Ring Protocol Launches RING Token And Opens Points Redemption Channel
In Brief
Ring Protocol launched its native token RING on its platform, enabling users to convert Ring Points into RING and claim the token.
Decentralized exchange (DEX) operating on the Layer 2 network Blast, Ring Protocol announced the launch of the native token RING on its platform. Now, users can convert their Ring Points into the RING token through the Redeem section of the exchange. Additionally, Ring Earn users have the ability to claim and convert RING within the Earn section. Furthermore, Ring has introduced a RING token pool.
As a decentralized finance (DeFi) protocol prioritizing asset utilization, Ring Protocol has recently exceeded a total value locked (TVL) of $500 million, as announced on its social media platform X. The RING token model provides incentives for liquidity providers on the platform. Moreover, the exchange maintains user engagement with periodic airdrops.
Currently, users seeking to acquire the RING token can do so through activities such as farming, providing liquidity, participating in community events, and engaging in campaigns, among other opportunities.
Over 100,000 Wallets Registered: Ring Protocol and Its Top Position Among Blast DApps By Volume In June
Ring Protocol aims to build a universal liquidity protocol aimed at maximizing asset utilization. Currently, there are billions of idle assets stored on-chain, while thousands of cryptocurrency projects face liquidity shortages. To address these issues, Ring Protocol is introducing a range of products designed to transform the DeFi ecosystem.
Its offerings encompass Ring Swap, which facilitates an automated market maker (AMM) on Blast, optimizing asset utilization for liquidity providers (LPs), Ring Launchpad, representing a platform that connects underutilized assets with projects in need of liquidity, and FEW (Financial Elastic Wrapping) Protocol, an asset layer adaptable to various DeFi protocols.
Launched earlier this year, Ring Protocol has emerged as a prominent DEX on Blast, incorporating more than six protocols and exceeding a milestone of over 100,000 registered wallets. The platform is integrated with several cryptocurrency wallets, including OKX wallet, Trust Wallet, Coin98, and Bitget Wallet. Throughout June, Ring consistently achieved the top position as the leading decentralized application (dApp) on Blast by volume, surpassing Juice, Thruster, and Blur multiple times.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
