Will Indy take on a similar Cip 1694 style governance structure? voting/representation, protection against 51% attacks, a constitution, a treasury etc.
If for example someone comes in a takes a ton of Indy, gets a proposal started to change CDP requirements that pushes CDPs towards liquidation or changes the terms of how long a CDP can remain open, then they could potentially cash in on liquidation rewards and benefit off the closing CDPs.
Of course people might want to leave if there unfavorable terms and they would likely have enough time to liquidate before things change too quickly.
Still I consider if Indy’s CDP TVL gets much higher than Indy token market cap, it might a lucrative venture to attempt to take majority Indy token in order to control manipulate the protocol parameters even in subtle ways. To be able to tap in to that large TVL, the existing CDPs and pool rewards for personal gain.