Cardano Founder Impressed by Indigo’s Remarkable Growth

Cardano-based Indigo records 37% TVL growth within a month.

Cardano-based DeFi platform, Indigo has recorded remarkable growth from February 1 to March 1, 2023. The development emanated after the protocol posted a review of its performance for the previous month on its official Twitter handle.

As revealed, it saw a 37% rise in its Total Value Locked (TVL), amounting to $18.38 million within the month. Further insights into the revelation indicated that the inflow occurred through Indigo-related assets like iUSD, iBTC, and iETH.

Cardano founder Charles Hoskinson admires the development.

Glad to see growth https://t.co/E6JEUk1gsj

— Charles Hoskinson (@IOHK_Charles) March 9, 2023

Accordingly, a breakdown of the landmark stride indicated that iUSD contributed $13.36 million to the increase, which is about 36.32% better than what it recorded previously. Respectively, iBTC and iETH saw an inflow of $2.71 and $2.27 million to the monthly recorded TVL.

For iBTC, the figure reflected a 0.97% dip from what it recorded in the previous review. iETH enjoyed the highest increase; its $2.27 million amounted to a 172% improvement.

Further, Indigo also saw about a 62% uprise in its total iAsset market cap, reflecting $9.61 million. As revealed, while iUSD recorded $6.52 million, representing a 71% rise in its market cap, iBTC added $1.65 million, amounting to a 5.27% increase.

Meanwhile, the protocol witnessed 933 average stakers for February. Overall, stakers have enjoyed a 133.54% average $INDY staking Annual Percentage Return, including the protocol sharing fee.

Average LP staking APR for iUSD stands at 8.14%, iBTC at 26.90%, and iETH at 116.39%.

So far, the Indigo protocol has seen 14 proposals with 2.27 million votes.

Fastest Growing Project on Cardano

This increase came behind a remarkable height the protocol attained in December 2022. Then, the Indigo protocol topped the list of dApps on Cardano with the largest surge in Unique account growth. At that time the Indigo protocol recorded a 62,109% increase in its unique account within five days. This landmark feat boosted the accumulated network activities of dApps on Cardano. The Cardano network enjoyed a 90% surge in daily active addresses in December.

Above all, these projections further cement Indigo’s position as one of the fastest-growing DeFi projects on Cardano. According to DeFiLlama, on the list of projects with the largest TVL on the Cardano network, Indigo presently sits second behind MiniSwap.