Introducing OneRing (Solana)
Earn great yield on your Solana-based stablecoins
It gives us at OneRing great pleasure to announce that we are ready to roll out our stablecoin yield optimizer platform on Solana! Let’s get this party started with a step-by-step tutorial on how to get your stablecoins earning for you with OneRing!
Keep in mind that the platform is still in beta and deposits are limited to a $10k USD maximum while platform TVL is limited to a maximum of $100k USD. Given that the platform is still in beta, you are advised not to ape too hard and put in more than you can afford to lose. Take this time to become familiar with what the platform has to offer.
Getting set up on Solana
STEP 1: Download and install a Solana wallet
There are a number of wallets to choose from on the Solana network; however, Phantom wallet is the most popular one and the one we recommend using so we will refer to it throughout this tutorial.
Go to https://phantom.app/download and click the download button to begin the easy installation process. Always remember to keep your seed phrase safe and never store it online!
STEP 2: Get some $SOL for gas
$SOL is the native token of the Solana network and you will need a little of it to interact with the Solana blockchain. $SOL is available on all major centralized exchanges and can be deposited into your Solana wallet to be used for gas. Keep in mind that transactions on Solana are cheap and you will only need a small fraction of one $SOL per transaction.
STEP 3: Get some $USDC on Solana
If you don’t have any $USDC on Solana yet, you have a few options available to move some there and begin earning yield:
- Bridge $USDC that you have in an EVM wallet (e.g. MetaMask) using the Allbridge.io bridge. If you are unfamiliar with bridging tokens, please refer to Allbridge’s Bridging Guides. The bridged $USDC will have to be swapped for native Solana $USDC using: https://jup.ag/swap/afUSDC-USDC.
- Another popular bridge for moving assets to and from Solana is the Wormhole bridge.
- Transfer $USDC from a centralized exchange into your previously created Phantom wallet.
In the near future, you will also be able to swap any SPL standard token into native Solana $USDC directly on our platform. Stay tuned for full details about the swap functionality rollout.
STEP 4: Welcome to OneRing (Solana)!
Go to solana.onering.tools and you are almost ready to instantly begin earning yield on your stablecoins.
STEP 5: Connect your Solana wallet to the OneRing dApp
In the top right corner of the OneRing page click the ‘Select Wallet’ button and choose your Phantom wallet and connect.
OneRing Finance features
Now that you are all set up and you have a wallet full of $USDC that you want to earn great yield on, it is time to get familiar with the OneRing app itself:
1. Stats: The dashboard where you can find total 1USD minted, platform revenue, Total 1USD staked, and total yield generated. You can also find charts for 1USD minted, APY, and LP distribution.
2. Mint: For each $USDC you want to earn yield on, you will mint one 1USD. When you want to convert back to $USDC, go to ‘Redeem’. Note: there is a 24 hour redeeming period after minting that must pass before you can redeem.
3. Stake: After you mint 1USD, you must stake them on the OneRing platform in order to begin generating yield. When you mint 1USD, you have the option to choose ‘Mint and Stake’ in order to combine the processes and begin earning.
4. Swap: A new feature incorporated into our Solana dApp is a DEX integration powered by liquidity aggregator, Jupiter. In the future, you will able to swap your SPL (Solana Program Library) tokens directly on our site. Tune into our socials for the latest information on the launch of our token swap functionality.
5. FAQ: Be sure to check our FAQ section if you are unfamiliar with something or having trouble performing any functions of the app.
6. Guide: A link to this very article
7. Calculator: Use this handy calculator to figure out your expected return and breakeven point.
8. 1USD Balance: Here is where the magic happens and the place where you can watch your stablecoin balance grow!
9. Your Solana wallet
10. Mode: Toggle between light mode, dark mode, and Solana mode
Total Staked: This represents the total amount of 1USD staked on the OneRing platform.
Rewards: This is the current apy you can expect to earn on your stablecoins on OneRing. Your rewards will auto-compound every 3–4 days on average (we cover the gas for the auto-compound!). The 15.36% APY shown here is the return you would receive after the performance fee is deducted. Please keep in mind that the displayed apy is based on the apy achieved during the most recent compounding period.
Start earning yield
You are now ready to enjoy some sweet, sweet passive income! Please remember that there are fees associated with transacting on a blockchain so if you frequently move in and out of your yield farming positions, your profit margins will suffer. Sit back, relax, and let OneRing do the legwork for you.
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 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 DeFi.