Apologies if this is the wrong forum. I am looking for information on Indigo’s proof of holding the equivalent iAsset? So when I purchase let’s say iBTC where can I confirm that Indigo hold the equivalent BTC for this transaction? For any wrapped currency we should be able to see an equivalent holding to ensure we do not see another FTX and Solana debacle.
Hoping someone can point me in the direction of this information.
Thanks
iAssets are not wrapped assets, they are synthetic assets. Wrapped bitcoin is a tokenized representation of real bitcoin, where the real bitcoin is locked up and held in reserve. Synthetic CDP bitcoin, on the other hand, is a way to create synthetic versions of bitcoin without actually owning or locking up the real bitcoin. It uses smart contracts and collateral assets to replicate the price movements and value of bitcoin.