Mysterium builds Internet 3.0 instruments that will let you browse the web freely and earn by sharing your connection.
As the broader crypto group is properly conscious, our business has been going through big challenges.
The recent DeFi boom has led to customers cramming into the Ethereum Community and creating an awesome backlog of unprocessed transactions.
This has meant crippling community congestion and excessive transaction charges – each of that are pure killers for decentralized functions.
As a dApp constructed on the Ethereum community, we suffered from this drawback. Our decentralized VPN is only peer-to-peer. Customers instantly pay node runners, with funds taking place minute by minute, and transaction values as small as 0.0001 USD.
These second-by-second “microtransactions” assist decentralized VPNs, and different incentivized distributed networks, cut back threat.
However this nature of the service we’re providing, and the rising markets that we’re a pure ally to, make Ethereum’s present transaction charges a roadblock to onboarding new clients.
Like many different Ethereum-based initiatives, Mysterium has needed to reroute our roadmap looking for scalability options to offer our customers the most cost effective and quickest service potential, whereas sustaining decentralized and noncustodial structure.
Our journey for scalability solutions led us to Polygon (previously referred to as Matic Community). Our integration signifies that all Mysterium account creation and top-ups occur on a classy and scalable Layer 2 sidechain, as an alternative of on the Ethereum blockchain. This has created on the spot P2P funds, at a fraction of the price. (Fairly actually, it’s a hundredth of a fraction…)
Now, we’re encouraging our customers to switch their tokens from Ethereum to Polygon blockchain, to allow them to commerce with quite a few cash and cryptocurrencies at a fraction of the price and pace, in comparison with different Ethereum-based DEXs like Uniswap.
One DEX leveraging Polygon is QuickSwap, aptly named for its pace and ease of use.
QuickSwap is a fork of Uniswap, the unique Automated Market Maker. Uniswap is the biggest decentralized alternate on Ethereum, considerably contributing to the rise of buying and selling exercise on the community. Nevertheless, as a result of excessive transaction charges, this DEX has develop into very costly to make use of.
QuickSwap solved Ethereum’s congestion drawback by deploying Polygon’s Layer 2 expertise. To supply customers with the absolute best speeds and value, QuickSwap plans and executes a sequence of a number of token swaps.
For instance, to transform my QUICK tokens to XYZ tokens at the absolute best value, QuickSwap determines the perfect route is to transform QUICK into SX, then DAI after which XYZ. Furthermore, you don’t must determine this out for your self, it’s simply chosen and executed robotically.
Why select QuickSwap?
QuickSwap offers its customers with a number of necessary advantages:
1. Excessive-speed transactions at considerably low prices
On the time of writing, the price of a ‘quick’ transaction (~30 seconds) on the Ethereum community is $11.51, whereas the value for a single Uniswap commerce prices greater than $100 in charges!
Ethereum transaction fuel prices as of April 2nd, 2021.
Compared, transactions through Polygon might be confirmed in as little as a number of seconds, at a price of round $0.00002 USD.
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
If you’re keen to experience the benefits of QuickSwap trading, there’s some initial setup. This includes transferring your tokens from the Ethereum network so you can finally avoid that traffic jam and high gas costs.
If you’ve already used QuickSwap in the past and have some tokens ready, you can start trading here. We use our native MYST token for example, however the identical course of works with all appropriate tokens.
NB: Matic Community has been rebranded to Polygon, however we are going to check with Matic throughout sure steps within the buying and selling information, as their pockets, token and community are nonetheless labeled as such.
Step 1: Add a customized RPC for MATIC to your pockets
If you happen to can’t see “Matic Mainnet” listed amongst your accessible networks in your pockets, you’ll want to set this up earlier than transferring funds and start utilizing QuickSwap.
You are able to do this by including “Matic Mainnet RPC” as a customized community in your pockets.
For MetaMask pockets customers, press the community choice button on the highest of the app. Go to “Customized RPC”:
After urgent “Customized RPC”, it is best to see a display screen permitting you to arrange a customized RPC.
Enter the next Matic Mainnet particulars proven within the screenshot under:
Community Identify: Matic Mainnet
New RPC URL: https://rpc-mainnet.matic.network
Chain ID: 137
Block Explorer URL: https://explorer.matic.network/
As soon as entered, press the “Save” button. That’s it! You at the moment are linked to the Matic Mainnet.
Step 2: Transfer tokens from Ethereum to Matic Community
To maneuver your funds from the Ethereum blockchain to the Matic one, you need to use the Matic bridge: https://wallet.matic.network/bridge/
You may then join your personal pockets of alternative:
And signal the signature request:
After you’ve got linked your pockets, you will notice the Matic Pockets V2 interface. It is best to press “Transfer funds to Matic Mainnet”:
If you’re transferring MATIC tokens, you will want to make use of the Plasma bridge.
If you’re transferring ERC20 like MYST or ETH, please use the PoS bridge.
The foreign money proven by default on this switch module can be ETH, however you may select the funds you want to switch, as proven within the subsequent screenshot.
As soon as you choose your chosen cryptocurrency, kind the quantity you’d wish to switch:
After you’ve got chosen the specified cryptocurrency and its quantity, press the “Switch” button:
Within the subsequent step, you will notice a warning message. Press “Proceed”:
On the subsequent display screen, you will notice the switch overview with the price of every transaction within the course of:
After urgent Proceed, you will notice the estimated transaction price. Press “Proceed” once more:
You’ll need to lastly affirm the transaction in your pockets:
It could actually take almost 8 minutes and two transactions to efficiently switch your funds to Matic. This could value you roughly $25-20 (on the time of writing), so be sure to have sufficient ETH in your pockets to cowl this price.
You may also use this information to switch your funds again onto the Ethereum blockchain, if you’ll want to at some point.
Step 3: Declare you free MATIC tokens whenever you make a commerce
To accumulate free MATIC tokens along with your subsequent QuickSwap commerce, go to the Quickswap.Exchange and on the precise higher nook press the “CLAIM MATIC” button. Please remember which you could solely declare free tokens whenever you at present don’t have any MATIC in your pockets. Additionally, you will have to have no less than 1 DAI/USDC/USDT in your pockets.
Test your pockets to make sure that you obtained 0,1 Matic.
Step 4: Swap for MYST
Select the specified cryptocurrency for swap by urgent on “MATIC”:
You will note a listing of all tokens accessible for commerce. You’ll find MYST by typing it within the search bar:
You may also verify the accessible liquidity swimming pools by urgent the “Charts” button:
You may present liquidity by urgent the “Add liquidity” button:
You may withdraw your funds at any time utilizing the identical Matic dashboard.
And that’s it – now you can make tremendous fast trades at a fraction of a cent! If you happen to nonetheless have any questions, leap into our Telegram, Twitter or Discord and our workforce may also help you out.
Joyful swapping ✌️
Another helpful hyperlinks:
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Beforehand revealed at https://mysterium.network/blog/myst-on-quickswap/
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