One Ring X SpookySwap

Published in

OneRing

4 min readDec 21, 2021

The fellowship of One Ring

We are very proud to announce SpookySwap has joined the fellowship of One Ring. After discussing the plans for our protocol with the awesome team of SpookySwap, we immediately felt the synergy and agreed on partnering up to take DeFi 2.0 to the next level on Fantom. Partnering up with the biggest DEX on Fantom opens the doors wide for some ideas we´re having for adding value for our users to our ecosystem.

Why starting on Fantom

One Ring aims to become the one-stop-shop for everyone interested in earning yield on their stablecoins. For that, we need to open up to a broad audience. This led us to the conclusion that we want to build the very first multi-chain cross-stablecoin yield optimizer in the space. Starting off on several chains at once doesn´t make too much sense, so we needed to decide where we want to get going. Fantom has it all, and is a promising place for yield farmers. With a ratio of 1.03761 MCap/TVL Fantom clearly is one of the favorite spots for yield farming. Looking at the rapid growth of the TVL, but still a very reasonable MCap, Fantom has a lot of room to grow.

Why SpookySwap

Our goal is to always make sure not to settle with anything else but the best option around. With SpookySwap we found right that: The biggest and best DEX on Fantom as of now. With the tools of SpookySwap we´ll have several options to reward people for getting engaged and make our users profit from the great services of SpookySwap.

Since we’re in such an early stage of the project, we can’t really tell yet which services will become reality, but some of the possible features to come are listed below:

Listing of $RING and $1USD on SpookySwap

Being the biggest DEX on Fantom, listing on SpookySwap first, will make our tokens easily accessible for the Fantom community. Most likely starting out with the $RING/$FTM pair, nobody needs to be afraid of impermanent loss, since both sides of this pair have great potential for exponential growth. Again, Fantom has a ratio of 1.03761 MCap/TVL, which indicates that the native token has a lot of room to grow and liquidity provision will be a lot of fun.

LP incentive program

This takes us to the next opportunity using SpookySwap. We will most certainly see a LP incentive program on SpookySwap for those, who will provide liquidity for $RING and $1USD. Receiving $BOO additionally will help to boost liquidity for One Ring on SpookySwap from the get-go.

Staking pool

It doesn´t stop there. Since a reliable partnership always is about giving too, we will put some thoughts into putting up a staking pool for $BOO the users received for providing liquidity. Staking those $BOO will give you $xBOO, which can be staked to receive more $RING from our reward pool. This profits both projects, but even more it gives the users even more ROI and extra value for getting involved.

Bridging to other chains

Since we´re looking to enable cross-chain features as soon as possible, the fact that SpookySwap does an insane job on bridging assets to other chains, is a big upside of this partnership, too. With the help of the SpookySwap team and their network, we´re very confident about making the cross-chain experience seamless.

About SpookySwap

SpookySwap is an automated market-making (AMM) decentralized exchange (DEX) for the Fantom Opera network. Different from other DEXs, we’re invested in building a strong foundation with our BOO token as a governance token, diverse farms, a built in bridge, built in limit orders and user-centered service.

About One Ring

One Ring is the first multi-chain cross-stablecoin yield optimizer in the space. The goal of One Ring 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, One Ring aims to go right to the top and set new benchmarks for the upcoming DeFi 2.0 winter.