Price change (24h):
3.82%
High (24h):
$65392
Low (24h):
$62552
Volume (24h):
$400.36
Market Cap:
$0
All Time High:
59.74% $156142.00
Nov 4, 2025
All Time Low:
229% $19080.05
Jun 10, 2023
39.62 %(1Y)
$62692
Price change (24h):
3.82%
High (24h):
$65392
Low (24h):
$62552
Volume (24h):
$400.36
Market Cap:
$0
All Time High:
59.74% $156142.00
Nov 4, 2025
All Time Low:
229% $19080.05
Jun 10, 2023
Indigo Protocol - iBTC (IBTC) is a synthetic Bitcoin token launched in 2022 within the Cardano ecosystem. It mirrors the price of Bitcoin through an over-collateralized debt mechanism rather than relying on direct cross-chain bridges.
The asset functions as the flagship synthetic within the Indigo Protocol, a collateralized debt position (CDP) framework that mints capital-efficient derivatives. Instead of wrapping BTC through a custodian, the protocol lets users generate iBTC by locking the native ADA token as collateral. This design dissolves the bridging attack surface that has plagued wrapped assets across other chains.
iBTC operates on the Cardano network, inheriting the base layer’s deterministic transaction finality and extended UTXO accounting model. Smart contract execution happens through Plutus scripts that govern the CDP lifecycle, from origination to liquidation.
Technically, the token abides by Cardano’s native asset standard, avoiding the execution-layer overhead common to EVM contracts. Each iBTC token corresponds to an on-chain identifier with a policy ID of f66d78b4a3cb…, ensuring fungibility without a separate smart contract factory. A distinct feature is the protocol’s CDP liquid staking mechanism, where ADA held as collateral continues to earn staking rewards from delegated stake pools. This recaptures yield that would otherwise sit inert in a vault.
The Indigo Protocol launched its first version on November 20, 2022, immediately deploying iBTC as its inaugural synthetic asset. No central entity controls the protocol; the Indigo DAO governs risk parameters such as the minimum collateralization ratio through on-chain voting. This launch arrived amid a broader wave of Cardano DeFi experimentation following the Alonzo hard fork’s smart contract integration.
Its purpose is to deliver Bitcoin exposure that remains fully composable within Cardano’s decentralized finance landscape. The architecture decouples synthetic minting from cross-chain relays, rejecting trusted intermediaries and keeping solvency provable on-chain. The synthetic nature also permits capital efficiency that a simple spot holding cannot match.
Mechanistically, iBTC requires users to deposit ADA into a CDP that must stay above a dynamically governed Minimum Collateralization Ratio. If the collateral value dips, a user can top up the vault to avoid liquidation. Should the ratio breach the threshold, the Indigo Stability Pool automatically absorbs the debt, exchanging its own iBTC for the distressed collateral at a discount and keeping the original iBTC in the borrower’s hands. Burning iBTC unwinds the position, returning the remaining ADA collateral minus accrued fees.
Market participants source iBTC directly from DEX liquidity pools to gain synthetic long Bitcoin exposure without selling ADA. Stability Pool providers stake their iBTC to earn a share of discounted collateral during liquidations, creating a defensive liquidity layer. The Indigo DAO sets risk parameters, so governance token holders vote on collateral ratios that directly influence iBTC’s risk profile.
Indigo Protocol - iBTC has a total supply of 0 tokens. Currently, 0 are in circulation. With a market capitalization of $0, Indigo Protocol - iBTC ranks #6,411 among all cryptocurrencies.
| Date | Open | Close | High | Low |
|---|---|---|---|---|
| 08/07/2026 | $63,338.00 | $62,710.00 | $63,338.00 | $62,608.00 |
| 07/07/2026 | $65,268.00 | $63,308.00 | $65,425.00 | $62,552.00 |
| 06/07/2026 | $64,005.00 | $65,338.00 | $65,477.00 | $60,018.00 |
| 05/07/2026 | $63,998.00 | $64,053.00 | $65,422.00 | $62,533.00 |
| 04/07/2026 | $63,175.00 | $64,020.00 | $66,440.00 | $61,162.00 |
| 03/07/2026 | $58,276.00 | $63,453.00 | $63,942.00 | $57,553.00 |
| 02/07/2026 | $57,794.00 | $58,467.00 | $61,075.00 | $56,704.00 |
| 01/07/2026 | $57,083.00 | $57,762.00 | $60,272.00 | $56,407.00 |
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