The Pi Network faces criticism for the August 2 announcement of freezing users' coins in exchange for improving mining speeds. This has sparked angry reactions on social media platforms, especially on platform X. The locking feature allows users to lock PI before or after migrating to the main network. Locking operations after migration 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 expectations. Once confirmed, lock orders become effective during the specified period and cannot be reversed. Users point to falling token prices, the ongoing delay in achieving KYC, and slow migration.
Tools like Pi Domains and App Studio are still incomplete and ineffective. The option to lock Pi seems irrelevant when they cannot access their coins. Many users are still dissatisfied with the lack of wider listing for Pi Network, specifically on Binance. BeInCrypto recently hosted a podcast discussing how Binance listing could exacerbate the market situation. August saw the release of 160 million unlocked tokens, the largest monthly locked amount in Pi Network's history.
