Ring is a decentralized finance (DeFi) project that provides a suite of products designed to function as a universal liquidity protocol. The project's stated vision is to maximize the utilization of on-chain assets by connecting idle capital with crypto projects and applications that require liquidity. ^{[1] [2]}​

Overview

Ring aims to address a core inefficiency within the DeFi ecosystem, described as "billions of idle assets are parked on-chain, while thousands of crypto projects lack liquidity." To solve this, the project is developing a set of integrated DeFi products intended to create a more efficient and unified market for liquidity. The entity associated with the development of the protocol is referred to as "Ring Labs" in its legal documentation. Ring is the result of three years of research and development prior to its public-facing initiatives in 2025. The protocol operates on an Ethereum Virtual Machine (EVM) compatible blockchain, as indicated by the use of ETH as a primary asset and links to the Etherscan block explorer on its platform. ^{[1] [2]}

Products

Ring Exchange

Ring Exchange is the main user-facing application of the protocol, offering a collection of DeFi tools accessible through a single interface. ^[2]​

Ring Swap

Ring Swap is presented as an AMM on the Blast network that functions similarly to Uniswap V2. Liquidity providers receive a 0.3% trading fee proportional to their pool share, with fees accumulating until liquidity is withdrawn. The protocol also uses Blast’s native yield mechanism for ETH

• and USD-based assets and distributes the RGB governance token through yield-farming. Project materials state that Blast-related airdrops are allocated to the Ring community. ^{[3] [2]}​

The protocols integrated into the DEX aggregator include:

• 1inch
• OKX Swap
• OpenOcean
• Velora
• KyberSwap ^[2]

Ring Launchpad

Ring Launchpad is described as a platform that links idle assets with projects seeking liquidity. It uses an elastic liquidity token, RNG, which enables single-sided token provision to support market depth. Unlike centralized exchanges, the launchpad offers a transparent and immediate listing environment, allowing users to trade newly issued tokens without account requirements. ^[4]

Tokenomics

Ring USD (USDR) is presented as a crypto-asset operating on the Ethereum network with a fixed supply model. The token has a circulating and total supply of 100,400,000 USDR, matching its reported fully diluted valuation. Market data lists its market capitalization at approximately $100 million, with trading activity primarily occurring on decentralized exchanges. ^[5]