Rings

How to Participate in the Rings Protocol Airdrop

1. Set up a compatible wallet (MetaMask or other EVM-compatible wallets)
2. Visit the Rings Protocol website and connect your wallet
3. Acquire the necessary assets to deposit:
   • From Sonic: USDC, WETH, LBTC, or WBTC (you’ll need some S tokens for gas fees, which you can get from Binance)
   • From Ethereum: Stablecoins (USDC, USDT, GHO, DAI, USDS), ETH, or Liquid Staking Tokens (LSTs)
4. Bridge your assets to Sonic using Rhino.fi if you’re starting from Ethereum
5. Mint scAssets by depositing your tokens:
   • Deposit stablecoins to receive scUSD
   • Deposit ETH or LSTs to receive scETH
   • Deposit Bitcoin tokens to receive scBTC
6. Stake your scAssets through the “Stake” section to earn yield and maximize points
7. Consider locking your staked assets for higher multipliers (up to 3x)
8. Provide liquidity in pools with your scAssets for an additional 1.5x multiplier
9. Get your referral link from the Points page and share with friends to earn a 5% Rings bonus
10. Monitor your points accumulation and follow Rings Protocol on social media for updates

Maximizing Your $S Token Airdrop Rewards

To maximize your potential rewards from the Rings Protocol airdrop, consider implementing these strategies:

1. Diversify your deposits across different asset types (stablecoins, ETH, BTC) to mint various scAssets
2. Stake all minted scAssets to immediately double your points (2x multiplier)
3. Lock your assets for the maximum duration possible to receive the highest multiplier (up to 3x)
4. Participate in liquidity pools containing scAssets to earn an additional 1.5x on those assets
5. Compound your yields regularly to increase your staked amount and earn more points
6. Share your referral link to earn a 5% bonus on Rings Points
7. Stay active throughout the entire 25-week campaign to accumulate points from each 4% allocation cycle
8. Follow official channels for announcements about bonus opportunities or special events
9. Consider the 3x bonus on Veda Points for scAssets minters and stakers

Understanding scAssets and Yield Generation

When you deposit assets into Rings Protocol, you receive scAssets in return. These are not just representations of your deposit but yield-bearing derivatives that automatically generate returns. Here’s how they work:

• scUSD: Minted when you deposit stablecoins like USDC, USDT, GHO, DAI, or USDS
• scETH: Minted when you deposit Ethereum or Ethereum LSTs like stETH or weETH
• scBTC: Minted when you deposit Bitcoin tokens like WBTC or LBTC

The yield on these assets comes from strategies managed by Veda Labs, which may include lending, staking, and other DeFi mechanisms. The yield is automatically reflected in the value of your scAssets over time, meaning you don’t need to claim rewards manually.

Rings Points System Explained

The Rings Points system is the mechanism through which airdrop eligibility is tracked:

• Base holding: 1x multiplier for simply holding scAssets
• Staking: 2x multiplier when you stake your scAssets
• Locking: Up to 3x multiplier when you lock your staked assets (likely depending on lock duration)
• Liquidity provision: 1.5x multiplier for scAssets contributed to liquidity pools
• Referrals: 5% bonus on your Rings Points for successful referrals

The campaign runs for 25 weeks, with each week (cycle) eligible for 4% of the final GEM drop. This structure encourages consistent participation throughout the campaign rather than just joining at the beginning or end.

Frequently Asked Questions

What is the difference between scUSD, scETH, and scBTC?
These are yield-bearing derivatives that represent stablecoins, Ethereum-based assets, and Bitcoin-based assets, respectively. Each automatically generates yield based on strategies managed by Veda Labs, with the yield being reflected in the asset’s value over time.

How long will the Rings Protocol points campaign last?
The campaign will run for 25 weeks, with each week representing a cycle eligible for 4% of the final total GEM drop.

Can I withdraw my assets before the end of the campaign?
While specific withdrawal conditions aren’t detailed in the provided information, most DeFi protocols allow withdrawals at any time. However, withdrawing before the end of the campaign would likely mean forfeiting future points accumulation, and locked assets may have restrictions based on the lock period.

How do referrals work in the Rings Protocol?
You can get your unique referral link from the Points page on the Rings Protocol website. When friends use your link to participate, you earn a 5% bonus on your Rings Points.

What happens to my Rings Points at the end of the campaign?
At the end of the 25-week campaign, a portal will be opened where users can redeem their accumulated Rings Points for $S tokens.

Do I need to claim my yield manually?
No, the yield is automatically reflected in the value of your scAssets over time, making it a passive income opportunity.

Conclusion

Rings Protocol offers a unique opportunity to earn $S tokens while generating yield on your crypto assets. By bridging assets from Ethereum to Sonic, minting scAssets, and participating in various activities within the ecosystem, you can accumulate points toward the eventual airdrop.

The protocol’s integration with established platforms like Aave demonstrates its credibility in the DeFi space. With a well-structured points system offering various multipliers based on user activity, there are multiple ways to maximize your potential rewards.

To get started, simply set up a compatible wallet, acquire the necessary assets, bridge them to Sonic if needed, and begin minting and staking scAssets. Remember to follow Rings Protocol’s official channels for the latest updates and opportunities to boost your points accumulation.