As skepticism spreads within the cryptocurrency ecosystem, Pi Network creates tension with a controversial decision: voluntarily locking tokens in exchange for mining rewards of up to 200%. In the context of prices plummeting and liquidity stagnating, this initiative has sparked outrage in a community already burdened by technical delays and a lack of use cases.

A Cryptocurrency Lock Program Calculated at the Worst Time

While cryptocurrencies continue to plunge, on August 2, Pi Network officially announced on its blog the activation of a feature allowing users to voluntarily lock their tokens in exchange for mining rewards of up to 200%.

This measure applies at two levels: before moving to the mainnet through the main app, or after moving via Pi Wallet, in which case, the rewards are applied directly to the on-chain tokens. Once the choice is made, the tokens will be locked for a specified period and this lock is irreversible.

The following are specific factors of the implemented system:

  • Before moving: affecting future balances and predicting rewards;

  • After moving: via Pi Wallet, providing mining rewards of up to +200%;

  • This lock is effective for the entire selected period and cannot be withdrawn early;

  • The program aims to encourage long-term commitment through the voluntary participation of users to support the project's economy;

  • This announcement comes as the price of Pi tokens has dropped 90% since the peak in February and lost an additional 11% in a week, reaching an all-time low.

This strategic choice, introduced as a tool to engage the community, has been widely criticized on social media. Many users argue that this is a poorly calibrated measure, even inappropriate to the current realities of the project, due to a lack of liquidity, practical listings, or the use of specific tokens.

Technical Delays Undermine the Reliability of the Ecosystem

Apart from the act of locking itself, it is the structural conditions into which it is embedded that are most harshly criticized. On X (formerly Twitter), many users condemned the technical stagnation and lack of transparency from the Core Team.

For over a year, community members have verified their KYC, but they still cannot move tokens due to persistent transfer congestion, leaving many balances in an untransferable state. For these users, the account lock offer is simply not applicable, even irrelevant.

Empty promises also heavily impact the perception of the project. Some tools introduced as previews, such as Pi Domains or App Studio, remain non-functional or inaccessible, increasing frustration.

At the same time, the mining rate has just been lowered to an all-time low, according to a deliberately deflationary logic aimed at restricting coding. Moreover, 160 million tokens need to be unlocked in August, which risks adding further pressure on an already fragile market.

This chain of delays, along with the lack of clear information about the roadmap, has raised increasing skepticism about the true direction of the project as well as the flight of investors.

The absence of specific prospects or clear partnerships further heightens concerns about structural depletion. If Pi Network truly wants to regain the trust of the community, they will need to deliver tangible results while restoring open dialogue with users.