I’ve been hearing from many members of our Cardano community who are interested in having a secure and direct way to get involved with Pepe without relying on centralized exchanges or incurring high fees on the Ethereum network.
By adding iPepe as an iAsset to Indigo, we could provide Cardano users with the opportunity to gain exposure to Pepe and earn yields by providing liquidity on a DEX or the Stability Pool. This would allow users to benefit from the growth and interest surrounding Pepe while leveraging the security and efficiency of Cardano.
Adding iPepe as an iAsset would open doors to a new audience and expand our ecosystem. Cardano users would have a convenient way to participate in the Pepe meme phenomenon while earning returns through their engagement with the Indigo Protocol.
I would love to hear your thoughts on this proposal. Do you believe that adding iPepe as an iAsset is a good idea? Do you think it would attract more Cardano users to the protocol and strengthen our community? Please share your perspectives and opinions in the comments.
Together, we can make Pepe adoption on Cardano a reality and expand the yield opportunities within the Indigo Protocol!
Why not? The entire point of synthetics are to provide access to tokens and coins that are inaccessible without having direct ownership. We’re only trading the value.
I’d like to see a push for iSnek as well. Full Disclosure I own some. The thought behind it is the opportunity to short positions using Indigo. Every Native asset on Cardano should have an iAsset associated with it to me including iIndy.
Another thing. By creating these iAssets from Eth or any other blockchain it locks up Ada in collateral. The more Ada used as collateral for these assets the more Ada off the market. This improves the price of Ada and the amount of TVL in Indigo.
I’m not necessarily against listing any iAsset because it’s still up to the markets if that iAsset succeeds or not. Worst case scenario not enough people CDP, LP, SP and arbitrage that iAsset and we are eventually voting to remove it.
On the other hand every iAsset has to have an Oracle feed for Indigo to be able to list it. Im guessing ChainLink has a feed for Pepe but the Chainlink feeds are Indigos home-grown solution that Labs is planning to phase out in favor of decentralized native oracles.
So the issue comes down to wether or not C3 and Orcfax would provide a Pepe feed and how much would they charge the Indigo Foundation each month. Orcfax is willing to provide some feeds for free initially but I doubt Pepe would be one of them. C3 will provide a feed for anything as long as your willing to pay monthly for it.
I think Labs is willing to continue providing the Chainlink solution for new iAssets but only for iAssets that are also getting feeds from one or both of the native oracles. This would just be temporary though for safety, security and redundancy until we can put full faith and trust in these new native oracles.
Believe me I would love to short Pepe and maybe even get rekt doing so but I don’t think we could solve the oracle issue for providing iPepe just yet.
Pepe is trending now, but there is no way to be sure it will be trending in the next 3 months. Maybe pepe will lose hype and we will have another meme coin trending.
Indigo is limited by the current liquidity in the protocol, this is why we must be careful and selective to choose new iAssets. But don’t worry, Indigo TVL continues to grow, when we reach a stable ecosystem with new upgrades we may be able to add riskier iAssets.
There is also a need to reasonably see demand in trading it as synth.
This means minting, providing LP for it and trading it.
If the asset is only acquire users who mint and deposit to stability pool and thus all the users are delta neutral. there isn’t any demand for the underlying beside fragmenting the liquidity.
For suggestion of listing iAssets, one should consider whether INDY is allocated to the Stability Pool as well or would it be just a product to fragment the rewards from current suites which has decent use cases.
if no INDY is provided for the stability pool, will there be any demand on the dex trading volume?
Remember you can’t short a minted token unless there is liquidity on dexes.
So when members is asking to mint the token to short it. question is how do they short it?