Ardana set out with an ambitious and forward-thinking goal: to create a FOREX stablecoin market of synthetic currencies through collateralized-debt-positions. This vision was founded on the belief that leveraging blockchain technology could democratize access to digital currencies worldwide, presenting opportunities for financial inclusion and growth in underserved regions.
As Ardana rugged us and is no longer pursuing this objective, I believe that Indigo Protocol - already proven successful and robust with its synthetic iAssets creation through collateralized debt positions - is excellently positioned to inherit and fulfill this vision, which is needed so much and was originally very well received by the Cardano community and beyond.
This temperature check proposal suggests that Indigo Protocol expands its synthetic iAsset offerings, transcending the current single currency (iUSD), to initiate a FOREX stablecoin market on Cardano through it’s iAssets and further stablecoins to come into the Cardano ecosystem.
Proven track record: Indigo Protocol has proven to be a reliable and efficient platform for synthetic iAsset creation. Its successful operation signals its readiness to handle the more diverse, complex operations required by a multi-currency stablecoin market.
Global financial inclusivity: Incorporating Ardana’s original vision into Indigo would enable Indigo to make further significant strides towards global financial inclusivity. By providing access to a range of stable, synthetic currencies, more individuals and businesses around the world could participate in digital economic activities, thus fostering global growth and prosperity.
Mitigate currency risk: Introducing a variety of synthetic currencies would allow users on the Cardano blockchain to hedge against currency risk, a feature of high appeal to many investors and traders who might otherwise be exposed to the volatility of a single currency or are forced to use USD although it is not their native FIAT currency.
Technological progression: This move would solidify Indigo Protocol as a leader in the Cardano ecosystem and potentially beyond, pioneering a multi-currency stablecoin market that fully capitalizes on the decentralized and transparent nature of blockchain technology.
More Protocol Revenue: An expansion of synthetic assets will also result in a larger user base. More users interacting with different synthetic assets will increase the protocol fees generated, leading to increased revenue for the Indigo protocol. This additional revenue can be used to reinvest in the protocol, further enhancing its development and success.
If this really get’s approved by the community, we should probably add further currencies step by step, starting with the most traded currencies world-wide. → iEUR, iYEN, iCNY, etc…
What do you think?