Minting

Minting scAssets

To start, you have the option to mint (app.rings.money) scAssets using supported tokens on the Ethereum mainnet, such as DAI, USDC, and USDT. When you deposit a token, you can mint an equivalent amount of scAssets. For example, depositing 1 ETH allows you to mint 1 scETH, while 1 USDC lets you mint 1 scUSD. This process is fee-free, enabling you to convert your assets without incurring additional charges from Rings Protocol.

You can mint only from Ethereum or Sonic

When minting scAssets on Sonic, the underlying assets are subsequently bridged to the Ethereum mainnet, where they are deposited into the Veda BoringVault to integrate with the broader protocol.

Redeem underlying

It is possible to redeem scAssets at a 1:1 ratio with their underlying asset. To do this, you need to access the Redeem tab on the Rings app. Once there, select the scAsset you want to redeem and choose the underlying asset you wish to receive.

The redemption delay is 5 days and can be cancelled.