elite Rings ScUSD
About the eliteRingsScUSD Tokens
Overview
eliteRingsScUSD (read: elite-rings-scUSD) is a Liquid Wrapper for Rings.Money’s scUSD veNFT (veUSD).
It is based on our eTHENA model, which helps trade 1-year locked veUSD easily in both directions.
Basics
- eliteRingsScUSD is minted with veUSD nfts
- it can also be redeemed back to veUSD
- the underlying veUSD is managed by the protocol to earn best rewards
- rewards are forwarded to eliteRingsScUSD holders through Farming rewards, Lending Incentives, Single-Staking & more.
- Fees auto-compound into the underlying, which increases the Minting-Ratio and the scUSD backing per eliteRingsScUSD.
Getting eliteRingsScUSD
Ideally, the underlying mechanism is as follows:
- Mint scUSD using USDC on Etheruem.
- Bridge scUSD to Sonic.
- Stake scUSD to get stkscUSD receipt.
- Lock stkscUSD to get a veUSD nft receipt.
- Mint eliteRingsScUSD with a veUSD nft.
But you are free to join the process from any step, or just trade in any point and work it up from there.
Minting with veUSD
You can convert any of your veUSD NFTs to eliteRingsScUSD at the minting ratio.
Miting with scUSD
You can also Zap your scUSD or frxUSD to eliteRingsScUSD directly.
Doing this does the full process (stake-lock-mint) in just a single transaction.
There is NO FEES for doing this.
Buying from a DEX
A convenient way to get is by Buying it on Defillama or any of your favorite DEX.
We request you to first consult the Minting Ratio on the Dapp to ensure you are not overpaying at the DEX!