Indigo Protocol v1 is a DeFi protocol that offers synthetic assets to Cardano users. Synthetic Bitcoin (iBTC) is one of the assets, and can be purchased from a DEX or minted within the protocol. Users must deposit ADA as collateral and maintain a Minimum Collateralization Ratio (MCR). If the value of their collateral drops, users can add more ADA to keep their position above the MCR. If the collateral falls below the MCR, the Indigo Stability Pool providers will exchange iBTC for ADA. This ensures that iBTC remains over-collateralized and the Indigo Protocol stays solvent. Users also receive their ADA staking rewards while using it as collateral. The Indigo DAO controls iBTC parameters and can vote to adjust the MCR.