MYST powers access to global information
MYST is a type of cryptocurrency known as a utility token. This means it serves a specific purpose as a native digital currency within a particular network or platform.
MYST is the native utility token at the heart of Mysterium.
EARN: Node runners within Mysterium's network earn MYST when they provide a VPN and proxy service to users.
PAY: MYST can also be used to pay for the Mysterium VPN service. Instead of paying a regular VPN service to unblock websites and apps, you can use MYST to pay people around the world when you connect to their IP address.
STAKE: Stake your MYST in the Mysterium Delegation Pool (BETA) and earn rewards in MYST. Updates to our Tokenomics 2.0 model will be introduced in 2023. This model ensures that we increase the shared value of the wider network, with a goal to enhance rewards for our community of token holders and nodes.
For more FAQs, check out the Token page.
How do I store my MYST?
MYST is an ERC-20 token and can be stored in any Ethereum wallet (MyEtherWallet, Metamask, Ledger, Trezor, etc). MYST is also compatible with the ERC-721 token standard.
MYST is also compatible with Binance Smart Chain and Polygon.
Please note that all node runners will be paid in Polygon MYST.
Where can I find MYST?
- Uniswap V3 (Ethereum)
- PancakeSwap (Binance Smart Chain)
- QuickSwap (Polygon)
Token holders can transfer MYST between the Ethereum and Binance Smart Chain networks using this guide. You can then start trading on PancakeSwap.
Token holders can also transfer MYST beteween the Ethereum and Polygon blockchains, so you can trade on QuickSwap. Check out this guide.
Why use cryptocurrency?
Just like Bitcoin and other cryptocurrencies, MYST tokens are censorship-resistant and pseudo-anonymous by default. Instead of regular fiat money, where governments control the supply, a cryptocurrency acts like universal internet cash. It is borderless and nationless, as it can be ‘minted’, owned and used by anyone.
Cryptocurrencies have helped forge new online communities, like Mysterium. Peers within a distributed network can easily share resources with each other, such as storage, computing power and IP addresses.
Cryptocurrency provides a way for all these participants to interact and trade with one another without trusting each other and without third parties being involved (ie. permissionless). In this way, we can leverage cryptocurrency to enable fast, cheap and anonymous transactions between these peers.
Do I need MYST?
If you’d like to use the Mysterium VPN, you can top up your account with a range of other cryptocurrencies such as Bitcoin, Litecoin and Ether. You can also use traditional payment methods such as PayPal and credit card.
All nodes will receive their payments in Polygon MYST. MYST can be manually converted into your cryptocurrency or fiat of choice, depending on your chosen exchange.
Beyond its use as a transfer of value, MYST is a representation of your active involvement and intention to participate within Mysterium Network.
In this way, MYST enables more than just P2P payments. When network actors have “skin in the game” they help increase the overall security of the network, protecting against various types of attacks. It also establishes a community around a purpose, so the network can grow and evolve with its token holders.
What is token migration? Can I send old MYST to an exchange?
Migrating a token is simply upgrading the smart contract of that token (its “standard”). In the case of Mysterium, we are upgrading our ERC-20 token to include the ERC-721 token functionality.
This is a 1:1 token migration so there will be no new tokens created. You should not send MYST tokens that have not been migrated to an exchange.
Make sure to migrate your tokens before sending them on to exchanges.
See the MYST token migration guide for step by step instructions on how to migrate your tokens.
What is Tokenomics 2.0 ?
Mysterium was the first project to launch an integration of the IQ Protocol, which provides “collateral-less, risk-free asset... staking possibilities”.
The IQ Protocol will power the Mysterium Delegation Pool. Holders of MYST can delegate (stake) their tokens in the Pool, receiving interest rewards in MYST.
You can stake in the BETA version of Mysterium Delegation Pool. So far during this BETA stage, a total of 2 Million+ MYST tokens have already been staked in the pool.
✨ Updates to Tokenomics 2.0 - 22.08.22
We will be introducing the following changes to our originally proposed tokenomics model:
- There will be no staking of MYST required for node runners
- DAI will not be introduced as a payment currency
- Delegation Pool rewards will be generated from Mysterium’s collected network fees (Hermes smart contract fees), and redistributed to those who stake in the Delegation Pool
With these updates, we believe we are both simplifying the model and making greater improvements that creates wider value distribution among all MYST holders.