In Game Description
This iron ring was used to shackle the guilty.
It is terribly rusted, and faintly stained with blood.
Those who find this strange ring to their liking will
be pleased to find it easier to gain footing
on poor ground such as swamps.
Eliminates the speed penalty imposed by walking through water, swamp, or tar-pits
Found in Undead Asylum
This ring is obtainable only upon returning to the Undead Asylum. It is found on a broken staircase behind the locked door on the west side of the second floor. You need the Undead Asylum F2 West Key to open that door and you can find it on the roof above Petrus of Thorolund in Firelink Shrine