2024

when

Pi Network has made a major advancement in its Mainnet ecosystem by introducing a new feature– ‘Lockup’ on the blockchain. Now, migrated ‘Pioneer’ users can voluntarily start new Lockups on the blockchain which empowers them to use their Pi for Lockup mining rewards with greater flexibility and control.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
Moreover, the introduction of a 200% Lockup option further caters to Mainnet migrated Pioneers who accumulate additional Pi through utility-based applications or local commerce, maximizing their potential mining rewards.&nbsp; 
For Pioneers yet to migrate, existing pre-migration Lockup configurations remain unaffected, ensuring continuity in bonus Pi rewards within the mining app. 
Previously, Pioneers faced limitations once they migrated or when their original Lockups expired, unable to secure their Pi on the Mainnet blockchain for further mining rewards. 
Now, by simply accessing the Pi Wallet and selecting “Create New Lockup,” users can immediately bind their Pi for enhanced mining rates based on the proven rewards mechanism outlined in Pi Network’s 2021 Whitepaper. 
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 As introduced in the Pi2Day announcement, we've released a new Lockup feature for Mainnet migrated Pi in your Pi Wallet to boost your mining rate! The Lockup will be immediately binding until your duration ends. Locking up your Mainnet Pi helps support a healthy and smooth… <a href="https://t.co/iazLMSGJJ4" target="_blank">pic.twitter.com/iazLMSGJJ4</a>— Pi Network (@PiCoreTeam) <a href="https://twitter.com/PiCoreTeam/status/1809332201710076328?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 5, 2024</a>
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The strategic <a href="https://minepi.com/blog/on-chain-lockup/" target="_blank" rel="noreferrer noopener nofollow">introduction</a> of this feature not only supports individual mining efforts but also underpins the network’s long-term stability and growth. By incentivizing sustained engagement through enhanced mining rates, <a href="https://www.cryptotimes.io/2024/07/06/pi-networks-future-from-mobile-mining-to-global-blockchain/" target="_blank" rel="noreferrer noopener">Pi Network</a> aims to cultivate a robust utility-based ecosystem.&nbsp; 
Crucially, this new Lockup feature distinguishes itself from pre-migration Lockups by focusing exclusively on Pi-acquired post-migration on the Mainnet blockchain. While both types adhere to irreversible commitment principles and similar reward calculations, the new mechanism is designed to immediately secure Pi on the blockchain upon confirmation through the wallet interface, enhancing user control and operational efficiency. 
Looking ahead, Pi Network’s development of a decentralized Lockup mechanism represents a pivotal step toward achieving network equilibrium and sustainability. By decentralizing control over the circulating Pi supply, these advancements promote a balanced ecosystem where all participants contribute to the network’s health and longevity. 
In conclusion, Pi Network’s latest innovation not only expands opportunities for its community but also reinforces its position at the forefront of blockchain technology, fostering a dynamic environment where innovation meets practical utility.&nbsp; 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/02/pi-network-offers-kyc-6-month-grace-period-for-60m-users/" target="_blank" rel="noreferrer noopener">Pi Network Offers KYC 6-month Grace Period from July 1</a> 
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Pi Network Launches 200% Lockup Option for Mainnet Pioneers

The Crypto Times

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