CRYPTO MARKET INTELLIGENCE / ASSET DOSSIER

Indigo Protocol.

indy · coingecko:indigo-dao-governance-token

EVIDENCE · NOT A RECOMMENDATION

This dossier explains why the asset surfaced, what the stored evidence says, what changed, and which limitations remain. Deterministic signals are research questions, not investment conclusions.

Price$0.110124

Market cap$2.25M

Active signals1

Total / circulating1.71×

Longest active streak6

Snapshots compared6

Why it surfaced

high dilution

Total supply is high relative to circulating supply

Current streak: 6 snapshots · triggered 6/6 observed snapshots

What changed

high dilution

continuing · streak 6 · 6/6 snapshots

Latest fundamental observations

Metric	Period	Value	Observed
fees	30d	$0.00	2026-09-28T02:01:02.842Z
holders revenue	30d	$0.00	2026-09-28T02:01:07.697Z
revenue	30d	$0.00	2026-09-28T02:01:05.968Z
tvl	point in time	$3.8M	2026-10-18T04:35:46.584Z

Historical changes

Metric	Window	Change	Boundary
market cap usd:point in time	7d	-8.48%	2026-10-11T03:59:46.000Z → 2026-10-18T03:54:54.000Z
tvl usd:point in time	7d	-10.61%	2026-10-11T04:49:10.103Z → 2026-10-18T04:35:46.584Z

Market snapshot

Circulating supply: 20.45M
Total supply: 35M
Max supply: 35M
Provider updated: 2026-10-18T03:54:54.000Z

Evidence coverage

Verified/provider links: 1
Stored fundamental observations: 15
Calculated history rows: 2
Signal comparison: prior snapshot

Evidence synthesis

Generate or open a cached AI research brief constrained to this dossier's stored evidence, calculations, and limitations.

Open AI research brief

Rule evaluations

revenue growth declining multiple · excluded · no signal

Insufficient actual 30-day revenue or market-cap history

Limits: No observations · No observation within 2 days of the 30-day boundary

Inputs and calculation

{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

activity growth stagnant market cap · excluded · no signal

Insufficient actual 30-day activity or market-cap history

Inputs and calculation

{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

improving tokenholder value capture · excluded · no signal

No observations

Limits: Requires holders revenue and fees at both boundaries

Inputs and calculation

{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

peer valuation difference · excluded · no signal

Missing revenue, market capitalization, or a peer-group median

Limits: Peer groups require a shared canonical sector and at least three eligible assets

Inputs and calculation

{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

fundamental deterioration · excluded · no signal

Insufficient actual 30-day fundamental history

Inputs and calculation

{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

high dilution · included · signal

Total supply is high relative to circulating supply

Limits: Supply fields are provider-reported and do not describe unlock timing

Inputs and calculation

{
  "inputs": {
    "circulatingSupply": 20450000,
    "totalSupply": 35000000
  },
  "calculation": {
    "totalToCirculatingRatio": 1.7114914425427872
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

data quality investigation · included · no signal

No provider identity conflict detected

Inputs and calculation

{
  "inputs": {
    "identityConflict": false
  },
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

Provenance and raw evidence

Classification evidence

[
  {
    "assetId": "coingecko:indigo-dao-governance-token",
    "kind": "sector",
    "value": "other",
    "status": "classified",
    "reason": "Canonical mapping from DeFiLlama category CDP",
    "sourceProvider": "defillama",
    "sourceRecord": "2309",
    "observedAt": "2026-10-18T04:35:46.584Z"
  },
  {
    "assetId": "coingecko:indigo-dao-governance-token",
    "kind": "asset_type",
    "value": "protocol_token",
    "status": "classified",
    "reason": "Canonical type mapping from DeFiLlama category CDP",
    "sourceProvider": "defillama",
    "sourceRecord": "2309",
    "observedAt": "2026-10-18T04:35:46.584Z"
  }
]

Identity relationships

[
  {
    "assetId": "coingecko:indigo-dao-governance-token",
    "protocolId": "2309",
    "protocolSlug": "indigo",
    "method": "gecko_id",
    "evidence": "DeFiLlama gecko_id=indigo-dao-governance-token",
    "status": "verified_provider_relationship"
  }
]

Research statuses

[
  {
    "assetId": "coingecko:indigo-dao-governance-token",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "analyzable",
    "method": "global",
    "reason": "At least one deterministic screening method is eligible"
  },
  {
    "assetId": "coingecko:indigo-dao-governance-token",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "insufficient_historical_data",
    "method": "global",
    "reason": "One or more historical methods lack actual boundary observations"
  },
  {
    "assetId": "coingecko:indigo-dao-governance-token",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "revenue_growth_declining_multiple",
    "reason": "Insufficient actual 30-day revenue or market-cap history"
  },
  {
    "assetId": "coingecko:indigo-dao-governance-token",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "activity_growth_stagnant_market_cap",
    "reason": "Insufficient actual 30-day activity or market-cap history"
  },
  {
    "assetId": "coingecko:indigo-dao-governance-token",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "improving_tokenholder_value_capture",
    "reason": "No observations"
  },
  {
    "assetId": "coingecko:indigo-dao-governance-token",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "peer_valuation_difference",
    "reason": "Missing revenue, market capitalization, or a peer-group median"
  },
  {
    "assetId": "coingecko:indigo-dao-governance-token",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "fundamental_deterioration",
    "reason": "Insufficient actual 30-day fundamental history"
  },
  {
    "assetId": "coingecko:indigo-dao-governance-token",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "requires_manual_investigation",
    "method": "global",
    "reason": "At least one deterministic research signal triggered"
  }
]

Human review decisions

[]

Full fundamental evidence

[
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:893",
    "protocolId": "2309",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-09-22T21:51:30.762Z",
    "value": 4529898.927201151,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:7783",
    "protocolId": "2309",
    "metric": "fees_usd",
    "period": "30d",
    "observedAt": "2026-09-22T21:51:32.324Z",
    "value": 0,
    "unit": "USD",
    "definition": "CDP fees paid by users (mint fees, interest payments, and redemption fees), collected by the Treasury and INDY stakers. Excludes liquidated collateral, which is distributed to Stability Pool depositors rather than paid to the protocol.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Interest paid to borrow",
      "Fees": "CDP fees paid by users (mint fees, interest payments, and redemption fees), collected by the Treasury and INDY stakers. Excludes liquidated collateral, which is distributed to Stability Pool depositors rather than paid to the protocol.",
      "Revenue": "CDP fees collected by the Treasury and distributed to INDY stakers.",
      "ProtocolRevenue": "CDP fees captured by the Indigo Treasury.",
      "HoldersRevenue": "CDP fees distributed to INDY stakers."
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:14899",
    "protocolId": "2309",
    "metric": "revenue_usd",
    "period": "30d",
    "observedAt": "2026-09-22T21:51:34.223Z",
    "value": 0,
    "unit": "USD",
    "definition": "CDP fees collected by the Treasury and distributed to INDY stakers.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Interest paid to borrow",
      "Fees": "CDP fees paid by users (mint fees, interest payments, and redemption fees), collected by the Treasury and INDY stakers. Excludes liquidated collateral, which is distributed to Stability Pool depositors rather than paid to the protocol.",
      "Revenue": "CDP fees collected by the Treasury and distributed to INDY stakers.",
      "ProtocolRevenue": "CDP fees captured by the Indigo Treasury.",
      "HoldersRevenue": "CDP fees distributed to INDY stakers."
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:21034",
    "protocolId": "2309",
    "metric": "holders_revenue_usd",
    "period": "30d",
    "observedAt": "2026-09-22T21:51:36.166Z",
    "value": 0,
    "unit": "USD",
    "definition": "CDP fees distributed to INDY stakers.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Interest paid to borrow",
      "Fees": "CDP fees paid by users (mint fees, interest payments, and redemption fees), collected by the Treasury and INDY stakers. Excludes liquidated collateral, which is distributed to Stability Pool depositors rather than paid to the protocol.",
      "Revenue": "CDP fees collected by the Treasury and distributed to INDY stakers.",
      "ProtocolRevenue": "CDP fees captured by the Indigo Treasury.",
      "HoldersRevenue": "CDP fees distributed to INDY stakers."
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:908",
    "protocolId": "2309",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-09-24T00:45:17.400Z",
    "value": 4246024.744111215,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:7797",
    "protocolId": "2309",
    "metric": "fees_usd",
    "period": "30d",
    "observedAt": "2026-09-24T00:45:20.664Z",
    "value": 0,
    "unit": "USD",
    "definition": "CDP fees paid by users (mint fees, interest payments, and redemption fees), collected by the Treasury and INDY stakers. Excludes liquidated collateral, which is distributed to Stability Pool depositors rather than paid to the protocol.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Interest paid to borrow",
      "Fees": "CDP fees paid by users (mint fees, interest payments, and redemption fees), collected by the Treasury and INDY stakers. Excludes liquidated collateral, which is distributed to Stability Pool depositors rather than paid to the protocol.",
      "Revenue": "CDP fees collected by the Treasury and distributed to INDY stakers.",
      "ProtocolRevenue": "CDP fees captured by the Indigo Treasury.",
      "HoldersRevenue": "CDP fees distributed to INDY stakers."
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:14915",
    "protocolId": "2309",
    "metric": "revenue_usd",
    "period": "30d",
    "observedAt": "2026-09-24T00:45:22.760Z",
    "value": 0,
    "unit": "USD",
    "definition": "CDP fees collected by the Treasury and distributed to INDY stakers.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Interest paid to borrow",
      "Fees": "CDP fees paid by users (mint fees, interest payments, and redemption fees), collected by the Treasury and INDY stakers. Excludes liquidated collateral, which is distributed to Stability Pool depositors rather than paid to the protocol.",
      "Revenue": "CDP fees collected by the Treasury and distributed to INDY stakers.",
      "ProtocolRevenue": "CDP fees captured by the Indigo Treasury.",
      "HoldersRevenue": "CDP fees distributed to INDY stakers."
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:21056",
    "protocolId": "2309",
    "metric": "holders_revenue_usd",
    "period": "30d",
    "observedAt": "2026-09-24T00:45:24.661Z",
    "value": 0,
    "unit": "USD",
    "definition": "CDP fees distributed to INDY stakers.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Interest paid to borrow",
      "Fees": "CDP fees paid by users (mint fees, interest payments, and redemption fees), collected by the Treasury and INDY stakers. Excludes liquidated collateral, which is distributed to Stability Pool depositors rather than paid to the protocol.",
      "Revenue": "CDP fees collected by the Treasury and distributed to INDY stakers.",
      "ProtocolRevenue": "CDP fees captured by the Indigo Treasury.",
      "HoldersRevenue": "CDP fees distributed to INDY stakers."
    }
  },
  {
    "id": "c9ebdfa7-8140-48de-9184-9cab30c2f5a7:884",
    "protocolId": "2309",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-09-28T02:01:00.253Z",
    "value": 4522843.741601511,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "c9ebdfa7-8140-48de-9184-9cab30c2f5a7:7820",
    "protocolId": "2309",
    "metric": "fees_usd",
    "period": "30d",
    "observedAt": "2026-09-28T02:01:02.842Z",
    "value": 0,
    "unit": "USD",
    "definition": "CDP fees paid by users (mint fees, interest payments, and redemption fees), collected by the Treasury and INDY stakers. Excludes liquidated collateral, which is distributed to Stability Pool depositors rather than paid to the protocol.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Interest paid to borrow",
      "Fees": "CDP fees paid by users (mint fees, interest payments, and redemption fees), collected by the Treasury and INDY stakers. Excludes liquidated collateral, which is distributed to Stability Pool depositors rather than paid to the protocol.",
      "Revenue": "CDP fees collected by the Treasury and distributed to INDY stakers.",
      "ProtocolRevenue": "CDP fees captured by the Indigo Treasury.",
      "HoldersRevenue": "CDP fees distributed to INDY stakers."
    }
  },
  {
    "id": "c9ebdfa7-8140-48de-9184-9cab30c2f5a7:15051",
    "protocolId": "2309",
    "metric": "revenue_usd",
    "period": "30d",
    "observedAt": "2026-09-28T02:01:05.968Z",
    "value": 0,
    "unit": "USD",
    "definition": "CDP fees collected by the Treasury and distributed to INDY stakers.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Interest paid to borrow",
      "Fees": "CDP fees paid by users (mint fees, interest payments, and redemption fees), collected by the Treasury and INDY stakers. Excludes liquidated collateral, which is distributed to Stability Pool depositors rather than paid to the protocol.",
      "Revenue": "CDP fees collected by the Treasury and distributed to INDY stakers.",
      "ProtocolRevenue": "CDP fees captured by the Indigo Treasury.",
      "HoldersRevenue": "CDP fees distributed to INDY stakers."
    }
  },
  {
    "id": "c9ebdfa7-8140-48de-9184-9cab30c2f5a7:21310",
    "protocolId": "2309",
    "metric": "holders_revenue_usd",
    "period": "30d",
    "observedAt": "2026-09-28T02:01:07.697Z",
    "value": 0,
    "unit": "USD",
    "definition": "CDP fees distributed to INDY stakers.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Interest paid to borrow",
      "Fees": "CDP fees paid by users (mint fees, interest payments, and redemption fees), collected by the Treasury and INDY stakers. Excludes liquidated collateral, which is distributed to Stability Pool depositors rather than paid to the protocol.",
      "Revenue": "CDP fees collected by the Treasury and distributed to INDY stakers.",
      "ProtocolRevenue": "CDP fees captured by the Indigo Treasury.",
      "HoldersRevenue": "CDP fees distributed to INDY stakers."
    }
  },
  {
    "id": "a37eade5-b5bd-4300-8bbc-62904da0a3f6:867",
    "protocolId": "2309",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-10-06T16:53:29.731Z",
    "value": 4871162.670997117,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "5fde7da8-3c37-4879-8995-06f079ce2348:895",
    "protocolId": "2309",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-10-11T04:49:10.103Z",
    "value": 4252332.9733032,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:895",
    "protocolId": "2309",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "value": 3801039.849003787,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  }
]