Ring Protocol User Guide: Mint RUSD

TL;DR

The user guide provides details on step by step tutorial for following Mint RUSD. For the Staking tutorial, please refer to the stake and earn user guide.

Ring Protocol Mint UI

Mint RUSD

Users can start mint RUSD by depositing DAI / USDC / USDT assets via Ring App (https://ring.exchange). Any deposit goes to Ring Protocol’s bonding curve for price discovery, and at the same time, the protocol will increase the liquidity depth of the corresponding stable pool on Uniswap V3.

RUSD is fully pegged by the basket of supported stablecoin assets, and the price is kept at peg by protocols reweighting (when below the peg) and arbitrage ( when above the peg).

Steps for minting RUSD

Step 1: Acquire one of DAI, USDC, or USDT.

We recommend using Ring App to “Swap” any assets to the supported stablecoin for mint. Note that the Ring App is built on top of Uniswap V3, the underlying swap is going through Uniswap V3. You can also transfer the stable assets from either a centralized or decentralized exchange.

Swap any assets to USDT/USDC/DAI if you don't have it yet

Step 2: Approve Ring Protocol to use your

Approve Ring Protocol to spend the USDT

Step 3: Once approved, users can start mint RUSD by following below steps

  1. Set the amount of stablecoin (e.g. USDT) to mint RUSD
  2. Click Mint
  3. Confirm the amount of RUSD to receive
  4. Confirm to Mint, then issue the transaction to the wallet (e.g. Metamask)
Mint RUSD

Step 4: Once submitted, “Add RUSD to Metamask” to populate RUSD to your Metamask token list.

Save RUSD to Metamask for convenience

One Ring to rule them all — Yield Compounding Stablecoin Protocol on Uniswap V3