As introduced in the Pi2Day announcement, Pioneers who’ve successfully migrated to Mainnet can now voluntarily create a new Lockup on the blockchain! Before this feature, Pioneers could not lock up their Pi on the Mainnet blockchain after migration or after their original Lockup expired, even if they wanted to. This feature addresses this need and allows migrated Pioneers to make use of their available Pi for Lockup mining rewards if they choose to.
Creating a new Lockup for available Pi in the Pi Wallet will boost individual mining rates based on the same Lockup rewards mechanism detailed in the 2021 Whitepaper, which then helps to support a robust and stable ecosystem and incentivize long-term engagement with the network.
Simply tap “Lockups” in your Pi Wallet and select “Create New Lockup” to initiate a new Lockup that is immediately binding until your duration ends. Mining boost will go into effect in the following mining session after the Lockup.
Overall, the Lockup feature is a strategic move to ensure a healthy, smooth transition as the network grows and evolves, particularly as we focus on nurturing a utility-based ecosystem of apps and transactions for real goods and services, while providing Pioneers with another opportunity to boost their mining rate.
How Does This Differ From Pre-Migration Lockups?
It’s important to note that both types of Lockups follow the same rewards calculations and are irreversible once committed. However, they are different in terms of the Pi affected and their implementation. Pre-migration Lockup configuration boosts your current Pi based on future Lockup settings and affects Pi in the next migration, whereas this new feature here only applies to the Pi that you have acquired on the Mainnet blockchain and is free to be locked up. In regard to their implementations, the Pre-Migration Lockups are applied at the time of the migration of your transferable balance, while this new Lockup mechanism directly locks up your Pi on the blockchain right after your confirmation on the wallet interface.
Another difference is that the 200% Lockup, which is 200% of the currently migrated amount, becomes available with this feature. Many Mainnet migrated Pioneers who receive utility-based Pi through the Pi apps or local commerce may have more Pi in their Mainnet wallet than the Pi they mined. So, the 200% Lockup is possible in this feature. They can choose to Lockup this amount to maximize their Lockup mining rewards.
Note: For Pioneers who haven’t yet migrated to Mainnet, there’s no cause for concern. You still maintain your committed pre-migration Lockup configurations in the mining app, which means you aren’t missing out on the bonus Pi rewards received from the new Lockups in the Pi Wallet. The new on-chain Lockup is an additional feature that becomes available once you migrate, ensuring that all Pioneers, regardless of their migration status, have opportunities to engage with and benefit from the network’s different mining rewards.
How Do Lockups Affect Open Network Progress?
In alignment with Open Network priorities, the Core Team’s work on the new decentralized Lockup mechanism is crucial for achieving a balanced and thriving Pi ecosystem. By introducing new Lockup features directly on the blockchain that incentivize long-term participation and facilitate the network to self-moderate the circulating supply of Pi in a decentralized behavior manner, we are adding a missing component to the Mainnet ecosystem and enabling more decentralized efforts to support the network’s utility and sustainability. These developments are vital for encouraging Pioneers to engage deeply with the network, fostering a more stable environment that benefits everyone.
Read the Lockup section of the 2021 Whitepaper to learn more!
Stay tuned to our updates and ensure you’re ready to take full advantage of the features as they arise!
Pi Network aims to transition to Open Network in 2024, contingent upon meeting specific conditions and strategic objectives detailed in the announcement here. This transition hinges on the collective efforts from our community and the impact of external factors. For a full understanding of the requirements that influence our advancement towards the Open Network milestone, please refer to the full announcement.
