Indigo Token Generation Event (TGE) and Airdrop Update
Important note: Dates and times that follow are anticipated dates and not guaranteed.
The Indigo DAO Token (INDY) will be a Cardano native asset that can be owned, held, or transferred by any user. INDY will serve as Indigo’s utility token, with one of its key purposes being to allow on-chain voting on DAO proposals as per the Indigo DAO Constitution and Voting Procedures.
The total supply of INDY will be 35M with a 6 decimal precision. INDY’s monetary policy will disallow future minting and burning, therefore making the total supply constant and unchanging. Indigo is undergoing a Fair Launch, thus there has been no pre-sale nor private distribution to investors prior to launch.
INDY will be distributed to the community every Cardano epoch (five days), over a period of five years. There will be three distribution schedules for the community:
- Stability Pool Distribution (beginning December 1st) — Users who stake their iAssets in Stability Pools to ensure the protocol’s solvency will be eligible for INDY rewards.
- Governance Distribution (beginning December 6th) — Users who opt to stake their INDY into Indigo and participate in DAO Governance by voting on proposals will be eligible for INDY rewards.
- Liquidity Distribution (beginning December 21st) — Users who provide liquidity in DEXs and stake their liquidity provider tokens in Indigo will be eligible for INDY rewards.
All rewards will be available to claim within the Indigo Web App.
Indigo Labs has approached the Indigo DAO’s tokenomics and launch from a new perspective, with a focus on gaining community trust first, allowing the protocol to be built with a vision of fairness. Early supporters of Indigo will be among the first receivers of INDY for use within the protocol. INDY will be distributed predominantly to users of the project, rather than investors or special insiders.
Having been bootstrapped all the way, with the team working tirelessly for almost two years and taking on substantial personal and professional risks, team tokens will be vested over two years beginning the day of mainnet launch. The core team will continue to improve, optimize, and develop new features to be presented for approval by the Indigo DAO.
Indigo Labs has not minted, sold, allocated, distributed, or promised any tokens to third parties. The purpose of INDY is to be used within the protocol; until the launch of mainnet, there is or has been no use for INDY to be distributed or sold. Indigo’s Fair Launch has helped alleviate community concerns over rug-pulling or the team not delivering a useful and highly functional product. No purchasing of tokens will be possible until the community has an opportunity to see and use Indigo for themselves.
Indigo’s Fair Launch is a novel approach to bootstrapping liquidity, allowing the Indigo community to become highly collaborative, driven, and vibrant. This is evidenced by the Indigo DAO Kickstart — an effort to decentralize the launch of the Indigo Protocol — that has seen tremendous participation from the community. This approach bolsters Indigo’s core tenet of decentralization, making the launch itself a decentralized decision involving possibly thousands of individuals from around the world. Indigo will be governed by the community immediately upon launch. There will be no barriers for use; everyone will benefit from Indigo’s iAssets, such as through greater accessibility and composability. Indigo has established a new framework to bring community-led projects to life, including processes to make INDY available in as fair of a manner as possible.
Indigo Token Generation Event
Indigo’s Token Generation Event (TGE) will involve the minting of INDY upon the deployment of the Indigo Protocol to mainnet on November 20th, 2022 — one day before public launch of the Indigo Web App on November 21st. Upon minting of INDY, the Initial Token Distribution will be as follows:
- 350,000 INDY for the Indigo Initial Bootstrapping Event
- 350,000 INDY airdropped to participants in the Indigo community
- 21,000,000 INDY to one or more wallets — administered by Indigo Laboratories, Inc. (the Labs) at the direction of the Indigo Foundation on behalf of the Indigo DAO — to be used for the sole purpose of community rewards distributions (i.e., Stability Pools, Liquidity, and Governance)
- 4,550,000 INDY to the DAO Treasury Reserve
- 8,750,000 INDY will be allocated to the Labs for building, administering, and developing the protocol, with 7,875,000 being distributed to team members under a two-year monthly vesting schedule
At launch, the circulating supply of INDY will be 1,903,125; 350,000 of which will be allocated to Cardano DEXs via the Indigo Initial Bootstrapping Event. INDY will become publicly available on November 21st. A full detailed spreadsheet of the distribution of INDY with specific dates and allocations can be found in the open-source indy-tokenomics project.
The INDY airdrop will distribute 350,000 INDY to participants within the Indigo community. The airdrop will consist of two phases:
- distribution to early participants of the Indigo community; and
- distribution to stakers supporting the decentralization of Cardano and Indigo.
Each phase will distribute 175,000 INDY. Cardano wallet addresses have been collected by the Indigo team that will be used to determine eligibility within the Indigo Web App.
To redeem airdropped INDY, qualifying participants will need to connect their wallet to the Indigo Web App and follow the in-app instructions to withdraw INDY into their wallets. Users will be able to determine whether they qualify for the airdrop upon connecting their wallets, with an “Airdrop banner” appearing on the Dashboard page. Users will have until March 31st 2023 to withdraw their INDY rewards into their wallets; any INDY not withdrawn by this time will no longer be eligible for withdrawal and instead will be subject to redistribution.
Members or affiliates of Indigo Labs or Indigo Foundation make no promises on the distribution of tokens. No action or series of actions guarantees a user to receive INDY.
Airdrop 1: Distribution to Early Participants
Qualified participants for Airdrop 1 may fit into either one of two categories:
- Participants who showed their interest by successfully completing each of the processes, which were:
a. participate in Indigo’s first temperature check in the Indigo Forum,
b. connect their Indigo Forum account with their Discord account,
c. complete the Indigo Quiz to become an Indigo Guru;
2. participants who aided the Indigo community, as identified by the Labs’ team.
172,751.924982 INDY is to be distributed to wallets that fit into the first category, and 2,248.07304 INDY is to be distributed to wallets that fit into the second category. A total of 3,458 wallets qualified for the first category, and 30 wallets qualified for the second category.
Addresses deemed to be suspicious or fraudulent were removed from the first category.
Airdrop 2: Distribution to Decentralization Stakers
175,000 INDY will be distributed as a reward to users who helped boost decentralization of the Cardano network by staking with a member of the Cardano Single Pool Alliance (CSPA). To have qualified for this reward, a user had to have been staking a minimum of 10 ADA in one of 357 pools on November 6th, 2022. A total of 79,679 wallets qualified to be eligible to withdraw rewards. Each user who connects a qualified wallet to the Indigo Web App will be eligible for a one-time withdrawal of 5 INDY on a first come first serve basis.
The launch of the Indigo Protocol on November 21st is an exciting milestone in bringing the Cardano community much needed assets, such as its first native stablecoin (iUSD). The Indigo token will be distributed fairly to users over a prolonged period and will play a pivotal role within the Indigo Protocol, as well as enabling token holders to be in charge of the protocol’s destiny.
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