This semi-opaque glass ring has smokey-gray clouds swirling around within it. When worn, you can use it to cast Misty Step as a bonus action on your turn. When cast using this ring, the maximum range of Misty Step is increased to 60ft. Each subsequent use of this ring halves this maximum range. (You may use the following table for reference.) On the third use, the range is reduced to 15ft and the user must roll a d8. On a roll of 8, the user may repeat the 3rd use of Misty Step again on a subsequent turn with another d8 roll. On a 2-7, Misty Step completes and the ring ceases to function until the next dawn. On a 1, Misty Step completes, but as the user arrives the ring dissipates into smoke and disappears forever. If the user still has the ring, the maximum range is restored to 60ft each dawn.

1st Use    : 60ft 
2nd Use    : 30ft 
3rd Use    : 15ft, roll d8 (8 = may repeat 3rd use | 2-7 = no change | 1 = ring dissipates into smoke upon arrival)