The new update on the Pi Network app
The Pi Network is facing criticism due to the August 2 announcement that network pioneers will freeze their coins in exchange for improved 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 mainnet. 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 the chain.
Meanwhile, locking orders before migration, configured through the main Pi app, will affect future transfer balances and reward expectations. Once confirmed, locking orders become effective during the specified period and cannot be reversed. Users are pointing to the decline in token prices, the ongoing delays in achieving KYC, and the slow migration.
Tools such as Pi Domains and App Studio are still incomplete and ineffective, making the Pi lock option seem irrelevant when they cannot access their coins. Many users remain dissatisfied with the lack of broader listing for Pi Network, specifically on Binance. BeInCrypto recently hosted a podcast about how Binance listing could exacerbate the market situation. August saw the release of 160 million unlocked tokens, the largest monthly locked amount in the history of the Pi Network.