OneRing will integrate on Polygon (Full-stack scaling, commit chain) to make DeFi easily accessible with cross-chain functionality.
With low transaction costs and speedy transactions, Polygon is a wonderful place for DeFi. Gas fees on Ethereum push the Breakeven for yield farmers way further in the future, compared to using a scaling solution, which Polygon provides. Adding Polygon Network to the OneRing protocol opens the space for investment from other chains and brings new customers to the ecosystem.
Polygon will be added to the multi-chain protocol OneRing provides. The goal OneRing aims to achieve is to implement as many chains as possible to make it easy for the users to receive the best yield on all integrated chains, no matter on which chain they deposit their funds. By integrating Polygon, the users of OneRing get the opportunity to withdraw their yield and funds to the Polygon network to experience all the great opportunities this ecosystem holds for them. The users will be able to connect their wallet on Polygon network and deposit any stablecoin integrated to the protocol.
OneRing will satisfy several needs. On the one hand they have the DeFi experts, who put a lot of time and effort into keeping up to date with the best opportunities to generate yield with their funds. With OneRing they can save a lot of time and invest in other things. On the other hand there are people who are overwhelmed by the complexity of many DeFi protocols. OneRing opens DeFi for those who want to use the best protocols, but need things to be more simple. For the existing protocols there´s the chance to increase their TVL if they manage to offer the best yield around. New customers will use their complex protocols and they will profit from the fees generated.
An early Alpha will be released over the course of the next few weeks. On 22nd of January 2022, the IDO will happen through several Launchpads and the team of OneRing will work full steam on integrating an increasing number of chains as soon as possible.
OneRing is the first multi-chain cross-stablecoin yield optimizer. OneRing makes complex DeFi strategies easy and safe; accessible for anyone. The OneRing protocol makes sure the deposited funds are most effectively distributed among the integrated protocols and automatically redistributes the funds, if another compilation of yield sources becomes more profitable for the users. OneRing will offer a one-click solution even for those, who never used DeFi before, but want to generate the best possible yield with their stablecoins. OneRing focuses on stablecoins, which comes with avoiding impermanent loss. By this, users can withdraw their funds anytime if they need them and put them back in the protocol instead of just letting them sit in their wallets.
Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 3000+ applications hosted, 1B+ total transactions processed, ~100M+ unique user addresses, and $5B+ in assets secured.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your dApp, get started here.
Source : cryptodaily.io