absolute ring question

The way it is worded it seems to only let you upgrade a ring during its event time, I believe.

As for anyone that has looked more into the extractions for this patch, does it look like the new evo rings are tradeable after full upgrade like the old ones as well as not being used up to get the absolute ring? (May regret buying an Evo Ring 3 a few months back)

They do get used up to make the Absolute ring. The notes say they are "combined".
As to what happens to them if you don't combine them, the extraction does have tradeable versions of them all, but the notes don't say anything about making them tradeable (in the past it took an extra day of waiting an hour with the potion for that).