- Migrated Pioneers to lock up their Pi and mine at a higher rate
- Lockup will be binding until your duration ends
- The new lockup feature only focuses on Pi-acquired post-migration on the Mainnet blockchain
In preparation for its final mainnent migration later this year, the popular community-driven cryptocurrency project, Pi Network, has introduced a ‘lockup’ feature to help its migrated users mine at a high rate. The migrated users are Pi users who have passed the Know Your Customer KYC) verification and migrated their mined Pi from the mining app to the main Pi blockchain app, where the project’s wallet is accessed.
The new feature will allow the migrated users to mine Pi at a much higher rate. The users can choose the lockup rate and duration on their own.
In an X post, Pi Network explained that the Pi to lockup is the mainnet migrated Pi. “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 network said.
It further explained that:
“The lockup will be immediately binding until your duration ends. Locking up your Mainnet Pi helps support a healthy and smooth ecosystem and incentivizes long-term engagement with the network. Lockups are voluntary. If you’ve migrated to Mainnet, tap ‘Lockups’ in your Pi Wallet and then 'Create New Lockup' to create your lockup today.”
Now, users only need to access the Pi Wallet and choose "Create New Lockup" to lockup their Pi for higher mining rates, which are based on the tried-and-true rewards system described in the 2021 Whitepaper from Pi Network.
The strategic introduction of this feature not only supports individual mining efforts but also underpins the network’s long-term stability and growth. Pi Network seeks to develop a strong, utility-based ecosystem by rewarding continued participation with higher mining rates.
Also, the new lockup feature only focuses on Pi-acquired post-migration on the Mainnet blockchain, setting it apart from pre-migration lockups. Although the principles of irreversible commitment and reward computations are the same for both types, the new mechanism is made to instantly secure Pi on the blockchain upon confirmation via the wallet interface, improving user control and operational effectiveness.
What are Meme Coins? All you need to know about coins making people rich
Meanwhile, TheRadar earlier reported that meme coins are cryptocurrencies dubbed after people, animals, artwork, or anything else that can be imitated and have become increasingly popular.
There are thousands of meme coins, but the most popular ones, according to market capitalization, include Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE). There are loads of not-so-popular ones like Bonk (BONK), Myro (MYRO), FLOKI, Book of Meme (BOME), Dog (Runes), Memecoin (MEME), Maga (TRUMP), Pepecoin (PEPECOIN), Baby Doge (BabyDoge), Ponke (PONKE), Myro (MYRO) and many more.
