard
How this score works
Each criterion is worth between 1 and 4 points. The score is the points earned out of the points on criteria that have been answered — shown as a percentage. Green is 75% or higher, Amber is 50–74%, and Red is below 50%.
Some criteria are checked automatically against the proposal data (open source, doxxed team, treasury return clauses, etc.). Others are human-judgment calls — value for money, public good, whether the deliverables are realistic. Those stay blank until a DRep ticks them.
Criteria can also be marked Not applicablewhen they don't fit the proposal — for example, "open source" doesn't apply to a DAO governance proposal with no software output. Those are excluded from the score entirely, neither helping nor hurting.
Green requires 80% coverage. If less than 80% of the applicable criteria (by points) have been answered, the verdict stays at Amber — "pending review" — even when every answered criterion passes. This proposal's coverage is currently 68% (13 of 19 applicable criteria answered). The auto-calculated band would have been Green, but coverage is below the threshold so the verdict is shown as Amber to flag that judgment criteria are still pending.
Vote intent
Export & audit
↓ Download scorecard.mdRaw payload · Treasury (true) / Admin (intersect)
{
"_meta": {
"schema_version": "1.2.0",
"ingested_at": "2026-05-11",
"ingested_by": "ai",
"proposal_id": "69e63a4ed6a29288536b11fc",
"title": "Indigo Innovation Proposal: V2030RS, Tokenized RWA, BTC-Fi & Privacy",
"proposer": "Indigo Foundation"
},
"id": "hydra-indigo-v2030rs-rwa-btcfi-privacy",
"title": "Indigo Innovation Proposal: V2030RS, Tokenized RWA, BTC-Fi & Privacy",
"proposer": "Indigo Foundation",
"administrator": "Intersect",
"identity": {
"doxxed": true,
"doxxed_notes": "Indigo Foundation is an established on-chain protocol team with public track record and prior Catalyst funding."
},
"ask": {
"total_ada": 3965500,
"usd_equivalent": 1189650,
"usd_peg": 0.3,
"usd_peg_vs_market": "aggressive",
"duration_months": 12,
"milestone_payments_disclosed": true,
"milestone_schedule_disclosed": "amounts_only",
"work_packages": [
{
"id": "WP1",
"title": "RWA Compliance: Legal, Compliance & Entity Setup",
"ada": 2300000,
"category": "Legal & Compliance"
},
{
"id": "WP2",
"title": "RWA Core, BTC DeFi, Midnight, Audits & Open Tooling",
"ada": 1550000,
"category": "Development"
},
{
"id": "admin",
"title": "Intersect Budget Administration Fee",
"ada": 115500,
"category": "Administration"
}
]
},
"metadata": {
"open_source": "partial",
"has_prior_delivery": true,
"prior_delivery_notes": "Indigo Protocol 2.0 launched 04/2024; $8.55M cumulative revenue; multiple Catalyst proposals closed out.",
"admin_model": "intersect",
"duplicate_of_existing_solution": {
"value": "no",
"confidence": "medium",
"set_by": "ai"
}
},
"treasury_return": {
"has_return_clause": true,
"return_description": "10% of all net new protocol revenue from funded products (iUSDt RWAs, BTC DeFi, shielded iAssets) routed to Cardano Treasury perpetually from day one, via quarterly on-chain transfers with no sunset clause.",
"treasury_favourability": "strong"
},
"ecosystem_demand": {
"evidence_level": "moderate",
"evidence_level_confidence": "medium",
"evidence_level_set_by": "ai",
"active_users_known": true,
"active_users_examples": [
{
"name": "Indigo Protocol existing users",
"kind": "user",
"url": "https://indigoprotocol.io"
}
],
"developer_demand_signals": [
"Indigo Protocol already has $8.55M cumulative protocol revenue demonstrating organic demand for synthetic assets",
"BTC DeFi collateral demand is a recurring theme across Cardano DeFi projects",
"Institutional RWA demand is macro trend but Cardano-specific demand signal is asserted not evidenced"
],
"adoption_risk_notes": "Demand for synthetic/CDP products on Cardano is evidenced by Indigo's own revenue. Institutional RWA and Midnight shielded iAssets are new verticals with no named external institutional partners confirmed at submission time. Revenue-share model is novel and credible but demand for *these specific* products from named third parties is weak."
},
"incumbents": {
"has_existing_solution": "partial",
"has_existing_solution_confidence": "medium",
"has_existing_solution_set_by": "ai",
"existing_solutions": [
{
"name": "Indigo Protocol v2 (existing)",
"url": "https://indigoprotocol.io",
"status": "shipped",
"overlap": "partial",
"notes": "Indigo itself is the incumbent for iAssets/CDP on Cardano. This proposal extends into new verticals (RWA/iUSDt, BTC-Fi, Midnight) not currently covered."
}
],
"differentiation_claim": "iUSDt backed by short-duration US Treasuries (institutional RWA, new), xBTC collateral for BTC DeFi (new), shielded iAssets on Midnight (new), V2030RS revenue-sharing model (new).",
"differentiation_credibility": "medium"
},
"risk_flags": {
"aggressive_peg": true,
"self_administered_no_oversight": false,
"incumbent_already_delivering": false,
"no_evidence_of_demand": false,
"competes_with_in_batch": false,
"concentration_risk": false
},
"relationships": {
"competes_with": []
},
"source": {
"hydra_id": "69e63a4ed6a29288536b11fc",
"channels": [
"hydra"
]
}
}