Those o-rings are to be mounted at the base of the outer barrel where the compensator attaches. It is covered by the sheathe once it is fully closed. It keeps the sheathe from falling off the base.
The metal ring acts as a bushings to stabilize your inner barrel within the outer barrel. This gives it a more precise fitment, resulting in more consistent shots. Usually, these are precision fit for specific inner barrel brands, as there is a +/- 0.01mm variance in outer diameter across brands.
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