What is MYNT?

We talk through what MYNT is and why you would want some.

What is MYNT?

Ownership and control of the Fragmynt Exchange Network has been split into 1 billion pieces called MYNT tokens or MYNTs. Thus, each MYNT represents 1 billionth of FEN. MYNT tokens have a number of important and useful functions within the ecosystem, both in terms of earning money and exercising control over what happens with the future of the platform.

What can I do with my MYNTs?

There are loads of benefits and perks to having MYNTs; let's go through each of them in turn:

  1. Earn: This is probably the most important one. Every time someone makes a transaction on the Fragmynt Exchange Network they pay a small fee. A portion of that fee goes to the people processing the transaction (i.e. one of the computers in the worldwide network helping to run FEN), and a portion also goes into a pool of funds to be given to MYNT holders. You can stake (lock up) your MYNTs against this pool and while staked you will be sent a portion of the fees that have accrued in the pool every 24 hours. Importantly, the rewards are given in both USD and MYNT. This will continue as long as you have deposited your MYNT. You can withdraw at any time.
  2. Pay priority fees: Generally, there are no fees to use the Fragmynt Exchange Network. However, during times of high volume (i.e. many people using the network) you can include a MYNT incentive alongside your transaction to make sure that it is processed fast.
  3. Control the ecosystem: Do you think the fee portion given to MYNT holders when staking should be higher? Do you think that the Fragmynt team should focus on building a particular feature? Being a MYNT holder means that you have the ability to both create and vote on proposals about the future direction of the ecosystem.

Where can I get MYNTs?

You can get MYNT tokens in a number of places:

  1. When you create and fund an account on the Fragmynt platform you will automatically be given some MYNT as a reward. The amount will depend on how much you deposited into your account.
  2. You can earn more MYNT tokens by staking your existing MYNT tokens as mentioned in the section above.
  3. You can buy MYNT tokens from other people. On the desktop version of the Fragmynt platform, there is an application called "Swap". This allows you to exchange USD for MYNT tokens. You can view a video on how to use the Swap feature here.
  4. Someone can send you MYNT tokens. If you have a friend or family member you would like to give MYNT tokens too you can send them from your wallet to theirs. This feature will be implemented soon for all users.