Introducing OneRing’s ‘The Lotto of Eärendil’
Win some MASSIVE $RING prizes!
We at OneRing Finance are thrilled to unveil the newest use case for our $RING token — ‘The Lotto of Eärendil.’ Just as the light of Eärendil helped guide Frodo on his mystical journey, The Lotto of Eärendil will help you on your crypto journey! Beginning the week of May 15th, $RING holders will be able to participate in a weekly lottery to be one of ten winners to grab some extra $RING for their stacks.
How it works
OneRing will host a weekly lottery with only $RING holders eligible to purchase tickets. In total, a maximum of 15,000 tickets will be sold at a price of $2 USDC/DAI/USDT each. The number of tickets a holder can purchase depends on the number of $RING they hold in their wallets as per the following parameters:
- 1–300 $RING: 10-ticket max
- 300–600 $RING: 30-ticket max
- 600–900 $RING: 60-ticket max
- 900–1200 $RING: 100-ticket max
- > 1200 $RING: 150-ticket max
ATTENTION: Users can buy up to 40 tickets per txn, no more than that. This is a limitation from the fantom mainnet itself, since it has a gas limit cap to execute each txn
*Note: This is for $RING holders only.
Tickets for the current week’s raffle will go on sale on Mondays at 18:00 UTC. The raffle will be conducted each week between Sunday 4:00 UTC and Monday 18:00 UTC.
The Lotto of Eärendil is a standard lottery with all tickets having an equal chance of winning. Participants will be able to pick any number from 1 to 15,000. Once a number has been picked, it will be unavailable to other participants and they will have to choose among the remaining numbers.
The lottery is controlled by smart contract with nobody possessing the ability to affect its outcome. The lottery cannot be ‘gamed’ so to speak and not even the team will know the winners until the numbers are picked at random by our specific algorithm.
Check out the lottery here: https://app.onering.finance/lottery
Where does the $$$ go?
The short answer is: YOU! 90% of the total amount raised* is given away as prizes in $RING tokens. The number of $RING award is equivalent to the value in $USDC at the time of the draw. To ensure a fair distribution of prizes, the ten winners for a given week must be from different wallets. Prizes are distributed among the 10 winning numbers in equal parts
The remaining 10% is a fee kept by the OneRing protocol treasury. This will create a new revenue stream for the platform with the money being used for further development. As with all our wallets, the public lottery wallet will be shared in order for the community to monitor its activity.
*Prize amount will be updated DAILY at 17:00 UTC since it will vary depending on the RING price.
Why?
In a nutshell, this lottery endeavour is a means for $RING holders to increase their stack while providing additional utility and buy pressure for $RING.
Increased $RING utility
This will be one of the first direct applications of the $RING token for the community. We expect this to motivate holders to look at $RING as more than just a “future governance token”.
Increased $RING buying pressure
We anticipate lottery participants to increase their $RING holdings alleviating a bit of the selling pressure on the $RING token. While we don’t expect to make the price go up, we expect to mitigate some of the effects of $RING selling.
If the idea of lotteries don’t float your boat, don’t sweat it, this is just the first of many token utilities we have planned for $RING over the next year and well into the future. Next up, we have integration into Solana for our platform which is sure to get a lot of people hyped!
About OneRing
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.
