Inspiration

One Ring to Rule them All

Yield Mordor

Yield has always been a massive instrument for protocols and blockchains to attract users. One thing that yield still lacks is user experience.

Most Yield options on the Solana blockchain are focused around entry into LP positions on different AMMs. Users usually need 2 different stable coins to enter the LP position and start receiving Yield.

This option in itself Is difficult to use, manage and track. Most of the experience is like this and we know that Solana users deserve better.

Users thrive when the options for receiving yield are easy to access and use.

We were extremely excited to build a solution for this on Solana. Providing a great Yield product would attract a lot of users and create a potentially very important protocol for the whole ecosystem that would also have compatibility for other projects.

Finding the One Ring

To provide a solution that would be a one protocol to rule them all so to say, we have created a cross-stablecoin yield optimiser.

What's the idea?

Yearn and Yield protocols on the ETH blockchain have shown us that increasing growth of strategy difficulty keeps and escalates the problems of user experience. Mainstream users can’t fathom that a token called 3crv is a stablecoin.

Our cross-stablecoin part consists of issuing a 100%-collateral backed stable coin called 1USD. We will be taking in USDC, USDT and other stables with proven history and backing.

This will allow users to forget about difficulties of entry and will allow them to add any of the top stable coins receive 1USD back and earn yield in 1USD, with full and easy understanding of the yield they are getting and how easy it will be to go back.

The yield-optimizer part will focus on leveraging the opportunities in the Solana ecosystem that provide yield with almost zero-risk. Such as liquidity farming in LP tokens consisting of stable coins. We are working on a routing and strategy algorithm to provide the highest available yield in the Solana ecosystem across all stable coin, stable coin derivatives.

One Ring aims to fulfill a need for those, who are new to crypto and those, who are in crypto and DeFi for a while. Having a stack of stables to invest is a good thing, putting those stables to work is even better. Looking for the best yield opportunities is confusing for those, who are new to the space and a waste of time and effort even for those, who have experience in doing so. Users simply put in your stables and One Ring will generate the best possible yield for you. A perfect solution for anyone, who wants to invest smart and safe. The One Ring uses yield optimization algorithms to make sure investors will have the very sweet spot of a safe investment with the highest return possible.

The Fellowship comes together

Building the MVP was not an easy task and its still in progress. We went through a long process of figuring out our system in a way that would be the best in terms of user experience. We went through a couple of designers until we found the best fit.

For the Hackathon we’ve decided on the following wireframe. link

Using users USDC tokens to issue back our own stable coin and use the users funds in an LP yield-farming position. This serves as one of the pinnacles of our architecture. The Front-end has been created, but we didn’t have enough time to merge it with the Solana instructions and back-end.

The Future of the Fellowship

We are still in the progress of building out the best tech team, we were lucky enough to onboard a developer that had experience working on an Alchemix fork on Solana and we’ve been moving very actively with him.

We’ve gone through 4 iterations of our yield optimization algorithm and there is still a lot of work to do and we are in the process of hiring a data scientist for better data management and so that we can test our algo on historic data.

We are excited to say that we’ve made incredible progress in the last 3 weeks since we started working on the One Ring idea.

The Fellowship is born and the One Ring to rule them all is one its way.

Please take a look at our Deck, we hope you’ll like the branding. link

What's next for One Ring

Finishing our MVP and launching in test mode with pools from Sunny and Orca. We have a draft of our yield optimizer algorithm, we want to get it to a better state for the test launch. After that, we will grow out a community to continue testing and iterating our product as well as do audits.