As Daffy plummets he mutters "it's mine. all mine." The lava subsumes him, leaving the ring floating on the lava. As the metal melts and becomes hot lava, the screen image tears and Porky pops up, waving bye. "th th th That's all folks!" Fade to black. There are no credits.
I feel like canonically the volcano can destroy the one ring but Daffy Duck has survived total body disintegratation without issue so would burst out burnt to a crisp and screaming with his tail feathers on fire.