Pioneers who have successfully moved to Mainnet can now benefit from the recently added on-chain Lockup feature in the Pi Wallet, as was mentioned in the Pi2Day announcement. Pioneers were previously unable to lock up their Pi on the Mainnet blockchain, even if they so desired, following a migration or the expiration of their initial Lockup. This update enables migrated Pioneers to generate new Lockups and obtain more mining rewards by using their available Pi.
By utilizing the same Lockup incentives method described in the 2021 Whitepaper, the new Lockup mechanism enables Pioneers to boost their mining rate. This program promotes a strong and stable ecosystem in addition to providing incentives for sustained network participation.
Just tap the "Lockups" tab in your Pi Wallet and choose "Create New Lockup" to begin a new Lockup. Once verified, the Lockup is final until the selected time frame has passed. This lockup's mining boost will start in the mining session that follows the lockup's creation.
What Distinguishes This from Lockups Prior to Migration?
Although Pre-Migration and on-chain lockups are both irreversible once verified and provide comparable reward computations, their implementation and scope are different:
Pre-Migration Lockups: These settings apply to the Pi balance during your Mainnet migration and increase your mining earnings based on future Lockup settings.
On-Chain Lockups: Only the Pi that has already moved to the Mainnet can use this new functionality. The Pi is instantly locked on the blockchain after confirmation.
Furthermore, a 200% Lockup option is now available with the new on-chain Lockup. Pioneers can use this feature to lock up 200% of their migrating Pi balance, which is especially helpful for users who use Pi apps or local commerce for utility-based Pi transactions. Pioneers can increase their Lockup mining rewards by locking up additional Pi.
Not a Single Migration Yet? Not a problem!
You may be sure that your pre-migration Lockup configurations are still in place if you are a Pioneer who hasn't moved to Mainnet yet. After the migration, these settings guarantee that you will still receive bonus Pi rewards. Another feature that becomes accessible after migration is the on-chain Lockup, which provides more chances to profit from the network's mining incentives.
Encouraging Open Network Objectives
An important step in creating a healthy and balanced Pi ecosystem is the implementation of on-chain lockups. The network guarantees long-term stability and utility by allowing Pioneers to actively participate in managing the circulating supply of Pi through decentralized Lockups. By encouraging greater engagement and sustainability, these lockups are essential in getting the ecosystem ready for the Open Network phase.
See the 2021 Whitepaper's Lockup section for additional information on the Lockup mechanism.
Remain Active and Prepared!
The network is changing quickly, so now is a great moment to become involved and take advantage of these new features. Make sure you keep abreast of the most recent advancements and take advantage of chances to improve your Pi Network experience.
Pi coin is still dedicated to making the switch to Open Network by 2024. Achieving the goals and conditions specified in earlier announcements is a prerequisite for reaching this milestone. Read the entire announcement for a thorough explanation of the requirements driving this accomplishment.