DeFi
Pi Network Launches 200% Lockup Option for Mainnet Pioneers
Pi Network has made a major step forward in its Mainnet ecosystem by introducing a new feature: “Blocking” on the blockchain. Now, migrated “Pioneer” users can voluntarily start new Lockups on the blockchain, allowing them to use their Pi for Lockup mining rewards with more flexibility and control.
Additionally, the introduction of a 200% lockup option further caters to Mainnet-migrated pioneers who accumulate additional Pi through utility applications or local trading, maximizing their potential mining rewards.
For pioneers who have not yet migrated, existing pre-migration Lockup configurations remain unchanged, ensuring continuity of bonus Pi rewards within the mining application.
Previously, pioneers faced limitations once they migrated or when their original Lockups expired, unable to secure their Pi on the Mainnet blockchain for new mining rewards.
Now, by simply accessing the Pi Wallet and selecting “Create New Lock,” users can immediately bind their Pi for enhanced mining rates based on the proven rewards mechanism outlined in the Pi Network 2021 whitepaper.
As featured in the Pi2Day announcement, we have released a new Pi Lock feature migrated to Mainnet in your Pi Wallet to increase your mining rate!
The block will be immediately binding until the end of your term. Blocking your Pi Mainnet helps maintain a healthy and smooth network… pic.twitter.com/iazLMSGJJ4
— Pi Network (@PiCoreTeam) July 5, 2024
The strategic introduction This feature not only supports individual mining efforts, but also supports the long-term stability and growth of the network. By encouraging sustained engagement through improved mining rates, Pi Network aims to cultivate a robust ecosystem based on public services.
This new Lockup feature differs from pre-migration Lockups by focusing exclusively on Pi acquired after migration on the Mainnet blockchain. While both types adhere to similar irreversible commitment principles and reward calculations, the new mechanism is designed to immediately secure Pi on the blockchain upon confirmation via the wallet interface, improving user control and operational efficiency.
Moving forward, Pi Network’s development of a decentralized locking mechanism represents a critical step toward network balance and sustainability. By decentralizing control over the circulating supply of Pi, these advancements foster a balanced ecosystem in which all participants contribute to the health and longevity of the network.
In conclusion, Pi Network’s latest innovation not only expands opportunities for its community, but also strengthens its position at the forefront of blockchain technology, fostering a dynamic environment where innovation meets practical utility.
Read also : Pi Network Offers 6 Month KYC Grace Period Starting July 1st