Abstract-Unstructured peer-to-peer networks can be extremely flexible, but, because of size, complexity, and high variability in peers' capacity and reliability, it is a continuing challenge to build peer-to-peer systems that are resilient to failure and effectively manage their available resources. We have drawn inspiration from the sophisticated, robust, root-like structures of fungal hyphae to design Myconet, an approach to superpeer overlay construction, which models regular peers as biomass, and superpeers as hyphae that attract and concentrate bio-mass, while maintaining strong inter-connections with one another. Simulations of the Myconet peer-to-peer protocol show promising results in terms of network stabilization, response to catastrophic failure, capacity utilization, and proportion of peers to superpeers, when compared to other unstructured approaches.