The first ring can be entered only be players who are below level 50. They have to find and kill the Lightning Guardian to unlock the next ring.They will also be accompanied by Olgoc units.
The Second ring is guarded by the Ice guardian and and can be accessed only by players who are below level 80.
The third ring is held by fire the guardian. Players upto level 120 can enter into the third ring.
The final ring will be open to all players but what lies beneath is unknown. Prepare for the worst.
Those who unlock the circle's mystery will also be heavily rewarded by the treasures within.
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The event will start only at 17th of feb 3 PM. Nobody will be able to enter the map itself since 3.00 PM unless they are below level 50. Those who are above and present before 3.00 PM will get teleported to town.
More than the attack damage of Ranias she has one dirty trick up her sleeve and that makes it so hard even for a GM in GOD mode to kill her.

The Rewards are only the drops that you can get out of the monsters. But since a mob is expected a good load of drops are also expected.
Party and Solo are your choice, it will not make much of a difference in terms of rewards or the quest at hand. Also as each ring is broken the number of players keeps accumulating and finally all players of all levels will be at ring 4 to solve the mystery to Ranias chamber.
Yes this is a prelude to the next big patch. All those one month, six months and 1 year stories about us will be put to dust very soon.