OneRing November Recap
A sneak peek at the yield optimizer platform’s arrival on Optimism
As one would expect, the team’s focus throughout November was on preparations for the OneRing platform to arrive on Optimism — one of the newest and most hyped Ethereum layer 2 scaling solutions. Obviously on the dev side, developing the Optimism dApp has been top priority, but on the business side, too, the team is busy making connections throughout the Optimism ecosystem and looking forward to seeing some of these connections bear fruit — juicy yield-wielding fruit!
The first target for such succulent harvests is Velodrome Finance. Velodrome is the central trading and liquidity marketplace built on Optimism and provides users with minimal slippage, low swapping fees, and deep liquidity. To incentivize $RING/$ETH liquidity on the DEX, OneRing acquired and locked 205k $VELO tokens followed by another 103k $VELO, and then another 208k $VELO bringing the platform’s total holdings to 513k $veVELO. Given this lock, OneRing was the first qualifier for Velodrome’s ‘Tour de OP’ which qualified us for the general OP lock bonus airdrop with an additional 10% on top of the drop, as well as a 10% bribe boost. We are pumped to begin maximizing the lucrative yield on Velodrome and the entire ecosphere on Optimism for the OneRing community.
You may be asking why we chose to deploy on Optimism after our forays into Fantom and Solana (which are still offering nice yields on your stablecoins, by the way). As OneRing CEO Aragorn put it, “Aside from it being an outstanding network for yield farmers with some great DeFi protocols, the Optimism Foundation provides fantastic support to projects for the growth of the ecosytem.” He continued, “On top of that, it is built on Ethereum with many giants of the ETH ecosystem such as Uniswap already deployed there. And, of course, the tech is just incredible and suitable for significant growth.”
OneRing November Quick Hits
- The OneRing Multichain Farm had a nice first month! In case you missed it, the Multichain Farm is an endeavor to deploy a team-funded treasury across multiple blockchains and protocols with the express intent of using the profits from the farming strategies to buy and back and burn $RING and reduce its total supply to 80m. November saw OneRing buy back and burn 100k $RING through this strategy!
- Liquid Driver’s $RING/$FTM SpiritSwap Shadow Farm provided great yield for liquidity providers throughout November.
- Don’t forget to check if you were one of the winners of the OneRing Genki Campaign! If you were, 50 $1USD has been airdropped to your wallet!
With its imminent deployment on Optimism, the OneRing dApp is one step closer to becoming a one-stop for earning the best yields on your stablecoins.
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.