Lending · Review
InactivePando Rings Review 2026: A Sunsetting Lending Protocol
Pando Rings was a lending and borrowing protocol built on the Mixin network, where users deposited crypto to earn interest or borrowed other assets against it. The protocol is now entering a sunset, with DeFi services moving to maintenance-only access.
By the DappsAtlas editorial team · Updated
DappsAtlas score
2.0/10
Weak
Our verdict on Pando Rings
2.0/10Pando Rings was a collateralized lending and borrowing protocol on the Mixin network. It is now in a sunset with maintenance-only access, so it is not a good choice for opening new positions. Its main strength is the clear, documented transition, with Mixin maintaining the system. The main caveat is the 2022 hack and the 2023 pause on withdrawals, which show that access can be interrupted. Existing users should focus on exiting their positions through the official process.
Score breakdown
How Pando Rings scores
- Security
- 1.5/10
- Ease of use
- n/a
- Fees
- n/a
- Features
- 4.0/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Pando Rings?
Pando Rings is a crypto lending and borrowing protocol that operated on the Mixin network. Users could deposit assets to earn interest or borrow other crypto assets against collateral. Listing data places it in the lending category.
The project's homepage now says Pando is beginning its sunset. Mixin now maintains the protocol, and DeFi services are moving to maintenance-only access. A news item lists a sunset and service transition dated 15 August 2026.
The protocol has a history of interruptions. Services were halted in November 2022 after a hack, and collateral redemption and withdrawals were paused and then resumed in 2023. The project also published news on related services being discontinued or integrated into other apps.
How Pando Rings works
Pando Rings is a lending and borrowing protocol. A user deposits a crypto asset into a pool, and that deposit can earn interest because other users borrow from the same pool.
Borrowers must lock up collateral worth more than the loan they take out. This overcollateralization protects lenders if a borrower's position loses value. Third-party descriptions call the rate mechanism algorithmic, which means the interest rate moves with supply and demand inside the protocol rather than being set by a company.
The protocol runs on the Mixin network and uses what the project calls Mixin MTG, a trusted group technology, to handle its operations. Newcomers should note that the sunset means the system is no longer a place to open new positions.
4 features
Key features
01
Crypto deposits and interest
Users can deposit crypto assets and earn interest from lending them out.
02
Collateralized borrowing
Users can borrow other crypto assets against pledged collateral.
03
pUSD borrowing
A third-party article describes borrowing pUSD by pledging BTC, ETH and EOS.
04
Algorithmic interest rates
The protocol is described as an algorithmic interest rate protocol built on Mixin MTG technology.
Pros and cons
What we like
- Clear, long-standing lending and borrowing model with collateralized loans.
- The project has published a transition plan and dated notices, which gives users a clear timeline.
- Withdrawals were restored after the 2023 pause, and the project has posted service updates publicly.
- Mixin maintains the protocol during the transition, so there is a named successor operator.
- Listing data shows two audits, which is more than many small protocols publish.
Watch out for
- The protocol is entering a sunset, and DeFi services are moving to maintenance-only access, so new lending and borrowing is not the intended use.
- Services were halted in November 2022 after a hack, and the sources describe that as a security incident affecting Pando Rings and related services.
- Collateral redemption and withdrawals were paused in 2023 and only resumed in October 2023, which shows that access has been interrupted before.
- The project does not publish its fee schedule, interest rate model or liquidation terms in the material available.
- Its base chain is Mixin, a network that is smaller than the major smart-contract chains, which limits the set of tools and liquidity around it.
- Listing data shows two audits, but the names and scope of those audits are not given in the material available.
Pando Rings fees
The project does not publish a fee schedule for Pando Rings in the material available. Any fees or interest terms would be shown inside the app, so readers should check the current terms there and on the project's official site before relying on them.
Is Pando Rings safe?
Pando Rings was hacked in November 2022, and its services were temporarily halted to stop further vulnerabilities from being exploited. Redemptions and withdrawals were later paused and resumed in 2023, so users have already lived through a period of restricted access.
The material available does not name the audit firms or dates behind the two audits that listing data reports. Smart-contract risk, counterparty risk and operator risk all apply, and the protocol is now in a sunset, which adds the risk that services change or end.
Lending and borrowing crypto carries the risk of losing funds. Online lending and borrowing may not be legal where you live, so check your local rules. Users must be 18 or older. If you borrow, consider the risk of liquidation and only use amounts you can afford to lose.
7 steps
How to get started with Pando Rings
- 1
Read the sunset and service transition notice on the project's official site before doing anything else.
- 2
Check whether your assets are still available for withdrawal or redemption under the maintenance-only terms.
- 3
Confirm your balances and any open borrowing positions inside the app.
- 4
Review the transition plan the project published for moving services to Mixin.
- 5
Do not deposit new funds, since the protocol is not being offered for new lending or borrowing.
- 6
If you need to exit, follow the official redemption steps and keep records of each transaction.
- 7
Ask questions through the project's published channels if the transition notice is unclear.
Who Pando Rings is for
Pando Rings suits existing users who have assets or loans in the protocol and need to follow the sunset and withdrawal process. It is not suited to new users looking for a lending platform, since services are moving to maintenance-only access.
Pando Rings FAQs
Is Pando Rings still active in 2026?
Pando Rings is being sunset. The project's homepage says Mixin now maintains the protocol and that DeFi services are moving to maintenance-only access. A news item lists a sunset and service transition dated 15 August 2026.
How does Pando Rings work?
Pando Rings was described as a place to deposit cryptocurrencies to earn interest, or to borrow other crypto assets against that collateral. Borrowing pUSD against BTC, ETH and EOS was mentioned in a third-party article.
Was Pando Rings hacked?
Pando Rings was hacked in November 2022, and its services were temporarily halted to stop further exploitation. Collateral redemption and withdrawals resumed in October 2023.
What fees does Pando Rings charge?
The material available does not publish a fee schedule for Pando Rings. Readers should check the current terms on the project's official site, which may be outdated during the sunset.
Compare
Pando Rings alternatives
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Dolomite is a multi-chain DeFi money market for lending, borrowing and leveraged strategies across 1,000+ assets, with its own DOLO token.
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SparkLend is a stablecoin lending market on Ethereum and Gnosis with governance-set rates, backed by Sky's Liquidity Layer, for borrowers and savers.
Save, formerly Solend, is a Solana lending and borrowing protocol where users earn interest on deposits or borrow against collateral.
Same category
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Kamino Finance is a Solana DeFi protocol offering lending, automated liquidity vaults and leverage tools for users seeking on-chain yield.
Aave V4 is a modular, non-custodial lending protocol using a hub-and-spoke design, for users who want to earn on or borrow against crypto.
Venus Core Pool is a multi-chain DeFi money market where users supply crypto to earn interest or borrow against collateral, with about $1.18B in TVL.
Kamino is a Solana DeFi protocol with a lending market, automated concentrated liquidity vaults and an intents-based swap, for yield-seeking on-chain users.
Same chain
More on Mixin
ExinPool is a Mixin Network staking platform that stakes users' coins to the nodes of chains like Ethereum, Solana and Polkadot.
Filet is a Filecoin staking protocol that tokenizes mining power so FIL holders can stake FIL for FIL rewards across Filecoin and BNB Chain.
4Swap is Pando's automated market maker on the Mixin network, now in sunset with maintenance-only access under Mixin.
Pando Leaf is a Mixin Network CDP protocol for minting the pUSD stablecoin, now in a announced sunset with maintenance-only access.
Ocean One is a decentralized exchange on Mixin Network, described as an on-chain order book AMM.
ExinSwap is described as Exin’s AMM trading platform associated with Mixin, but key operating and security details are not published.
How we checked
Sources
Last updated . Spotted an error? Tell us and we will correct it.