Hey, Pioneers! This blog will outline a Mainnet migration roadmap based on the network’s priorities and clarify Pi’s tokenomics and supply mechanisms.
Mainnet Migration Roadmap By Priorities
In discussing Pi Mainnet migration, keep the following facts in mind. (1) The migration needs to occur for a network of tens of millions based on complex mining data over the last 6 years to ensure accuracy, security and fairness for honest Pioneers by excluding cheating. It is not just a simple airdrop to tens of thousands of wallets, without much consideration of additional data, like in many other crypto projects. (2) The network has already migrated over 12 million people, which on its own is already an achievement of scalability in the industry, especially given the natively built KYC and migration processes with no fiat cost for users. (3) When the migration condition for going to Open Network was set to be 10 million—striking a balance between the network’s need to transition to Open Network in a timely manner and inclusion of millions of Pioneers in the Mainnet—it was understood and expected that there would be people who need to migrate after Open Network launch.
Here’s a roadmap of Mainnet migration work based on the network’s priorities.
- Completing initial migrations for Pioneers in the queue
Currently, the network is completing the first migrations for the queue of Pioneers, including verified base mining rewards, verified Security Circle rewards, lockup rewards, utility apps usage rewards, and confirmed Node rewards. - Second migrations including referral bonuses
After the first migrations in the current queue are completed, second migrations will become the focus. Second migrations will also include referral mining bonuses attributable to referral team members who passed KYC. - Ongoing Periodic Migrations
Finally, Pi Network will shift into regular, periodic migrations (e.g. monthly, quarterly etc. to be determined), which will include all bonuses and rewards.
Note that differences in the UI between the Transferable Balance and the actual migrated balance are as intended—the UI uses simplified calculation estimates in order to save computation time and resources. The balance that is actually migrated to a user’s Mainnet Wallet depends on extensive, precise computations that could take a much longer time per user, going through all their past mining sessions and associated bonuses for the past few years. So the Transferable Balance displayed in the UI is a pessimistic estimate of the actual Pi amount included in the first migration.
The actual first migration for everyone already contains their verified base mining rewards, Security Circle rewards, lockup rewards, utility apps usage rewards, and confirmed Node rewards for some (basically only excluding the referral mining bonuses).
Pi Tokenomics and Supply
In light of the discussion about migration, it’s important to remind Pioneers of and educate the general public about the Pi tokenomics and mining mechanism, which were defined in longer form in the Whitepaper in 2021.
On Pi’s supply and allocations
The Maximum Supply of Pi is 100 billion tokens. The Maximum Supply is comprised 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 allocation mentioned above tracks the community Migrated Mining Rewards issuance pace, so the proportions of each allocation in the total supply remains the same at any given time.
The Effective Total Supply of Pi—the total Pi supply at the current time—proportions the allocations the same as the Maximum Supply. Since every allocation tracks the Migrated Mining Rewards of the community, 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 then be calculated based on the same proportions as the Maximum Supply, e.g. at most 10% of the Effective Total Supply is available in the foundation reserve, 5% of the Effective Total 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 genesis as technically required by the blockchain protocol.
The allocation structure itself ensures the impartial role of any processes that affect the migration speed because all other allocation buckets track the pace of Migrated Mining Rewards. It was intentionally designed to align the interests of all parties in the network to get as many Pioneers and as many Pi onto the Mainnet as possible.
So, 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’s mining rewards are distributed based on an issuance formula that follows a declining exponential decay model defined in the Pi Whitepaper. Pioneers can increase the amount of mining rewards they receive based on their individual contributions to the network, like Security Circles, using utility-based Pi apps, running Nodes, etc. For each month, the amount of Pi to be distributed as mobile balance is capped and determined by the model, regardless of how many people or how many types of mining rewards there are during the month. The capping is achieved by the design of a system-wide base mining rate, and each type of mining rewards to each individual are just a multiplier of this base mining rate. As the monthly supplies always diminish, the base mining rate generally decreases over time.
Conclusion
The network is dedicated to completing Mainnet migration for all real, verified and honest Pioneers as soon as possible while ensuring accuracy, security and integrity of the network. Pi’s tokenomics are designed to align long-term network growth with real contributions from the community, ensuring that the issuance model remains fair, progress-driven, and grounded in actual participation.
Read the Pi Whitepaper to learn more.
