Introducing OneRing bonds.
After many weeks of work, we have finally deployed our official OneRing bonds. Thanks to the incredible work of our partners at Scary Chain Capital we are able to add even more ways to get in on the $RING game.
In this article, we are going to go over the following:
- What is bonding?
- Why bonding?
- How can I bond?
What is bonding?
Bonding allows OneRing to acquire its own liquidity and other reserve assets such as $FTM or $USDC by selling $RING at a discount in exchange for these assets. The protocol quotes the bonder with terms such as the bond price, the amount of $RING tokens entitled to the bonder, and the time lock. The bonder can claim the tokens at the end of the time lock.
Bonding allows OneRing to accumulate its own liquidity. This ensures there is always locked exit liquidity in our trading pools to facilitate market operations and protect token holders. Since OneRing becomes its own market, on top of additional certainty for OneRing investors, the protocol accrues more and more revenue from LP rewards bolstering our treasury.
How can I bond?
Here’s a quick guide on how to bond in order to buy RING at a discount:
- Go to: https://app.onering.finance/bond
You’ll see that each bonding option has different boosts:
- 6% for FTM and USDC bonds
- 10% for RING-USDC spookyLP
This means you’ll get 6% more RING if you bond your FTM or USDC than if you bought it directly from the market and 10% more if you go for RING-USDC spooky LP bonds.
*Please consider that in order to avoid market dumps ad-infinitum we have set a time lock of 3 days on each bond, so yes, you start winning 6–10% but you gotta wait 3 days in order to sell the RING. We have also set a maximum amount of RING we will give away via bonding. So make sure you bond before the RING runs out.
- Select your preferred Bond and click on “View Bond”, in this case we’ll guide you on how to bond USDC:
- You will be able to see the following fields:
1.- The input box: You can set the amount of FTM, USDC or RING/USDC spookyLP you want to bond
2.- Boost: Here’s the amount of extra RING you’ll earn by bonding the desired asset.
3.- RING comparative information: Here you’ll see the amount of RING that you’ll get by bonding compared to the RING you would get by buying directly on the market.
4.- General Information: You will see the time lock to claim your RING and the amount of RING left to swap for bonds.
- Approve the asset to be bonded (we show this with USDC, but it’s the same for FTM and RING-USDC spookyLP tokens) and confirm the transaction on your wallet.
- After the transaction has been confirmed the button should let you Bond now, confirm the amount you want to bond and click “Bond” (1). The gas fee should be pretty low.
- Once the transaction has been confirmed you’ll be able to see your current bonds in the “Locked” (1)tab, this means the bond is not redeemable yet, however it will show you the exact time and claimable amount(2).
- Bond information tabs:
In order to improve the UX, our talented front end team came up with the following information tabs:
1.- Bond: Is the general bonding tab, here you can swap your assets for bonds that represent a higher amount of RING compared to market buying RING.
2.- Pending: Here you can see the bonds pending to be claimed.
3.- Locked: Here are the bonds that are still pending to be unlocked. (not-claimable yet).Pretty self-explanatory
4.- Claimed: Here you can see the historical data on the bonds you have already claimed. Pretty logic huh?
- Another nice move by our front-end team was adding a “Claim all pending bonds” button, this way you can claim all your RING at once.
Thank you for your support and let the bonding begin!
About Scary Chain Capital
SCC is a tokenized Investment Fund that uses its protocol owned treasury to farm, invest and trade and return the profits to token holders through dividends and reflections.
Scary Chain Capital launched end of November 2021 as first Finance-as-a-Service protocol on Fantom and consists of a growing team of multiple developers, treasury managers and talented individuals.
Their goal is to make the opportunities decentralized finance has to offer more accessible and less risky for everyone.
OneRing is the first multi-chain cross-stable coin yield optimizer in the space. The goal of OneRing is to take away the complexity of DeFi 2.0 and make things easy for the user. By this, we will be able to open the DeFi space for a whole new layer of users that want to receive yield on their stables instead of just having them sit in their wallets. With a strong network of partners, KOLs, advisors, and such, OneRing aims to go right to the top and set new benchmarks for the upcoming DeFi 2.0 winter.