Roadmap for migration to the mainnet by priorities.
When analyzing the migration to the Pi mainnet, consider the following facts. (1) The migration must be conducted for a network of tens of millions of people based on complex mining data from the last 6 years to ensure accuracy, security, and fairness for honest pioneers while excluding fraud. This is not just a simple airdrop to tens of thousands of wallets, without much consideration of additional data, as seen in many other cryptocurrency projects. (2) The network has already migrated over 12 million people, which alone is a scalability achievement in the industry, especially given the KYC and migration processes built natively without fiduciary cost to users. (3) When the migration condition to transition to Open Network was set at 10 million, achieving a balance between the network's need to transition to Open Network in a timely manner and the inclusion of millions of Pioneers in the mainnet, it was understood and expected that there would be people needing to migrate after Open Network.
Here is a roadmap of the mainnet migration work based on the network's priorities.
1. Complete initial migrations for pioneers in the queue
Currently, the network is completing initial migrations for the queue of pioneers, including verified base mining rewards, verified Security Circle rewards, lock rewards, utility app usage rewards, and confirmed node rewards.
2. Second migrations, including referral bonuses
Once the initial migrations in the current queue are completed, second migrations will become the focus. Second migrations will also include mining bonuses for referrals attributable to the referral team members who passed the KYC process.
3. Ongoing periodic migrations
Finally, Pi Network will move to conduct regular and periodic migrations (e.g., monthly, quarterly, etc., to be determined), which will include all bonuses and rewards.
Please note that the differences in the UL between the Transferable Balance and the actual migrated balance are expected: the UL uses simplified calculation estimates to save calculation time and resources. The balance that is actually migrated to a user's Mainnet Wallet depends on extensive and accurate calculations that could take much longer per user, reviewing all their previous mining sessions and associated bonuses from recent years. Therefore, the Transferable Balance shown in the UL is a pessimistic estimate of the actual amount of Pi included in the first migration.
The first real migration for everyone already contains their verified base mining rewards, Security Circle rewards, lock rewards, utility app usage rewards, and confirmed Node rewards for some (basically, it just excludes referral mining bonuses).
Pi Tokenomics and Supply
In light of the migration debate, it is important to remind Pioneers and educate the general public about Pi Tokenomics and the mining mechanism, which were defined more extensively in the 2021 White Paper.
About Pi supply and allocations
The maximum supply of Pi is 100 billion tokens. The maximum supply consists of the following: 65 billion tokens (or 65%) are allocated for all community mining rewards; 10 billion (10%) are allocated for foundation reserves; 5 billion (5%) are allocated for liquidity purposes; and 20 billion (20%) are allocated for the core team. Each of the above allocations keeps pace with the issuance of the community's migrated mining rewards, so the proportions of each allocation in the total supply remain the same at any time.
The effective total supply of Pi (the total supply of Pi at the current time) provides the allocations in the same way as the maximum supply.
Since each allocation tracks the community's migrated mining rewards, the effective total supply can be calculated by dividing the current migrated mining rewards of Pi on the mainnet blockchain by 65%. The other allocations within the effective total supply can be calculated based on the same proportions as the maximum supply; for example, at most, 10% of the effective total supply is available in the base reserve, 5% of the effective total supply.
The supply is available for liquidity purposes, and 20% of the effective total supply is available for the core team. This remains true despite the fact that all tokens were minted at the start, as technically required by the blockchain protocol.
The allocation structure itself ensures the impartial role of any process affecting the speed of migration, as all other allocation groups keep pace with the migrated mining rewards. It was intentionally designed to align the interests of all parties in the network to bring in as many pioneers and as much Pi on the mainnet as possible.
Therefore, the network is committed to migrating Pioneers and their Pi as soon as possible.
The Pi mining mechanism
The Pi mining mechanism is designed to expand its decentralization, utilities, stability, and longevity, in addition to growth, inclusion, and security.
Pi mining rewards are distributed according to an emission formula that follows a decreasing exponential decay model defined in the Pi White Paper. Pioneers can increase the amount of mining rewards they receive based on their individual contributions to the network, such as Security Circles, using utility-based Pi applications, running Nodes, etc. Each month, the amount of Pi to be distributed as a mobile balance is limited and determined by the model, regardless of how many people or types of mining rewards there are during the month. The limitation is achieved by designing a base mining rate for the entire system, and each type of mining reward for each individual is just a multiplier of this base mining rate. As monthly supplies always decrease, the base mining rate generally decreases over time.
Conclusion
The network is dedicated to completing the mainnet migration for all real, verified, and honest pioneers as soon as possible, while ensuring the accuracy, security, and integrity of the network. The tokenomics of Pi is designed to align long-term network growth with the actual contributions of the community, ensuring that the issuance model remains fair, driven by progress, and based on real participation.
Monthly, the amount of Pi distributed as a mobile balance is limited and determined by the model, regardless of the number of people or types of mining rewards that may exist during the month. This limitation is achieved by designing a base mining rate for the entire system, and each type of mining reward for each individual is simply a multiplier of this base mining rate. Since monthly supplies always decrease, the base mining rate generally decreases over time.