Announcing Indigo Liquidity Bootstrapping Event on Minswap Launchbowl.

TLDR; a high level overview of the upcoming Indigo LBE on Minswap.

Today, we are thrilled to announce that our next Minswap Launch Bowl will be the Indigo Liquidity Bootstrapping Event (LBE), starting on November 14th. Indigo will be the first protocol on Cardano to offer synthetic assets. The first “iAssets” will be iBTC and iUSD (which will be the first native stablecoin on Cardano). Indigo iAssets provide on-chain exposure to real-world assets that Cardano DeFi users may not otherwise have access to.

Indigo LBE Overview

• Indigo has committed to a Fair Launch with no pre-mine, pre-sale or distribution of INDY (the Indigo DAO’s utility token) prior to launch.
• Indigo has chosen the Minswap LBE as the fairest, most effective and transparent method to bootstrap its initial INDY liquidity.
• 350,000 INDY (1% of total supply) have been allocated to the LBE.
• 5% of the created ADA/INDY LP Tokens from the event will be directed as a Fee towards the Minswap DAO treasury and farmed.
• The Indigo LBE has some particularities different from previous LBEs from the user perspective; such as a shorter duration.

Indigo LBE Timeline

• November 12th — Time to be announced — Indigo and Minswap Twitter Spaces.
• November 14th — 5am UTC — LBE Discovery Phase begins: ADA deposits are enabled.
• November 19th — 5am UTC — 25% early withdrawal penalty begins.
• November 20th — 11pm UTC — LBE Discovery Phase ends: With the end of the Discovery Phase, users can no longer deposit ADA.
• November 21st — 3pm UTC — LBE Encounter Phase begins: The start of the Encounter Phase means users must redeem their ADA/INDY LP Tokens, and ADA/INDY begins trading. LBE participants can stake their ADA/INDY LP Tokens in a Boosted Farm.

Indigo LBE Key Steps

Phase 1: Discovery Phase (6 days)

• Starting on November 14th 5am UTC, anyone will be able to supply $ADA to the Indigo LBE and will receive “goADA” in exchange.
• This goADA acts as a receipt, that a user can either redeem to receive previously deposited ADA back (1:1), or keep through the end of the Discovery Phase to later redeem it for ADA/INDY LP Tokens.
• Beginning on November 19th 5am UTC, there will be a 25% late-withdrawal fee on any return of goADA for $ADA, as a disincentive for users to manipulate the LBE by withdrawing late. After this time and before the end of the Discovery Phase, each goADA may be redeemed for only 0.75 ADA.
• By depositing ADA in the Indigo LBE, users are essentially swapping half of this ADA for INDY at the price that is calculated during the Encounter Phase.
• The Discovery Phase ends on November 20th 11pm UTC. After this time no more deposits will be allowed into the pool.

Phase 2: Encounter Phase

• Starting on November 21st 3pm UTC, LBE participants may exchange their goADA for ADA/INDY LP tokens.
• At the same time INDY will begin live trading.
• Those ADA/INDY LP tokens can be staked in Minswap to earn ADA and MIN rewards.
• There will be an Exclusive ADA/INDY Farm pool available only to LBE participants and later liquidity providers can not stake in it. Note that users can stake LP tokens to the Exclusive ADA/INDY Farm pool only up to the amount they contributed to LBE. The LP token amount will be encoded into the name of an NFT received together with the ADA/INDY LP tokens .
• The NFT will also be tradeable. In case a wallet contains two or more functional NFTs, the system will select the one with the highest value.

Summary

Indigo’s LBE consists of 2 phases: Discovery and Encounter. The Discovery phase will last for 6 days, and the eventual INDY/ADA price will be determined fairly by users at the end. During the Encounter phase, to claim their INDY/ADA LP tokens, users must redeem their goADA obtained. Claimed tokens may then be staked in Minswap.

Please check our Discord and Twitter throughout the event to stay updated!

Disclaimer

Please note that participating in any of Minswap Launch Bowl is a high-risk endeavor and that Minswap is not liable for any losses incurred by using our platform. The project’s information displayed on Minswap Launch Bowl does not provide financial advice or guarantee a return on investment. It is users’ responsibility to do their own research and make their own judgments. Neither Indigo Laboratories, Inc., Minswap nor the Team are liable for damages caused by users’ decisions. The Participant(s) shall conduct their own due diligence on the Project(s). The Participant acknowledges, agrees, and understands that the Website and the content published herein shall not constitute investment advice, financial advice, trading advice, or any other sort of advice and that the Participant shall not treat any of the Website’s content as such. The Participant alone assumes the sole responsibility of evaluating the merits and risks associated with using any information or other content on the Website before making any decisions based on such information.

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