Pi Network's New On-Chain Lockup Explained | Pi Network Update
Discover Pi Network's latest on-chain lockup feature and how it can boost your mining rate. Click to learn more!
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// CHAPTERS
If you don't want to watch this entire "Pi Network's New On-Chain Lockup Explained | Pi Network Update" video, you can use the timestamps below to jump to the chapter you are most interested in:
00:00 Teaser
00:27 Intro
00:39 What to expect from this video?
00:59 Pi Network Mainnet Migration Lockup
01:26 Pi Network On-Chain Lockup
03:58 Outro
// DESCRIPTION
In this video, Christian Rauchenwald delves into the details of Pi Network’s new on-chain lockup introduced on July 5, 2024. This new feature, as part of the Pi 2 Day update, offers a fresh way for Pi Network users to lock up their Pi coins and earn a mining rate boost. If you’re familiar with the existing lockup settings within the mainnet checklist, this on-chain lockup will provide additional flexibility and benefits.
Christian explains how the on-chain lockup allows users to lock up coins that are already in their mainnet wallet or coins that have previously been unlocked. This feature is particularly beneficial for users who have completed the mainnet checklist and have migrated their coins. By locking up their coins again, users can receive a mining rate boost based on the formula detailed in the Pi Network whitepaper.
Even if you're still waiting for your first migration, it’s a good idea to plan how much of your coins you’d like to lock up right after the migration and once they become available in your wallet. The on-chain lockup provides various possibilities, such as selecting a 0% lockup in general or a 100% lockup for 14 days, and then re-locking them every time they unlock.
Christian also highlights the importance of not committing to a long lockup period if you prefer flexibility. You can extend your lockup every two weeks or choose a longer period based on your strategy. The bonus you receive from locking up your coins depends on the duration, percentage of your balance, and the number of mining sessions you’ve completed. You can simulate a new on-chain lockup within the Pi Browser to see its impact on your mining rate.
If you have any questions about the new on-chain lockup, feel free to leave a comment or join the community on Discord using the link in the video description. Don’t forget to like, subscribe, and enable notifications to stay updated with future videos. Share this video with your friends to keep them informed about the latest changes in Pi Network.
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Thanks for watching, and see you in the next video!
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