Indigo: Synthetic Assets on Cardano

Preface - See what Indigo Protocol has already accomplished for the Web-app:

https://www.youtube.com/watch?v=mRvBavJgmR4&t=8s

Meet our CEO and CIO Here:

https://www.youtube.com/watch?v=j9gCvIAXPwQ&t=129s

View Indigo Protocol technical documents and updates:

https://drive.google.com/drive/folders/1WAEzs7gmyIAziiiHvapN89Fjmzs88fKN?usp=sharing

View Our Other Proposal Here:

https://cardano.ideascale.com/a/dtd/Plutus-PAB-Typescript-SDK/368540-48088

#What is Indigo?

Indigo allows the creation of fungible assets, "synthetics", that track the price of real world assets (Stocks, ETFs, commodities). Indigo synthetics are intended to be used as money legos in Cardano DeFi protocols, and to unlock liquidity across the world's assets, all on-chain.

#What is a synthetic asset?

A synthetic asset is simply a tokenized derivative that mirrors the price of an underlying asset. Imagine that you want to trade BTC shares without holding the BTC asset itself. Using a synthetic, you can trade iBTC (Indigo Synthetic BTC) instead, which fluctuates in price identical to the underlying asset by tracking and continuously updating its price feed using data oracles.

#Relevant Experience

Indigo Labs is a software development company. We are a team of developers and consultants with Plutus and DeFi domain expertise. Our devs have completed the Plutus pioneers program, are in the top 20% of Plutus contributors on GitHub and are active members of the Catalyst community. Our consultants bring a balance of fintech, DeFi and product development understanding to the Indigo protocol and we are using this experience to build a composable DeFi protocol 'money lego' for the entire Cardano ecosystem. To get in touch with our team or learn more about us, please visit https://indigoprotocol.io/.

Kikai Tech is a software engineering research & development team specializing in functional programming, Blockchain and AI. Kikai's list of partners include Cardano DeFi lending protocol MELD as well as AI focused firms Vizgard and Nobi. 

#Deliverables

-Deploy the Indigo v1 contracts to the Alonzo testnet when full smart contract functionality is made available.

-Deliver the Indigo v1 contracts and SDK at the time as Goguen mainnet. The v1 will include full protocol functionality and enable users to mint iAssets that track the price of real world assets using Plutus smart contracts and oracle price feeds.

-The final report of the Plutus smart contract security audit will be made publicly available.

-Weekly development progress reports will be submitted to the Cardano ecosystem (this has already begun).

Our definition of success is accomplishing each of the deliverables highlighted above on time and on budget. 

#Indigo Development Timeline

Week 33 - Aug 23rd - 29:

- Finalize all Indigo-related Web Application Functionality

- Simulations built for all contracts

- Implement DEX functionality into web application

Week 34 - Aug 30th - Sept 5th:

- Internal Security Audits

- Finalize Technical Documentation

- Prepare for internal testnet deployment

Week 35 - Sept 6th - 12:

- Continue Internal Security Audits

- Simulation and modeling of economic attacks

- Deploy to internal testnet **

Week 36 - Sept 13th - 19:

- Continue simulation and modeling of economic attacks

- Deploy bug fixes to internal testnet **

- Prepare for public testnet launch

Week 37 - Sept 13th - 19:

- Continue simulation and modeling of economic attacks

- Deploy bug fixes to internal testnet **

- Prepare for public testnet launch

- Submit code to Tweag for Audit

Week 38 - Sept 20th - 26:

- Deploy to public testnet

Week 39 - Sept 27th - Oct 3rd:

- Deploy bug fixes to public testnet **

- Finalize PAB TypeScript SDK

- Build Mainnet Launch plan

Week 40 - Oct 4th - 10:

- Continue bug fixes on public testnet

- Review and implement fixes for Tweag Audit

Week 41 - Oct 11th - 17:

- Continue bug fixes on public testnet

- Review and implement fixes for Tweag Audit

Week 42 - Oct 18th - 24:

- Deploy Indigo Protocol to Mainnet

** Dependent on progress of Alonzo Hard Fork Event and IOHK's PAB development progress.

#Metrics/KPIs

-Lines of on-chain Plutus code developed per week.

-Number of Github repo pull requests per week.

-Total lines of code developed (on-chain and off-chain) during fund6.

-Number of issues resolved during the security audit. 

# Budget/Resource Breakdown

We have divided the budget out across all deliverables and costs including VAT:

The Haskell security audit team will dedicate approx. 65 engineering hours to complete the Plutus contract security audit and 2 full time Haskell engineers.

30 engineering hours - Code Review

15 engineering hours - Delivery of Initial Audit Report

15 engineering hours - Verification Review

5 engineering hours - Final Audit Report

Fixed cost for this work which is composed of developer's salary, accounting/taxes and VAT: $60,000