IQ Protocol Staking Guide

Stake your $MYST tokens

Published in

IQ Protocol

6 min readFeb 26, 2022

A core feature of IQ Protocol is providing projects with a staking model. Below you will find the guide to staking your $MYST tokens. If you are interested in staking other tokens, see the guides for staking your $PRQ tokens and staking your $NIOX tokens. In the time leading up to the launch of IQ Protocol’s token, $IQT, we are running an incentive in which those who stake their tokens ($PRQ, $MYST, or $NIOX) will be eligible to earn free $IQT tokens!

Now, on to the staking guide…

Staking $MYST on IQ Protocol (Polygon)

In June 2021, IQ Protocol introduced a brand new form of token staking, a revolutionary DeFi solution for the SaaS (Subscription as a service) Marketplace. Created by the team at PARSIQ and launched as its own independent, decentralized protocol, it offers the first ever risk-free DeFi lending protocol to tokenize SaaS subscriptions, with no need for collateral.

This guide will show you how to stake your $MYST tokens.

For the purposes of this guide we’ll be assuming you already have $MYST tokens on Polygon, if you need to migrate your tokens from Ethereum or BSC, you can find a guide here on Mysterium’s own website. Alternatively if you want to buy $MYST tokens you can find details on how to do that on their token page here.

In the steps below, we’ll be using the MetaMask wallet extension for PC/Mac (Please note: the process will be slightly different with the MetaMask Mobile App). If you haven’t already done so, you will need to configure your MetaMask wallet for the Polygon chain. If you attempt to stake $MYST on IQ Protocol without doing so you should see this popup:

Simply hit approve if the details match those seen above.

Then hit “Switch Network”.

Staking directly via the IQ Protocol App

Once you have tokens on Polygon, next you’ll need to go to the IQ protocol app which should take you to this page:

Ensure you’re connected to the correct url: app.iq.space then click “Stake”, you should then see this page:

Now you’ll need to click “Connect” to connect your MetaMask wallet

Select the address you wish to use and click “Next”.

Once connected you may be prompted to switch networks to Polygon, assuming you haven’t already done so, so click “Switch Network” if necessary.

Then click “Connect”.

You will then be taken to this staking interface where you’ll see your address indicated in the top right-hand corner. Next, simply enter the number of tokens you wish to stake and click “Approve”.

If you haven’t already done so, you may be asked by MetaMask to add the $MYST token, so just hit “Add Token”

Next you’ll be asked to allow app.iq.space to sign the transaction: just click “Confirm”.

To view the status of any pending transactions, simply open your MetaMask and click “Activity”. Then, select the most recent transaction.

Then, click “View on block explorer”.

Once the transaction is complete, next go back to app.iq.space and click “Deposit”.

Then, wait for the transaction to complete.

Once complete, simply click “Withdraw” and you should be able to see the tokens you’ve staked in IQ and the rewards you’ve accumulated below.

As Proof of Stake you’ll receive a token called sMYST, which is an NFT containing information about your staked position in IQ Protocol. To view this, simply go to Polygonscan and enter the wallet address used to stake in IQ Protocol. sMYST will be visible under ERC-721 tokens.

To add this to MetaMask simply add the contract address: 0x8ae66d7858578764d573ffb0ece58db59e569bc1

Then add “0” as your Token Decimal and hit “Add Custom Token.

Congratulations, your $MYST is now securely staked in IQ Protocol and your Proof of Stake has been added to your wallet!

Your tokens will never leave the pool when borrowed, so you don’t even need to worry about losing them!

The best part is that all rewards paid out directly by IQ Protocol are market-bought and non-inflationary, so just sit back, relax, and enjoy the returns on your tokens.

You’ll earn extra $MYST in rewards as users of Mysterium’s services borrow your tokens from the pool.
Leading up to the launch of $IQT, the IQ Protocol Governance token, all stakers in pools across IQ Protocol are eligible for a free airdrop of $IQT.

We’re glad to have Mysterium as part of the IQ family!

Stay up to date with all of the latest announcements and updates for IQ Protocol and Mysterium Network by following along on social media.

About Mysterium Network

Mysterium Network is an open-source, Swiss-based Web3 project making the internet borderless and accessible for all. Their decentralised ecosystem of protocols, tools and web infrastructure provides more privacy, anonymous expression, and equal access to information. The project’s flagship product, Mysterium VPN, is available for Android, Windows and Mac. Anyone can join the peer-to-peer marketplace to rent their unused bandwidth and IP address to a global community, protecting others against censorship, surveillance and cybercrime.

About IQ Protocol

IQ Protocol is a decentralized money market for digital asset renting and on-chain subscriptions. The next money lego that allows users to rent wrapped expirable versions of digital assets without collateral for their utility, while allowing holders to earn by providing liquidity without risk.