Adding USDM as collateral on Indigo

Hey everyone, wanted to check in with you here as we are very close to launch of the first Usd 1:1 fiat backed stable coin on Cardano. I have a proposal locked and loaded extolling the virtues of a stable coin;-) but since this is informal, would love to know everyones thoughts on getting this onto Indigos platform

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As Russel Westbrook said, WHY NOT?
This will be great!

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I’d support that with my vote :ballot_box:

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What the hell are you waiting for is my informal response… We all want that home grown goodness

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I’m in favor of having a stable coin as collateral on Indigo. Trying to wrap my head around the idea if I use USDM to mint iUSD and put that in a stability pool, what type of usage and INDY rewards that would generate? What is the effect on iUSD? I’m intrigued and thinking hard on this one.

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bring it on… the moment is here

I’m interested to better understand some use case.
If I use USDM as collateral, what can I borrow?
What % of collateral would I need to keep before getting liquidated?
As mentioned above, can we also get stability pools going and at what return?

But all of this can be answered and decided in time.

We should definitely get USDM on Indigo. The more options the better. Plus USDM seems to have the right stuff to fit in nicely with indigo’s track record, risk and style as a protocol.

Well first and foremost, congratulations on your upcoming launch! There appear to be no shortage of folks anticipating the launch of Mehen’s USDM, including the Indigo community!

I personally feel that we need to be a bit patient here and see what adoption and liquidity of USDM looks before we put significant development efforts towards whitelisting USDM as collateral in Indigo. That said, it would look to be the most viable alternative collateral asset aside from ADA should adoption really ramp up. I understand that there is a phased approach to Mehen’s USDM release strategy in various markets which would align well with Indigo given that V2 is also nearing its launch in the coming weeks.

It’s also important to note that Indigo V2 does not currently have USDM factored into its specifications and will require additional development work towards enabling it. The more extensive pieces of different script/protocol upgrades to support it will have already been worked out and put to the test in the real time with the upcoming V1 to V2. So in theory, the future efforts to integrate USDM should be a much more expeditious and simpler process, though would of course still require an audit of all scripts impacted by the change to add a new collateral type.

Would love to revisit this some time in the next quarter or so after Indigo V2 and Mehen’s USDM MVP launches have proven successful.

-EC

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You have a proposal “locked and loaded” to add a token on day one of its release? Are you serious?

A token with zero track record and possibly uncertain regulatory environment is to be used as collateral ASAP, let’s not wait let’s GOOO.

This is not how a serious project development team would approach adding a token as collateral into a system such as Indigo.

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Hi everyone,

I don’t agree with this proposal and would vote against it if a vote had to be taken right away.

There are several reasons why I feel that implementing a token that has just been released and whose resilience to various events is unknown could jeopardize the entire Indigo protocol by allowing it as collateral.

On the other hand, I’m fully prepared to change my mind after spending some time studying Mehen’s guarantees in depth.

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With the recent announcement of our listing on a NBX a centralized exchange based in Norway and the exposure to the 27 countries in the european union, along with the first of its kind direct investment from the Minswap Dao into a USDM/ADA pool. I would argue we are instilling confidence in not only our nascent Defi ecosystem but Cardano as a whole. The support (no matter how small) shows a united front amongst those of us building in this Eco, its time for us to work together and spread the message of solidarity within all of us working on Cardano

Congrats on your NBX listing Mehen team. You guys are indeed on the right track, love to see it!

I don’t think there’s been any confusion whatsoever on Indigo’s solidarity posture for the sake of all things Cardano. Would be happy to meet with your team in the comings weeks after we get V2 shipped and the dust settles a bit.

-EC