Fantom Ecosystem Spotlight – OneRing
In J.R.R. Tolkien’s The Hobbit, one of the famous fantasy novels that inspired OneRing Finance’s branding, the dwarf Thorin Oakenshield tells the hobbit Bilbo: “If more of us valued food and cheer and song above hoarded gold, it would be a merrier world.” Few people, we think, would disagree with this statement.
Luckily, we have OneRing Finance to help us with this in the Fantom ecosystem. By automating usually laborious stablecoin-focused investment strategies, OneRing offers its users passive income opportunities and saves them valuable time so they can explore the good things in life.
1. What is OneRing?
OneRing aims to make DeFi accessible to anyone.
Most DeFi protocols are too complex for those who aren’t able to put a lot of time and effort into researching and learning about underlying mechanics.
Even for those already educated about crypto, things like impermanent loss, inflating reward assets, and creating different positions ‒ like LP, lender, etc. ‒ can be overwhelming.
OneRing abstracts away all the complexity.
The only thing the user needs to do is to deposit stablecoins. The User receives no reward tokens but a sustainable return in the form of more stables.
By finding the best yield opportunities and integrating promising protocols, OneRing creates the best return for its users.
OneRing secures user investments by leveraging different strategies and yield sources to diversify deposits. Funds are rebalanced when necessary, meaning that there’s nothing for users to do but enjoy their returns!
2. How do you introduce OneRing to a DeFi novice?
OneRing works like the best savings account around.
Even if you’re new to crypto or DeFi, OneRing makes entry a breeze. There’s no need to understand how DeFi works: just get yourself one of the integrated stablecoins, navigate to the dApp, and deposit the stablecoin into the protocol.
The funds will be automatically distributed in different yield-bearing strategies, and you will receive a sustainable return of at least 10%. Easily withdraw portions or even all of your deposits in the form of an integrated stablecoin anytime, with no lock.
Think of OneRing as a crypto savings account superior to anything you can expect in the traditional financial system.
3. How did you come up with OneRing, and what inspired you?
The central idea evolved when the core members of OneRing concluded that many of their crypto friends had a bunch of stablecoins just sitting in their wallets because they never dug into DeFi and weren’t willing to do so.
After intense market research, we concluded there are tons of people out there who could generate an excellent return on their stablecoins if they would invest them instead of just letting them sit.
We explored what keeps people from yield farming. Our research showed it mostly comes down to the fact that DeFi is too complex for most, and this information asymmetry keeps many from using DeFi.
Too many chains, too many protocols, too many products. Things keep changing, so if one isn’t willing to invest a lot of time on top of the assets, one can quickly get burned. Profitably using DeFi takes time, effort, and the will to educate yourself.
So the team decided to lift this burden on the customer and offer a service where people don’t need to educate themselves, don’t need to sell off any reward tokens, don’t need to rebalance and watch their positions.
We wanted to make it as easy as possible: deposit your stables and withdraw anytime.
4. What makes OneRing different from other yield aggregators?
For most other yield aggregators, users still need to make independent decisions about their positions. You can choose from many different vaults, use auto-compounders, and so on.
If you are knowledgeable about the topic and willing to invest a lot of time, DeFi can be a very profitable market, but you need to watch your positions, rebalance, and manage risk. The OneRing protocol does all of this for you.
Just one vault, no selling off tokens, just return ‒ nothing else.
5 Can you explain how NFT staking works?
For NFT staking, we partnered with other protocols on Fantom!
Currently, Potluck protocol offers NFT staking for our genesis NFT collection, “The Precious.”
6. What are the team members’ backgrounds?
Giuseppe (CEO) M.Sc. Industrial Engineer, graduated from KIT University in Germany. Guiseppe has been in crypto for several years and is involved with several, mainly DeFi-focused projects like Launchpad. He is presently controller at Deutsche Bahn.
Robin (CMO) M.Sc. Industrial Engineer, graduated from RWTH Aachen Germany. Robin is our Freelancing Marketing and Strategy Consultant. He’s involved in various projects and was the co-founder of the first meme coin on Polygon. He has been involved full-time in crypto since 2021 and brings with him valuable experience earned in business consulting. One of his various areas of expertise is the economics of blockchain-based tokens.
Alex (CIO) holds a Ph.D. in Economics. Alongside his work for OneRing, he is CEO of Samurai Launchpad, which maintains an extended network of VCs and partners. Alex has several years of experience working in crypto and blockchain; he has served as a consultant for several networks, including Elrond.
Keisuke (CTO) B.Sc. Software Engineering from Kagoshima University. Keisuke has contributed to Marinade and several other DeFi-related projects; he is highly knowledgeable about blockchain and DeFi.
Felix (COO) B.Sc. Bio-Engineering. Felix started his crypto journey in early 2019 and is a DeFi pioneer with plenty of experience. His experience includes working as a communications manager for other projects like Samurai and coinsmos.com. He focuses on making DeFi simple and designing new DeFi products suitable for the inexperienced user. He is also a Biotech consultant.
7. How did you learn about Fantom?
Our CEO Giuseppe is a pioneer in the Fantom ecosystem. He was super early and already had an excellent understanding of Fantom when the team members joined.
As an active community member, he is very well connected to teams building on Fantom.
8. Why did you decide to build on Fantom?
Fantom offered everything one could ask for as a builder in DeFi.
The ratio of Market Cap to TVL was extremely attractive, the protocol is fast and energy-efficient, and as an L1, Fantom is not dependent on external networks.
Giuseppe is always eager to learn about cutting-edge technologies in crypto, and the rest of the team got infected, so we decided to take the leap of faith by launching on Fantom, creating something unseen.
9. How did the Fantom community receive OneRing?
We had a very warm welcome! Right from the start, we emphasized transparency and communication.
Even before launch we started networking and befriended many great projects building on Fantom. Due to this, we were already pretty well known when we launched our Token and MVP.
The promo phase for OneRing was a blast, and we had so much fun talking to podcasters, other teams, and the Fantom Community!
10. What’s coming up for OneRing? Free alpha!
We have just released our fully fledged product on Fantom! We took our time with this, to focus on security and UI. We had DeDaub, one of the best auditing firms, review the code and they found no vulnerabilities.
Among various features, we introduced a new model for our yield optimizer. Users can mint a collateral token called $1USD and either stake it to receive yield from the protocol or take a portion of it and walk away.
We’re looking forward to offering different cool products and items to purchase with $1USD and are eager to partner with other protocols that might offer some cool yield chasing opportunities for $1USD.
Ongoing integrations of new stablecoins and protocols are already happening in the background. Some excellent new partnerships are already in the pipeline, and we’re looking forward to a very bright future.
11. What is the future of DeFi?
This question calls for a personal response, so I (Robin, CMO) can only offer my opinion. I’ve been watching DeFi for a while and see lots of development.
Teams continue to experiment and learn new lessons ‒ for example, what Curve introduced with veCRV and Andre Cronje’s idea for ve(3,3) only exist due to lessons learned from what worked and didn’t work in DeFi.
So, in my opinion, we’ll see a maturing process in DeFi. Yields will be lower, and risk will be lower. That’s what happens to every maturing emerging market.
I like the thought of DeFi becoming a competitor against traditional financial services. Society will be empowered by getting rid of banks and large institutions that regulate what people can and cannot do.
Maybe I’ll be surprised by some groundbreaking new technology, but for now, I’m watching this maturing process and think OneRing is positioned very well in the space.
12. Is there anything else that you’d like to add?
I’d like to add that we’re optimistic about Fantom as an ecosystem, and we want to be veterans here one day. Even if plans sometimes change and some adjustments need to be made, we’re bullish on Fantom and are looking forward to building!Go and check out our newly-released dApp alongside other things we have to offer, like the Lottery, Bonds, Stableswap, Staking, and NFT series with NFT staking!
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