Rings
DISCLOSURES · VERSION 1.0 · UPDATED 10 NOV 2026

Disclosures

What Rings is, what it isn’t, what stays public, who you’re trusting, and what can go wrong. Read this before your first deal.

Rings is independent and not affiliated with Helius

Rings is built and run by an independent team. Solana Privacy Rings, the protocol every Rings deal settles on, is built and operated by Helius. Helius doesn’t endorse Rings, and Rings doesn’t speak for Helius. For how the protocol works, read their documentation.

Helius documentation
01

Independence

  1. 1.1 Rings is independent and not affiliated with Helius. Solana Privacy Rings is a Helius product.
  2. 1.2 Rings uses only the public interfaces of Solana Privacy Rings. We have no special access to its program, its prover, or its operators.
  3. 1.3 Nothing on Rings is an offer or recommendation by Helius.
02

What the world sees

  1. 2.1 On-chain, anyone can see: a deposit from a wallet into the Ring (token, amount, address), any withdrawal (token, amount, wallet), both deal keys, both signers’ addresses, the time, the program called, and that the Rings treasury received an output.
  2. 2.2 Sealed inside a deal, only the two parties can read: the token, size, price and fee.
  3. 2.3 The Rings server sees who sent offers on which block, when, and a padded size. Offer contents are end-to-end encrypted; we store ciphertext.
  4. 2.4 Simple math on public deposits and withdrawals can undo privacy — matching amounts, a buyer depositing exactly the price, or withdrawing all proceeds right after a seal. We warn you before each of these.
03

Who you trust

  1. 3.1 Rings: we never hold your funds or keys and can’t change a deal after you sign. You trust us to show you correct terms and correct warnings.
  2. 3.2 Your counterparty: they can’t take your funds or alter the transaction — your wallet checks it before you sign. They can walk away before the seal.
  3. 3.3 Helius: the Solana Privacy Rings program can be upgraded, and a 2-of-5 multisig can pause it. Their prover enclave sees amounts while building proofs.
  4. 3.4 Price sources: market prices come from Jupiter. A wrong or stale price makes a discount wrong; we mark prices as stale and stop percent pricing when they are.
04

Risks

  1. 4.1 Software risk: bugs in Rings, Solana Privacy Rings, your wallet or Solana itself could cause loss or delay.
  2. 4.2 Pause and upgrade risk: while the protocol is paused, deals can’t seal and withdrawals may wait.
  3. 4.3 Key risk: your Rings keys live in this browser. Clear its storage without your wallet and you’ll need to re-derive them; lose the wallet and you lose access.
  4. 4.4 Price risk: a block’s discount is measured at one moment against one source. Thin markets can move far from the quoted price.
  5. 4.5 Counterparty risk: a party can go offline mid-deal. Nothing settles without both signatures, and you can unwind to your private balance.
  6. 4.6 Privacy risk: privacy depends on how you use it. Public deposits and withdrawals, timing and amounts can reveal more than you intend.
  7. 4.7 Regulatory risk: rules on private transactions can change, and may affect whether you can use Rings.
05

Fees and conflicts

  1. 5.1 Rings earns 0.5% of the SOL leg of each sealed deal, from the seller’s side. We earn nothing on unwound or declined deals.
  2. 5.2 Rings doesn’t trade against users, take positions in listed tokens, or pay for listings.
  3. 5.3 If that ever changes, we’ll say so here before it takes effect.