Indigo vs Resupply: Cardano or Ethereum? (2026)

Indigo and Resupply both fit the CDP category, but they serve different strategies. Indigo is a Cardano-native protocol for minting synthetic assets, including iUSD and iBTC, against collateral. It is non-custodial, and users interact through a Cardano wallet. Resupply is an Ethereum protocol: users deposit crvUSD or frxUSD lending positions from Curve Lend or Fraxlend as collateral and borrow reUSD. Its design aims to let users keep earning the underlying lending yield while borrowing.

That means the choice is not simply between two ways to borrow. Indigo is for users who want exposure to synthetic assets in the Cardano ecosystem; Resupply is for users who want reUSD borrowing tied to specific Ethereum lending markets. Neither protocol is cross-chain, and each depends on its own chain's wallets and ecosystem.

Indigo's protocol fees are not published. The project does not state minting or redemption fees, or stability-pool rewards. Cardano transaction fees also apply. Check the app and official documentation for the costs shown before signing a transaction.

Resupply does not publish a flat fee. Instead, the borrow rate is the highest of half the market lending rate, half the sfrxUSD rate, or 2%, so 2% is a minimum rate rather than a guaranteed rate for every borrower. Rates can change as the underlying markets change. The Insurance Pool earns a fee when it is used for liquidations, and its depositors receive a share of protocol revenue. Ethereum gas costs are additional. Review the rate and transaction costs in the app before borrowing or depositing.

Indigo has two audits listed, but the auditors and audit findings are not detailed. Its non-custodial design means users retain wallet control, but it does not remove smart-contract, collateral, or peg risk. Synthetic assets may trade away from their targets; one listing showed iUSD at about $0.9898. Indigo's TVL is about $3.3 million, which may mean less market depth for its synthetic assets.

Resupply also has two audits listed, but audits do not erase the risks of its contracts or dependencies on Curve Lend and Fraxlend. A June 2025 report said an exploit drained close to $9.6 million. Resupply does not say how losses were handled or what changed afterward. Read its official post-mortem and documentation before using it. Its Insurance Pool is designed to help cover liquidation losses, but depositors accept the risk of covering losses themselves.

Indigo's documented wallet support includes hardware wallets, but its ease-of-use rating is not published, and the app experience cannot be described here. You need a compatible Cardano wallet and must be comfortable with Cardano's tooling. Resupply has an ease-of-use rating of 6.5 and a stated borrow-rate formula, but using it requires Ethereum and positions in supported Curve Lend or Fraxlend markets. Its homepage describes leverage of up to 20 times; that level of leverage can amplify mistakes and liquidation risk, not just yield.

Both protocols list two audits, and neither is risk-free. Resupply's larger TVL—about $50.2 million versus Indigo's $3.3 million—does not make it safer. Consider how each protocol's collateral and peg risks fit your needs, and check live app terms before committing funds.

Choose Indigo if you use Cardano and specifically want to mint synthetic assets such as iUSD or iBTC. Its non-custodial design, governance features, and multi-year presence make it a distinct Cardano-native option, but its modest TVL, unpublished fees, and potential peg drift matter. Do not assume an audit prevents losses.

Choose Resupply if you already use supported Ethereum lending markets and want to borrow reUSD while retaining their underlying yield. Its much higher TVL and published rate formula may suit that strategy, but the reported exploit is a serious reason for caution. Check the project's post-mortem, current terms, collateral conditions, and reUSD peg before deciding. If you cannot accept the relevant contract, collateral, or liquidation risks, neither protocol is a suitable fit.