OneRing’s EVM beta is about to launch! The team’s ambitious plan to chart the maps of DeFi earth and bring aggregated stablecoin yield optimization to its users with one easy click is in full swing. OneRIng’s Solana dApp has already seen terrific success, with users earning 30%+ in APY on all their stablecoins, without having to find the best rates for themselves or do the legwork in placing them in pools.
OneRing wants all stablecoins to earn yield. Currently, the majority of stablecoins sit idle in wallets, unproductive. This is often because there isn’t an easy, safe way to harvest yield without engaging in complex cross-chain processes or locking your coins for a long time either with centralised providers or in risky liquidity mines. OneRing’s yield optimizer does all the hard work for users, finding aggregated yield across multiple chains.
Here’s a short guide on how to use OneRing’s new EVM dApp on Fantom and how to take advantage of the staggering 149% APR that’s currently on offer:
Step 1: Download and install an Ethereum wallet.
As an EVM-compatible beta, launching on Fantom, you will need an Ethereum wallet like Metamask. Choose an Ethereum wallet and download and install it. Remember to always keep your seed phrase safe!
Step 2: Get some $FTM for gas
Ensure you have some $FTM for gas. $FTM is needed for fees on the Fantom network. You absolutely won’t need much, as $FTM’s fees are miniscule, but you will need some in your wallet.
Step 3: Get $USDC or $RING into your wallet.
Bridge some $USDC to the Fantom network. You can do this within Metamask. Watch this handy video if you’re unsure how to do this. There are multiple ways to bridge $USDC to Fantom from other chains too, such as the Connext bridge.
Step 4: Go to OneRing!
Go to EVM beta to stake and earn yield on your stablecoins!
Step 5: Connect your Ethereum wallet to the OneRing dApp
Click on the top-right icon on the page and connect your wallet. You’re now ready to go. You can either stake $RING, or stake $1USD, which you can mint by depositing $USDC. Staking $1USD will earn you additional $RING.
Stats: On the dashboard you can find your history of using the dApp. Your $1USD minted, your earnings, your current APY, and how much you’ve earned!
Mint: You need to mint $1USD to earn yield. You can redeem these at any time back to $USDC, but there is a 24 hour redeeming period after mint.
Stake: Once you’ve minted $1USD, you can stake it to take advantage of OneRing’s yield optimizer and start earning returns. You can also choose the Mint and Stake option to perform this automatically.
FAQ: Be sure to check our FAQ section if you are unfamiliar with something or having trouble performing any functions of the app.
Guide: A link to this very article
Calculator: Use this handy calculator to figure out your expected return and break even point.
1USD Balance: Here is where the magic happens and the place where you can watch your stablecoin balance grow!
Earn From the Start: One Ring’s Beta Goes Live 23rd August
OneRing’s beta is due to go live on the 23rd August. This guide has told you all you need to know to be part of the first wave of earners on the platform and take advantage of staggering introductory APRs for new deposits. Head over to OneRing’s website to find out more about this great project and get the stablecoin yield you deserve.