#ProjectCrypto New Update to the Pi Network App
The Pi Network has faced criticism over its August 2 announcement that network leaders would freeze their coins in exchange for improved mining speeds. This sparked angry reactions on social media, particularly on the X platform. The locking feature allows users to lock Pi before or after migration to the mainnet. Post-migration locks through the Pi Wallet provide a mining boost of up to 200% and are applied directly to Pi, which is already on-chain.
Meanwhile, pre-migration lock orders, configured through the main Pi app, will affect future transfer balances and reward predictions. Once confirmed, the lock orders take effect for the specified period and cannot be reversed. Users cite low token prices, persistent delays in KYC, and slow migrations.
Tools like Pi Domains and App Studio are still incomplete and ineffective, and the option to lock Pi seems irrelevant when they cannot access their coins. Many users remain dissatisfied with the lack of a wider listing of Pi Network, specifically on Binance. BeInCrypto recently hosted a podcast about why a Binance listing could exacerbate the market situation. August saw the issuance of 160 million unlocked tokens, the largest monthly number of unlocked tokens in Pi Network history.
