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.
It will power the staking mechanism within the network, and allows you to pay for peer-to-peer VPN services. 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.
Our Tokenomics 2.0 model will create new opportunities for both node runners and token holders alike. Stake your MYST to run a node, or add your tokens to the Mysterium Delegation Pool, to earn rewards in DAI stablecoin.
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.
Where can I find MYST?
- Bittrex Global
- 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 like ours can easily share resources with each other, such as storage, computing power and even privacy.
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 (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. These cryptocurrencies will be automatically converted into MYST behind the scenes. All nodes will receive their payments in MYST. MYST can be manually converted into your cryptocurrency of choice.
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 ?
Tokenomics 2.0 will add DeFi properties to MYST; in addition to being a value driver which simplifies payments for users and node runners, it’s a bare necessity in reaching our long-time goal of full network decentralization.
In its full implementation, nodes will have to stake MYST to run a node, to demonstrate their commitment and ensure they have "skin in the game".
Mysterium was the first project to launch an integration of the IQ Protocol, which provides “collateral-less, risk-free asset renting and staking possibilities”. The solution offers a new and innovative way of creating a subscription model for blockchain projects that offer ongoing services, such as Mysterium Network, where nodes offer VPN and proxy services by the minute and Gb.
The IQ Protocol will power the Mysterium Delegation Pool, which nodes can rent MYST tokens from. Holders of MYST can delegate (stake) their tokens in the Pool, receiving their interest rewards in DAI, growing their stake proportionate to pool size and network traffic.
You can stake in the BETA version of the pool here.