Recently, Pi Network just published their Mainnet preparation updates. According to the article, Pi Network is planning to release an early version of the Pi Mainnet with more details to come over the next few weeks.
At the same time, the Pi Network has also released some features in their mobile app. These features will allow users to configure their Mainnet migration settings like balance bifurcation & voluntary lockups to boost the rewards. These features in the mobile app will aid you to comprehend better about the Mainnet migration process & preselect lockups.
To help the community prepare for the Mainnet migration, Pi Network is releasing several Mainnet-related mobiles-app features now, giving people time to learn about it, ask questions, and set up settings before the Mainnet goes live.
One of the features that they have introduced is displaying the bifurcation of your balance, for instance balance mined by themselves, transferable balance to Mainnet and balance attributable to their team members.
They’re also introducing a new feature that allows Pioneers to deliberately lock away a portion of their transferrable balances in order to mine at a higher rate later. Pioneers can use the lockup function to pre-configure their voluntary lockup settings, which will be applied to their Mainnet transfer after Mainnet starts and the Pioneer passes KYC.
To access these features
Go to the home screen of your Pi app, click on the options button which is present in the upper left corner to open up the Pi sidebar menu.
Under sidebar menu you will find “Mainnet” and click on it
Click on Configure lockup rate to preselect and configure your setting
From there, follow the in-app instructions.
How do Mainnet lockups work?
While Mainnet is bootstrapping the economy and establishing demands, the lockup reward is aimed to ensure a healthy and seamless ecology and incentivize long-term interaction with the network. It is a crucial decentralized macroeconomic mechanism for regulating circulating supply in the market, particularly in the early years of the open market when utilities are being established.
One of the Pi Network’s main goals is to develop a utility-based app ecosystem. Rather than speculative trading, transactions for real commodities and services in the ecosystem are intended to determine Pi’s utility.
One of the key areas of concentration as they launch the Enclosed Network phase of the Mainnet, which will be announced soon, will be to assist and build the Pi app developer community and nurture additional Pi apps to thrive.
Meanwhile, Pioneers can choose to lock up their Pis to help establish a stable market environment for the ecosystem to flourish, more Pi apps to emerge, and compelling use cases for spending Pi — eventually creating organic demand through utilities.
The lockup functionality will be enabled when the early version of the Mainnet is released later this month, but you may learn about it now and even pre-select lockup options before you are verified through KYC or ready to migrate to the Mainnet. You can adjust your lockup settings as an aggregate account-wide parameter in the Pi app at any time.
More of your Mobile Balance will become transferable as you and your earning team/security circle pass KYC and new mining occurs. On every transfer to Mainnet, the preselected and configured lockup period & % will apply automatically to the transferred amount. Because of this, you will have two types of balances on the Mainnet:
- Lockup balance &
- Free balance
Both of these balances will be recorded on the Mainnet blockchain and exists in the Pioneer’s noncustodial Pi wallet. Due to the nature of blockchain, lockups cannot be overturned once verified, and must be kept locked for the term specified.
Because the lockup amount is calculated as a percentage of your transferred balance, you’ll need to lock up the same percentage of your new transferred value to keep your lockup mining bonus. This is simply accomplished by maintaining a consistent lockup configuration option for each repeating transfer to Mainnet.
Your lockup mining boost will diminish correspondingly if you lock up a lesser percentage of Pi in your following transfers than you did in your initial Mainnet transfer.
According to the published article, Pi network will release updated sections of the white paper when they launch the early version of the Mainnet later this month. You’ll be able to view the exact and comprehensive Mainnet equations and mechanisms there.
More on Pi Network
- Pi Network: Name update appeal feature
- Pi Network: Tech & Product Update, October 2021
- Pi Network’s pilot KYC solution released
- Pi Blockexplorer
- Pi Network has just announced their Pi Hackathon Winners