Cardano – Based Indigo’s Amazing Development Excites Founder

Cardano - Based Indigo Amazing Development Excites Founder

Cardano-based Indigo grows its TVL by 37% in a single month. Cardano founder astounded by Indigo’s astounding development

Indigo, a DeFi platform powered by Cardano, saw impressive growth between February 1 and March 1, 2023. 

The change happened after the protocol published a summary of its performance for the previous month on its official Twitter account.

The Total Value Locked (TVL) increased by 37%, reaching $18.38 million within the month, as was previously mentioned. 

Further information regarding the reveal suggested that the inflow occurred through assets connected to Indigo, including iUSD, iBTC, and iETH.

Charles Hoskinson, the founder of Cardano, appreciates the advancement.

Indigo’s Remarkable Growth

A breakdown of the historic rise revealed that iUSD contributed $13.36 million to the growth, around 36.32% more than it had previously reported. 

iBTC and iETH contributed $2.71 million and $2.27 million to the monthly TVL.

The number for iBTC decreased by 0.97% from what was reported in the last evaluation. The biggest gainer was iETH, whose $2.27 million represented a 172% rise.

Moreover, Indigo’s overall iAsset market cap, which is $9.61 million, increased by nearly 62%. 

As shown, iBTC contributed $1.65 million, equaling a 5.27% growth, while iUSD recorded $6.52 million, marking a 71% increase in its market value.

In the meantime, the protocol saw 933 stakers on average in February. 

Stakeholders have earned an average annual percentage return of 133.54% on their $INDY stakes, including the protocol sharing charge.

For iUSD, iBTC, and iETH, the average LP staking APR is 8.14%, 26.90%, and 116.39%, respectively.

The Indigo protocol has received 2.27 million votes on 14 proposals so far.

Indigo Protocol Tops Cardano dApps

This growth followed the protocol’s impressive peak in December 2022. 

Then, the Cardano dApp with the greatest spike in Unique account growth was the Indigo protocol. 

The Indigo protocol at that time saw a five-day rise of 62,109% in its unique account. 

This significant accomplishment raised the cumulative network activity of dApps on Cardano. 

In December, daily active addresses on the Cardano network increased by 90%.

Over all, these predictions strengthen Indigo’s standing as one of the DeFi projects on Cardano with the quickest rate of growth. 

According to DeFiLlama, Indigo is now ranked second after MiniSwap on the list of projects on the Cardano network with the highest TVL.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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