Mysterium integrates UniswapV2 and launches MYST liquidity pool!
Mysterium Network is fast approaching its launch on mainnet. This exciting event will allow all users to pay for privacy services using our native MYST token, which has not had its utility potential unleashed – until now.
MYST is the token at the heart of Mysterium Network. It acts like digital fuel, serving various functions and bringing different network security and stability functions into Mysterium Network.
As stated in our founding whitepaper, MYST is a utility token. Therefore, providing liquidity for MYST prior to our dVPN launch has not been a focal point for the project. However, we anticipate that purchasing MYST may become a friction point for many new users who are keen to explore and use Mysterium VPN. Most of our users are not crypto-savvy, and may be unsure about where to begin or where to find the token.
Read: Did you know we’re upgrading the MYST token? Learn how to migrate your tokens here.
After collecting responses from a community survey, we learned that half of our current node runners prefer to receive their payments in Ether (ETH). Our survey has also shown considerable demand for payment settlements in Ether or stable coins. This is a feature we will look to implement in the future.
Our main focus is on growing traffic within the network, and in making it more resilient. We want to remove friction in our user journey, first for early adopters who hold crypto, and then to a wider audience. The large community of ETH and other ERC-20 token holders are a natural fit for Mysterium VPN. But they need an easy way to swap for MYST, creating a seamless onboarding experience.
To meet these requirements, Mysterium will be integrated with popular DEX platform Uniswap.
What is Uniswap?
Uniswap is a decentralized exchange. A decentralized exchange (DEX) is a peer to peer marketplace for cryptocurrencies that involves smart contracts instead of traditional third parties, such as brokers. It allows users to trustlessly swap Ethereum-based tokens. You can swap your tokens directly with other tokens supplied by their liquidity pools.
A platform like Uniswap is just the interface for accessing these liquidity pools. Instead of a traditional order book, Uniswap pools all tokens into smart contracts, and users trade against these liquidity pools. Liquidity pools can be funded by projects or by users themselves, which are often rewarded with a percentage of the fees generated from all trades. Anyone is able to swap tokens, add tokens to a pool, or create a new pool (list a new token) on Uniswap.
With decentralised exchanges, the process of trading is automated by smart contracts. You don’t have to have an account with the individual DEX platform – you just link your preferred wallet which signs and executes the transactions.
How will the integration improve your experience?
We have created a liquidity pool for MYST on Uniswap. We’ll then integrate this pool with Mysterium’s backend, so it connects to our payments protocol, Hermes. Hermes is Mysterium’s native payments infrastructure which enables P2P transactions between all users (service providers and their customers).
Our service providers (node runners) will also be able to choose whether their payments are settled in MYST, or swapped directly into ETH, with a click of a button. This can also be done automagically, with settlement features that allows nodes to set certain thresholds which settle automatically when they are met. In the future, DAI will also be available as a payment option.
On the user side, this integration enables us to onboard broader communities into Mysterium Network. New users will be able to send ETH (or an ERC-20 token of their choice) to their Mysterium account, and receive MYST almost instantly to begin paying nodes for their services straight away. This means that a user won’t necessarily need to know what MYST is to use Mysterium Network.
The MYST community is invited to provide liquidity to the Uniswap pool. This also provides an opportunity to earn a share of all fees from trades made through the Uniswap pool.
In the future, we plan to integrate with other DEX platforms like Changelly to help connect BTC and other blockchain communities into Mysterium Network.
Ready to dive into MYST liquidity pool?
Excited about Uniswap x MYST? So are we. You’ll be able to provide liquidity yourself or simply swap your ETH for MYST ahead of our launch.
Mysterium Network wouldn’t exist without its committed community of node runners and users. For this growing community of netizens committed to keeping the internet free, we are endlessly thankful. Interested in helping? Find out how you can run a node.
If you haven’t already, check out Mysterium dVPN available for Windows, Mac and Android. All our client applications are currently in testnet – so are currently free for a limited time. Try them out!