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Mysterium and Storj Labs Link the Decentralised Web Together

Mysterium Storj

Mysterium and Storj collaborate to free the cloud through decentralized protocols

Decentralisation of the web is a global movement.

Much of our success relies on a shared vision and collaboration between the many different teams all building decentralised solutions and piecing together the world wide Web 3.0

We’re excited to collaborate with one project in particular — Storj Labs. Storj is decentralised Cloud Storage. Just as Mysterium offers a way to earn by sharing your connection with a global node network, Storj pays their Node Operators for their unused storage. The Storj network is made up of thousands of operators and developers, providing the foundation for a faster, safer, more affordable object storage alternative.

At Mysterium, we’ve chosen the Storj decentralized object storage to replicate our S3 object data, including container images, static content, and more.

Docker containers are a foundational building block of many companies’ software infrastructure.  Mysterium’s own Container Images have been downloaded over 1M times from Docker Hub.  The registry holds our named Docker images, available in different tagged versions, and users can easily interact with a registry by using Docker push and pull commands. 

It’s here that Mysterium will leverage the unique benefits of decentralized cloud storage. These benefits include unmatched security and privacy through a know-nothing architecture, globally distributed files across statistically uncorrelated endpoints and ISPs, default encryption, and user-assigned access grants. These give developers the freedom, flexibility, and confidence they demand when building their apps/services.

To learn more about how you can host your container images on the decentralized cloud, like Mysterium, check out our overview about building a Docker container registry backed by Storj.

Why use Storj for container registry?

Storj offers highly secure, private and economical cloud object storage through global decentralisation. Data is encrypted, divided into pieces, and spread across tens of thousands of uncorrelated endpoints and ISPs to create an edge-based security model with no single point of failure.

By storing files on Storj, developers can protect their data against ransomware and tampering by bad actors, providing a much more resilient backend for Docker Registry container image storage and distribution.

Running a Container Registry on Storj is a great solution to integrate with and complement your CI/CD system. In a typical workflow, a commit to your source revision control system would trigger a build on your CI system, which would then push a new image to your Registry if the build is successful. 

For developers, Storj is easy to configure (it’s backward-compatible with Amazon S3). Registries that utilize Storj have client-side access to the most distributed object storage protocol on the planet. Upgrade to Storj, and your users can pull container data globally, from a single logical instance, at a fraction of the cost.

How can node operators benefit?

Mysterium uses the Ethereum Blockchain and Matic Network (now Polygon) as the backbone for payments between network participants. Our global pool of residential IPs opens the internet up for everyone, no matter where they are.

Node Operators who currently earn STORJ tokens for supplying excess storage capacity can also earn MYST by contributing excess bandwidth in Mysterium’s P2P marketplace. Use your computer or device, such as a Raspberry Pi, to help power and maintain the network. Users pay to connect to your node, providing them with a VPN service, access to the open internet and a secure line of communication. 

We will continue exploring new earning opportunities for our node communities.

Through this collaboration, we hope the decentralized ecosystem will continue to evolve and expand into all corners of the internet.

Learn more about running a Mysterium Node and being a part of creating an internet blind to borders.

Mysterium VPN  available for AndroidMac and Windows.

If you are interested in participating, running a node, or generally have any questions, jump into our discord channel and speak directly with our core team.

$MYST now on QuickSwap! Discover the fastest, cheapest way to trade

$MYST token is now listed on QuickSwap. You can trade MYST with a number of coins and cryptocurrencies at a fraction of the cost and speed when compared to other Ethereum-based DEXs.

 

To celebrate our listing on QuickSwap and support our community, we are also covering the costs of transferring your funds from Ethereum to Polygon blockchain. Once you’ve made the switch, you can also easily participate in our liquidity campaign. This campaign will start on 8th of April and finish on the 14th of April. Learn how you can participate here.

What is QuickSwap?

 

QuickSwap is a fork of Uniswap, the original Automated Market Maker. Uniswap is the largest decentralized exchange on Ethereum, significantly contributing to the increase of trading activity on the network. However, extreme network congestion has led to high transaction fees, making this DEX very expensive to use.

QuickSwap solved Ethereum’s congestion problem by deploying Polygon’s Layer 2 technology. (Polygon is formerly known as Matic Network, and we will refer to Matic during certain steps in the trading guide, as their wallet, token and network are still labelled as such.)

To provide users with the best possible speeds and price, QuickSwap plans and executes a sequence of multiple token swaps. For example, to convert my QUICK tokens to XYZ tokens at the best possible price, QuickSwap determines the best route is to convert QUICK into SX, then DAI and then XYZ. Moreover, you don’t have to figure this out for yourself, it’s just chosen and executed automatically.

Why have we chosen QuickSwap?

 

QuickSwap provides its users with several important benefits:

 

1. High-speed transactions at significantly low costs

At the time of writing, the cost of a ‘fast’ transaction (~30 seconds) on the Ethereum network is $11.51, while the price for a single Uniswap trade costs more than $100 in fees!

Ethereum transaction gas costs as of April 2d, 2021.

 

In comparison, transactions via Polygon can be confirmed in as little as several seconds, at a cost of around $0.00002 USD.

Matic transaction gas costs as of March 31st, 2021. 

2. Familiar and easy-to-use interface

You can trade on QuickSwap directly from your wallet. Furthermore, if you have used Uniswap previously, you will have no issues when switching to QuickSwap as their interface is very similar.

3. Ability to earn passive income by providing liquidity + receive QUICK tokens

As with Uniswap, every user is able to earn passive income by providing liquidity to the various liquidity pools. Every trade on QuickSwap costs 0.3% of the total amount, a fee which is then split equally among liquidity providers based on their owned percentage of the pool. Additionally, liquidity miners also receive QUICK governance tokens.

How to trade MYST on QuickSwap

Now that you understand the benefits of trading via QuickSwap, it’s time to get moving. If you’ve already used QuickSwap in the past and have some tokens ready, you can start trading here. 

Otherwise, there’s some initial setup, including transferring your tokens from the Ethereum network so you can finally avoid that traffic jam and high gas costs. 

Don’t forget to read up on our campaign – Mysterium is covering the costs of your blockchain switch for a very limited time! AND we’ll be spreading some bonus $MYST around to liquidity providers.

Step 1: Add a custom RPC for MATIC to your wallet

If you can’t see “Matic Mainnet” listed among your available networks in your wallet, you need to set this up before transferring funds and begin using QuickSwap. 

You can do this by adding “Matic Mainnet RPC” as a custom network in your wallet.

For MetaMask wallet users, press the network selection button on the top of the app. Go to “Custom RPC”:

After pressing “Custom RPC”, you should see a screen allowing you to set up a custom RPC. 

Enter the following Matic Mainnet details shown in the screenshot below:

Network Name: Matic Mainnet

New RPC URL: https://rpc-mainnet.matic.network

Chain ID: 137

Symbol: MATIC

Block Explorer URL: https://explorer.matic.network/

Once entered, press the “Save” button. That’s it! You are now connected to the Matic Mainnet.

 

Step 2: Move tokens from Ethereum to Matic Network

To move your funds from from Ethereum blockchain to the Matic one, you can use the Matic bridge:
https://wallet.matic.network/bridge/

You can then connect your own wallet of choice:

And sign the signature request:

After you have connected your wallet, you will see the Matic Wallet V2 interface. You should press “Move funds to Matic Mainnet”:

If you are transferring MATIC tokens, you will need to use the Plasma bridge. 

If you are transferring ERC20 like MYST or ETH, please use the PoS bridge.

The currency shown by default on this transfer module will be ETH, but you can choose the funds you would like to transfer, as shown in the next screenshot.

Once you select your chosen cryptocurrency, type the amount you’d like to transfer:

After you have chosen the desired cryptocurrency and its amount, press the “Transfer” button:

In the next step you will see a warning message. Press “Continue”:

On the next screen, you will see the transfer overview with the cost of each transaction in the process:

After pressing Continue, you will see the estimated transaction fee. Press “Continue” again:

You will need to finally confirm the transaction in your wallet: 

It can take nearly 8 minutes and two transactions to successfully transfer your funds to Matic. This should cost you approximately $25-20 (at the time of writing), so make sure you have enough ETH in your wallet to cover this fee.

You can also use this guide to transfer your funds back onto the Ethereum blockchain, if you need to one day.

Step 3: Claim you free MATIC tokens when you make a trade

To acquire free MATIC tokens with your next QuickSwap trade, go to the Quickswap.Exchange and on the right upper corner press the “CLAIM MATIC” button. Please be aware that you can only claim free tokens when you currently have no MATIC in your wallet. You will also need to have at least 1 DAI/USDC/USDT in your wallet.

Check your wallet to ensure that you received 0,1 Matic. 

Step 4: Swap for MYST

Choose the desired cryptocurrency for swap by pressing on “MATIC”:

You will see a list of all tokens available for trade. You can find MYST by typing it in the search bar:

You can also check the available liquidity pools by pressing the “Charts” button:

You can provide liquidity by pressing the “Add liquidity” button:

 

You can withdraw your funds at any time using the same Matic dashboard. 

And that’s it – you can now make super quick trades at a fraction of a cent! If you still have any questions, jump into our Telegram, Twitter or Discord and our team can help you out.

And don’t forget to join our campaign so you can earn $MYST rewards. 😎

Happy swapping.

 

Some other useful links:

How to transfer funds from Ethereum to Matic

How to trade on QuickSwap

How to add tokens to liquidity pools on QuickSwap

Switch to Polygon & join our QuickSwap liquidity campaign

$MYST token is now listed on QuickSwap. You can trade MYST with a number of coins and cryptocurrencies at a fraction of the cost and speed, compared to other Ethereum-based DEXs like Uniswap.

Even though trading on QuickSwap is simple, many users will still need to transfer their funds from the Ethereum blockchain to the Polygon one. You can check our blog post here for the step-by-step guide on how to do this. 

When you are transferring funds from one network to the other, two transactions must occur. At current prices, it’s approximately $25-30 USD to make the switch. To celebrate our listing on QuickSwap DEX and support our growing community, we are covering the costs of transferring your funds from Ethereum to Polygon.

Note that Polygon recently rebranded and is formerly known as Matic Network. We refer to Matic at times, as their wallet, token and blockchain are still labelled in this way.

Campaign timeline

The campaign will start on 8th of April and will finish on the 14th of April. Participants will be paid their rewards between 22th and 28th of April, after the campaign ends.


How can I participate?

You need to transfer funds from Ethereum to Polygon (Matic) and/or conduct at least one MYST/USDC trade on QuickSwap between the 8th and 14th of April. Save the links to the two transactions that occurred during the transfer process, and the link to your trade on QuickSwap, so we can confirm your participation.

Please note that you will need to submit all links via this form between the 15th and 21st of April. 

Since QuickSwap uses an automatic algorithm to swap tokens at the best possible price, you don’t exactly need MYST or USDC to trade the MYST/USDC pair. If you have funded your wallet on Matic mainnet with tokens other than USDC or MYST, you can still participate in the campaign, as QuickSwap can convert the tokens for you. 

 

Requirements of participants

  1. You performed at least one MYST/USDC trade between the 8th and 14th of April.
  2. You have filled in this form between the 15th and 21st of April, with the links to your transfer and trade confirmed on the blockchain, as well as your Matic wallet address that supports WETH.

Your compensation

You will receive compensation in WETH for the costs of the transfer, up to a maximum of $30.

For example, Alice transferred funds from Ethereum to Matic and paid 0.005678454 ETH for the fist and 0.01024992 ETH for the second transaction.

In total, Alice paid: 0.005678454 + 0.01024992 = 0.015928374 ETH

Therefore, we will deposit 0.015928374 WETH into her Matic address. If the total value of the two transfers exceeds $30, we will compensate Alice $30 in WETH based on the current exchange rate. 

How should I fill the form?

When you transfer funds from the Ethereum to Matic blockchain, usually two transactions must occur. You need to submit proof of these transactions. You can use a blockchain explorer like Etherscan.io  which shows the transaction confirmations on the Ethereum blockchain. See the example in the screenshots below:

After that you will need to submit a link showing your confirmed trade on QuickSwap. Since Quickswap is a decentralized exchange, all transactions are displayed on the public blockchain. Please use the Matic blockchain explorer links to prove your confirmed trade: https://explorer-mainnet.maticvigil.com/

Check the screenshot below for an example:

Please do not submit links to your liquidity contribution in this field. Only users that have transferred their funds and performed at least one trade are eligible to receive compensation.

In the last step you need to submit your wallet address used for Polygon (Matic) trading, where you will be able to receive your compensation in WETH. 

 

QuickSwap campaign for liquidity miners

Liquidity miners can also benefit from Mysterium’s listing on QuickSwap. We encourage everyone to add funds to the MYST/USDC liquidity pool between the 8th and 14th of April and hold them for at least 30 days.


Campaign timeline

The campaign will start on the 8th of April. Users should add liquidity to the pool between the 8th and 14th of April. Rewards will be paid between 14th and 20th of May, after the campaign ends.

 

How can I participate?

Add funds to the MYST/USDC liquidity pool between the 8th and 14th of April and hold them for 30 days. We’re putting 10.000 MYST bounty pool and you will receive a proportional part to your size of the pool (our own liquidity will be excluded from calculations).

 

Requirements for participants

  1. You added liquidity to the MYST/USDC liquidity pool between the 8th and 14th of April.
  2. You have held the funds in the MYST/USDC liquidity pool for at least 30 days. Liquidity providers don’t need to fill out the form mentioned before. Each participant will receive a part of 10.000 MYST rewards pool in the MYST wallet address that was used to add liquidity.

 

Your compensation

You will receive a percentage of the 10,000 reward MYST allocated for this campaign. For example, Bob added 5,000 MYST to the pool and held the funds for 30 days. The total size of the QuickSwap pool reached 100,000 MYST, so Bob occupies 5% of the total pool.

Consequently, Bob will receive:
10.000 MYST * 5% = 500 MYST

We will deposit Bob’s wallet with 500 MYST.

Want to get involved in Mysterium Network today?

Mysterium Network is a decentralized VPN, with a growing global residential IP node network. There are versions of Android, Mac and Windows apps free to try and easy to use.

Stay tuned for more updates. If you are interested in participating, running a node, or generally have any questions, jump into our discord channel and speak directly with our core team.

Mysterium Network Product Updates – February 2021

Mysterium Network is building a decentralised VPN.

Our global network is open, permissionless and distributed. Last year we focused on finetuning our node software, and understanding the dynamics of incentivised networks. This year, we’re focusing on building censorship-proof applications. If you haven’t already, please make sure to download Mysterium VPN for Windows, Mac and Android. Let us know what you think on Discord или Twitter. It’s only been a couple of months but 2021 has already seen the team busier than ever.

Check out our latest product updates;

Our network achieved new milestones

We officially switched off Testnet 1.0 and released Testnet 2.0, having migrated most users and nodes across. Our network is now powered by 1100+ exit nodes (and growing), with 100+ Tb of traffic coursing throughout Mysterium.

We also extended our node bounty rules, so now 400 residential nodes are receiving payouts each month.

These are key milestones for Mysterium Network as we gear towards Ethereum Mainnet. It reflects the growing interest in – and product-market fit – for our use case (when it comes to nodes and users) across several regions in the world.

Mysterium VPN suite of apps are being revamped

We have finalised the new designs for our Android app and started working on designs for our desktop apps. 

We also started working on our iOS app prototype so we can reach this new community of users. This prototyping will help understand the challenges of ensuring that Mysterium dVPN is compliant with Apple store requirements, and the work required to make Mysterium dVPN available on the Apple store. One of the key challenges unearthed during this process was the size of 15 MB RAM maximum background processing allowed for apps on the AppStore. Our head of product, Jaro Satkevic dives deeper into this topic in this video.  

We’re fast approaching the launch of our Linux dVPN app, which is 90% complete.

Our Affiliate program is in the works, so soon our network participants will be rewarded when they introduce peers to the Mysterium universe. 

On the backend side, we’ve dedicated a significant chunk of time to the stability of our apps and nodes and fixed a lot of bugs.

We’ve worked on better quality parameters and measurements, such as the connection between the app and nodes in various regions. Distance between the user and node is one of the keys to quality of service that the user receives. For example, a particular node could provide a very stable service for someone in Brazil but may be lower performance for users from Russia. We’re working to stabilise this and ensure consistent quality for all connections across Mysterium Network. 

“Quality bars” will be introduced in our apps in the following week, enhancing and progressing our Smart Connect feature.

We’ve included a new auto-update feature in our desktop app, which checks for the latest app version and will upgrade upon launch. This will provide a better UX for our users and contribute to a more stable network overall.

We have removed Google Analytics from our desktop apps.

 

Payments

Thanks to our integration with Coingate, Mysterium users have started topping up their accounts using all kinds of crypto. We’re seeing a growing number of people using their BTC, LTC, ETH and MYST to use Mysterium dVPN app. We’ve also updated the Top Up and wallet screens for our desktop apps, making it a more streamlined and frictionless experience.

Our integration with Matic Network (recently rebranded to Polygon) is currently in progress. Ethereum deposits and withdrawals are halfway there. This is the last step before we switch to the Matic testnet in the production stage. This will also lead to our full BetaNet release when Matic will become our main blockchain platform. 

We’re also looking at the listing of MYST on additional DEXes. CEXes are also being considered.

 

Protocol

We’ve been deep in the research phase for new MYST tokenomics models. This involves a staking mechanism for Hermes hubs and introduces some new DeFi elements. More details on this will be published soon. 

We’ve also been reconsidering our pricing model. By the end of March, we should propose a much better solution than our current one. While nodes are currently free to set their own price, many node runners don’t know which pricing is reasonable. This is because users have to filter by not only quality and location, but also look at pricing. For the auto-reconnect feature, where the app looks at a similar node during a session break, this also complicates things. We’re going to introduce “surge” pricing based on supply and demand for nodes in any given region. This will also allow Mysterium to spread traffic more equally among nodes. More details on this to come.

 

Company

We’re fast expanding our team. Please look at our open positions or pass on the details. 

There were some great interviews with various team members from Mysterium. You can see the playlist here.

Want to get involved in Mysterium Network today?

Mysterium Network is a decentralized VPN, with a growing global residential IP node network. There are versions for  AndroidMac and Windows, currently free before our full launch.

Stay tuned for more updates. If you are interested in participating, running a node, or generally have any questions, jump into our discord channel and speak directly with our core team.

Testnet 1.0 ends as Testnet 2.0 unlocks new milestone

Following a successful migration to Testnet 2.0, we’re excited to announce that Mysterium’s Testnet 1.0 is being “switched off” forever.

Our migration began earlier this year, but you can already see the latest network statistics showing the amazing growth of both our node runner and user communities.

We’ve seen healthy organic growth of our node network in particular, reaching 1000 exit nodes and 100+ Tb of monthly traffic coursing throughout.

This continues from our impressive network growth in 2020. In fact, it’s already 2x our 2020 high in just the first quarter of 2021.

 

We’ve also seen 25% increase in our monthly active user base since the end of 2020.

This graph shows the transition of Mysterium dVPN users from Testnet 1.0 across to Testnet 2.0 over the last three months.

This new milestone keeps us right on track for our product roadmap, easing us into Stage 3.

If you’re running a node, you can read more about our latest node bounty updates, including changes to payouts and our plans to extend the opportunity of earning to more regions around the world. 

For the month of March we are excited to announce the addition of Canada and India to our residential IP bounty program. These have been long requested in our community and we hope to see consistent growth of node runners throughout both regions.

Here are some other TL;DR announcements coming to you soon: 

  1. New Mobile App Design – if you haven’t seen it yet, check out the sneak peek of our slick new UI 
  2. Launch of Affiliate Program – introducing your friends to Web 3.0 will give you more than just kudos

Mysterium Network – a resilient anti-censorship layer for web 3.0

Mysterium Network is a decentralized VPN, with a growing global residential IP node network. There are versions for  Android, Mac and Windows, currently free before our full launch.

Stay tuned for more updates. If you are interested in participating, running a node, or generally have any questions, jump into our discord channel and speak directly with our core team.

Mysterium Residential IP bounty evolves as network grows

Mysterium Network is building a decentralised virtual private network (VPN). In the last few months we have transitioned from our Testnet 1.0 to Testnet 2.0. You can dive deeper into what these updates have meant for our network in our latest product update

Following our upgrade to Testnet 2.0, we have seen organic growth of Mysterium node network – with a 1000 stable nodes and counting to date. 

This has meant a need to review our residential IP bounty program, as we hope to extend the opportunity of earning in Mysterium Network to more regions around the world. 

Attention all Mysterium Node Runners

We are updating the Mysterium Residential IP bounty to offer more flexibility as we go grow our node network. This will mean quick and iterative changes to our Residential IP bounty. 

This begins with an introduction of a cap of bounty rewards to 60,000 MYST/ month for the residential IP bounty program. 

We will also be reviewing growth of Mysterium node network monthly and making amendments to the regions included alongside with maximum payouts per node. Firstly we are increasing the amount of nodes who will receive payouts in our residential IP bounty from 250 to 400. This applies to node runners in the US, UK, Germany, Italy, Netherlands, and Australia. 

For the month of March we are excited to announce addition of Canada and India into our residential IP bounty program! This has been a long awaited region in our community and we hope to see consistent growth of node runners offering service from the region. 

The following are the main changes to Mysterium Node bounty programs:

Residential IP bounty

  • Maximum earnings of 150 MYST / Mysterium Node 
  • 400 nodes will earn in total
  • New region introduced: Canada 

Global IP bounty

  • Maximum earnings of 40 MYST / Mysterium Node
  • 4 nodes / region in Global IP bounty 

You can find more details of the changes noted здесь

To learn more about running a node on Mysterium Network you can check out the following resources: 

  1. What is a Mysterium Node
  2. How to earn on Mysterium Network?
  3. What is the Mysterium Node Residential IP bounty? 

What’s coming in the future?

We are inching closer and closer to the much anticipated Mysterium Mainnet. With this we will seek to implement the following: 

Unified Node Pricing


We will seek to remove manual price selection and unify pricing in Mysterium Network based on region, type of node, quality of service and the supply and demand coefficients in that region. More detail on this coming soon. 

Onwards to a more open internet 

Mysterium Node Runners are the foundation of the core technology that Mysterium Network is building out. We are excited to welcome more node runners into our community. 

To those of you who have been a part of the journey so far, we thank you for your continued support. We couldn’t do this without you. Want to learn more about our project or stay up to date? Follow us on twitter or jump into our discord to chat with our core team. 

Testnet 2.0 is here – Ready for your all-crypto VPN?

New year, new testnet.

Last month we shared details of Mysterium’s testnet upgrade, which came with some exciting new features and functionalities.

We have been in stealth mode upgrading a small percentage of our user base and node runners onto Testnet 2.0, to test and learn. 

Now we’re rolling out Testnet 2.0 to everyone on Mysterium Network.

Experience the power of our global, decentralized network at your fingertips, using your crypto of choice! Top up your Mysterium dVPN account with Bitcoin, Litecoin, Ether or any other major crypto thanks to our Coingate integration. Download Mysterium dVPN today.

 

What is Testnet 2.0?

Mysterium has been running on a Testnet 1.0 for some time as we battletest and refine the code before our mainnet release on Ethereum. This constant process of revision will ensure the dVPN is robust and glitch-free upon its full launch. This is imperative, as when this happens, the app will already be serving hundreds of thousands of users, with a supporting and worldwide node network.

We gave access to the latest iteration of the dVPN to a small handful of BETA testers. Now we’ve received and acted upon their feedback, we’re ready to introduce all Mysterium dVPN users and Node Runners to Testnet 2.0

With this network upgrade, called Testnet 2.0, a number of things have changed, such as node registration flow, updates to My Mysterium Network, a different UI, the ability to earn in 2 networks during the migration, top up VPN apps with your crypto of choice (not just MYST), and the freedom to use our dApp in China!

Read about all these new updates in more detail, as well as how to upgrade and claim your node in Testnet 2.0, in our guide.

Download Mysterium dVPN – now crypto enabled

In a world where censorship is growing rampant, now it is more important than ever to understand your digital rights. With Mysterium Network, we are working to provide a censorship-free internet to all.

Mysterium dVPN has been upgraded to Testnet 2.0, which means you will get some free test tokens. After you run out of these tokens, you’ll be prompted to top up with MYST, BTC, LTC or other cryptocurrencies. Check out our upgraded apps on Testnet 2.0 and let us know what you think.

MYST Liquidity Engagement Campaign Launches on Uniswap

Thinking about providing liquidity for MYST but don’t want to get hit by impermanent loss? We have a solution!

Mysterium Network is excited to present the MYST Liquidity Engagement Campaign, which rewards liquidity providers for providing liquidity to the MYST/ETH pair on UniSwap.

Even though we are not able to reduce the risk from impermanent loss that occurs due to the price fluctuation, we can support our liquidity providers with rewards in MYST tokens

MYST Liquidity Engagement Campaign explained

In the video below, we break down how the MYST liquidity campaign on UniSwap will work and how rewards are calculated. You can read further in the blog post for more details as well.

First things first, what is impermanent loss?

Impermanent loss happens as you add liquidity to a liquidity pool, and the price of your deposited assets fluctuates. The bigger the change, the more exposed you are to impermanent loss.

Impermanent losses can be counteracted by trading fees, as is the case with UniSwap.


What is UniSwap?

Uniswap is a DeFi protocol which allows for the exchange of tokens in a decentralised manner. While we are gearing up towards a listing on a tier one exchange in 2021, UniSwap remains a primary gateway into the MYST ecosystem on Ethereum. 

As mentioned before, impermanent losses can be counteracted by trading fees. UniSwap charges 0.3% for every trade. This goes directly to UniSwap liquidity providers. Now for the cherry on top.

How does the MYST Liquidity Engagement Campaign reduce your risk and give you more rewards?

We are rewarding each participant in the MYST liquidity engagement campaign based on the amount of funds supplied and the duration for which liquidity is locked in the UniSwap protocol.

Liquidity engagement MYST

MYST liquidity engagement campaign details: 

Start Date

Monday, 5th January 2021, 2 PM UTC.

End Date

We plan to run the MYST liquidity engagement campaign on UniSwap for 3 months, until the 3rd April 2021.

Our goal with this campaign is to double MYST liquidity on UniSwap. We will review the success of this campaign after 4 weeks on the   4th February 2021. Following this, we will evaluate engagement and feedback from the Mysterium community.

Should we see uptake from the wider Mysterium community during the first month, we will prolong the campaign for the next two months.

How are rewards calculated?

When you provide liquidity on UniSwap, UniSwap mints liquidity tokens proportionate to the added liquidity. This allows us to calculate each liquidity provider’s engagement. 

Our program analyses UniSwap liquidity token distribution at each block and proportionally distributes tokens to liquidity providers participating in the campaign. 

MYST liquidity campaign uniswap

MYST tokens will be distributed as rewards to liquidity providers for the MYST/ETH pool on UniSwap V2 each week. 0.15 MYST tokens will be allocated to each Ethereum block. This will vary alongside price fluctuation.

We have allocated up to 30,000 MYST for the month of January. This is subject to change depending on number blocks per period and price of $MYST.

Minimal time tick on blockchains usually is one block, which on Ethereum blockchain occurs every 13-15 seconds. Approximately 6,700 Ethereum blocks are mined each day. This means that liquidity providers will divide 1,005 MYST tokens per day between themselves based on how much each of them has contributed to the liquidity pool. 

You can use the following formula to calculate your potential rewards:

Your UNI-V2 pool tokens * 0.15 / total supply provided by liquidity providers in campaign

There is no minimum or maximum amount of funds required to participate. Every liquidity provider will be awarded proportionally. We reserve the rights to change the reward size as the program matures.

How do you get involved and earn MYST for providing liquidity?

To stake and begin earning MYST liquidity mining rewards:

  1. You must deposit an equal value of MYST and ETH tokens to the MYST/ETH pool on Uniswap V2. 
  2. After successfully contributing your cryptocurrencies, you will receive UNI-V2 pool tokens representing your share of the MYST/ETH liquidity pool. 
  3. You can monitor the size of the pool and your share of it здесь. We are excluding Mysterium Network’s share of liquidity in how rewards are calculated. 
  4. You can add or remove liquidity at any time as our system will track the liquidity pool within each Ethereum block. Every time there is a change of distribution in the pool, reward proportions will be adjusted accordingly.

For example:

You provide $10,000 worth of liquidity for a week while the total liquidity pool is $200,000 (excluding liquidity provided by the Mysterium team).
Your share of provided liquidity is 5%; therefore, you will receive 5% of all token rewards distributed during the week.
The total reward amount for the week is 7,035 MYST tokens, so your share of 5% will result in 351.8 MYST tokens.

How are rewards distributed?

Each block earning is summarized. You can claim your earnings at any time using the claim button on our liquidity campaign leaderboard on liquidity.mysterium.network.

Alternatively, we will airdrop the rewards once per week due to high Ethereum transaction costs to the liquidity providers that earned more than 500 MYST tokens.

How can you track and claim your rewards?

Want to track how much you’ve earned in the MYST liquidity engagement campaign? Looking to claim your rewards? Check out our step by step help guide.

Why invest in growing MYST liquidity pool on UniSwap?

We are focused on building a healthy MYST ecosystem so that community members can enter large positions with as small a price slippage as possible. For this we are seeking to create incentives for the wider Mysterium community to benefit from providing liquidity on UniSwap. This is the first of many campaigns like this to come. 

 

Join us in making the world a more open place. 

Mysterium Network is at its core a grassroots project, run for the people, by the people. We’ve seen more than 100x growth within our network in 2020. 

Now more than ever it is pertinent that we seek community based incentives to grow a healthy MYST ecosystem that matches our growth in users and node runners. 

We’re excited to meet our future MYST liquidity providers. Get started now.

Questions? Chat directly with our core team on discord, or tweet at us.  

 

Mysterium Network Product Updates – November 2020

Mysterium Network is building a decentralised VPN. Our global network is open, permissionless and distributed. Last year we focused on finetuning our node software, and understanding the dynamics of incentivised networks. This year, we’re focusing on building censorship-proof applications. If you haven’t already, please make sure to download Mysterium VPN for Windows, Mac and Android. Let us know what you think on Discord или Twitter.

The past month has seen us charge full steam ahead with our Testnet 2.0 upgrade. With this upgrade comes some exciting new features and functionalities for both users and node runners within the network.

Check out these latest product updates;

 

Testnet 2.0 launched (beta)

We deployed the newest version of our smart contracts onto the Goerli testnet.

This updated Testnet 2.0 (version v0.41 of the Mysterium app) is being tried out by a small group of beta testers. Based on their feedback and experiences, 2.0 should be released for everyone else very soon.

With this upgrade, node registration flow has changed. Providers will get free registration with zero stake (while still on testnet) and should keep their same Testnet 1.0 identity. For providers, any earned settlement is two times cheaper than before.

These new smart contracts are also using a new version of MYSTT token. It’s essentially the same as our real MYST token, but on Goerli testnet. It has 18 zeros after comma (instead of 8 ), which required us to refactor all payments-related code to account for micropayments correctly.

 

Top up with your crypto of choice

All Android beta testers can now top up their Mysterium VPN balance using various cryptocurrencies (other than MYST), such as BTC, LTC, ETH, Dai and more! This will soon be available to our entire community of Android users. Note you’ll need to download or update to the latest version of the app (v0.40+) when available.

This functionality is supported by an upgraded Hermes protocol, with our micropayment hub now supporting multiple chains.

 

Unblocked in China

We’ve been working hard to reverse the ban of Mysterium VPN in China. The first iteration of our unblocking is done. Those who start using Testnet 2.0 apps (node v0.40+) will be able to access Mysterium from China!

 

Cleaner UI

We updated the Web UI so it is far more stable, with fewer glitches.

We found and fixed lots of bugs found during ALPHA testing in preparation of our upcoming node release.

We also created user-friendly consumer CLI commands. Now it’s much easier to use Mysterium VPN for advanced Linux users and on servers.

 

Matic x Mysterium 

We started working on our integration with Matic Network. Most of our infrastructure components are ready for Matic, so now we’re working on building the Matic<>Ethereum bridges needed before its public release.

 

My.Mysterium.Network updates

We updated and deployed multiple versions of MMN, so users of Testnet 1.0, Testnet 2.0 and the upcoming betanet could get access to an aggregated node dashboard. The Testnet 2.0 version of MMN will look a little different than yje current version, and we hope it will solve a couple of usability problems we had before.

Nodes can also store beneficiary (payout) wallet address on the Ethereum blockchain, instead of a database. The new MMN has been adapted so it can be used for bounty payments.

We also discovered some node runners who were cheating the system. We therefore started a blacklist so they could not participate in any future bounty program.

Want to get involved in Mysterium Network today?

Mysterium Network is a decentralized VPN, with a growing global residential IP node network. There are versions for  AndroidMac and Windows, currently free before our full launch.

Stay tuned for more updates. If you are interested in participating, running a node, or generally have any questions, jump into our discord channel and speak directly with our core team.

Matic Network powers Mysterium P2P payments

Are you ready for faster, cheaper dVPN transactions? Matic Network is making it happen for you!

 

We’re excited to share that we’ve partnered with Matic Network. We’re only weeks away from our live integration with their custom Layer 2 solution, which will provide all users of Mysterium dVPN with almost instant P2P payments, at a fraction of the cost. (Quite literally, it’s a millionth of a fraction…)

 

The problem we are solving with Matic Network

As the wider community is surely aware, we as an industry have been facing specific challenges with expensive transaction fees on the Ethereum blockchain. 

With the freedom of speech online being debased, a global pandemic and other macro forces in play  – we see it as a priority to enable peer to peer payments in the most frictionless way possible.

Mysterium Network, with our pay as you go service, is a natural ally for emerging markets when high transaction fees on Ethereum lock these users out.

This integration with Matic Network will mean that Mysterium account creation and top-ups will happen on a sophisticated and scalable Layer 2 sidechain, instead of on the Ethereum blockchain.

MATIC network

What this means in technical terms:

  • Hermes, Mysterium’s accounting hub, will be running on both Ethereum and Matic – find out more about Hermes hub in our micropayments whitepaper.
  • You will be able to move MYST tokens onto Matic via a Hybrid Plasma-POS Bridge. This bridge provides a POS and a Plasma option to bridge assets between Ethereum and Matic. 
  • The mysterium payment system will support cross-chain payments. This means that VPN users can have funds on L2 Matic chain, and Mysterium node runners can accept funds on L1 (Ethereum)

 

Some relevant numbers – registration TX fee on…

ETH mainnet: 10.3322418978 MYST

Matic: 0.000005699966589 MYST

In short, Matic is  1, 812, 685 times cheaper!😱

 

Want to know more?

We have written extensively on the topic in the context of building out a global censorship-resistant layer. For those interested: 

  1. Layer 1, 2, 3 and beyond: The search for the cheapest and fastest microtransaction
  2. Introduction to micropayments in a decentralised virtual private network (dVPN)
  3. Read our technical deep dive on peer to peer micropayments.

Want to get involved in Mysterium Network today?

Mysterium Network is a decentralized VPN, with a growing global residential IP node network. There are versions for AndroidMac and Windows, currently free before our full launch.

Follow us on Twitter for regular updates or jump into our discord channel to speak directly with the core team.