OneRing EVM User Guide
Learn how to earn great stablecoin yields here
OneRing is thrilled that the EVM version of our stablecoin yield optimizer platform passed its Dedaub audit and is now ready for you to begin earning great yield on your stablecoin holdings. In this article, we will provide you with the complete user guide on how to get started with the OneRing dApp today.
**Please make sure to read the complete guide carefully. If you require any further help, we are always available on Telegram and Discord to answer any questions you may have.
OneRing EVM user guide
Mint $1USD
Step 1: Go to https://evm.onering.tools and connect to the dApp with your cryptocurrency wallet that holds $USDC. (The platform currently only supports $USDC, but more stablecoins will be integrated in the near future.)
Step 2: In order to make your first deposit, you must click on the 🌱Mint tab.
Step 3: Now you are on the 🌱MINT page, you will be able to deposit $USDC to mint $1USD. Simply input the amount of $USDC you want to deposit in the protocol.
NOTE: Make sure you deposit at least $11 USDC because the protocol does not accept smaller deposits than this. Swap fees, slippage and other fees make smaller deposits not worth it.
Step 4: Click ‘Mint’: An approval transaction will be triggered. Right after that, a minting transaction pop-up will appear (Two transactions in total are required to mint $1USD)
NOTE: Maximum slippage is set to 0.4%; however, this is just the max allowed slippage. 90% of the time slippage will be much lower. Transactions with higher slippage will be automatically reverted. You will never lose money to flashbots nor to low liquidity with OneRing.🫡
After confirming the two minting transactions, you now have $1USD in your wallet!
Time to Farm
Now, you have $1USD in your wallet; however, your money is not farming yet. In order to farm, you must stake your $1USD.
To begin earning yield on your $1USD:
Step 1. Go to the Earn tab and enter the amount of $1USD you want to deposit.
Step 2. By clicking on ‘Stake’, two transactions will pop up:
- Approval transaction (so the contract can move your $1USD to the vault)
- Actual staking transaction (to stake your $1USD)
Step 3. You receive s1USD (synthetic $1USD) which is a representation of your share of the overall staking pool.
That is it! You are now farming with your stablecoins!
NOTE: s1USD is just your share of the pool. It is used to track how the generated yield will get distributed among $1USD stakers. *It is not another token* although you can transfer it to other wallets and even trade it, it just represents your share of the yield.
s1USD is not pegged 1:1 to 1USD, the amount of s1USD you get from your 1USD deposits is a function of the amount of 1USD staked, it can vary depending on how much 1USD is being staked
Check out your earnings
When clicking on ‘Rewards’, you will see the following chart:
1️⃣ Your $1USD stake detailed info:
This displays the amount of $RING you are receiving by staking your $1USD in our vaults. It also shows the current APR for your $1USD staking (it doesn’t take RING boost into account yet, so the current APR is higher than 30%)
2️⃣ Your rewards for the current $RING staking season:
This includes the rewards you have available to claim for staking $RING as well as the current staking season APR.
3️⃣ Your overall $RING rewards:
This includes the $RING obtained for farming with your $1USD and the $RING obtained from the current $RING staking season.
4️⃣ Your accumulated $1USD.
This is the total amount of $1USD you have in the protocol. This amount will increase over time as you generate more yield. This amount includes your original deposit + $1USD that comes from the yield generated.
There you have it! As easy as pie! Begin earning $USDC and $RING today by going to evm.onering.tools or try our Solana dApp at solana.onering.tools.
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 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.
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