Dear Pi Pioneers,
On 11 December 2021, Pi Network announced that its MainNet is under preparation, and will be ready by the end of 2021.
Pi Network also allowed its miners to preview an important lockup function. (Please refer to below picture)
In my opinion, the lockup function serves 3 purposes:
Anti-dumping mechanism
Wealth growing mechanism
To spur the growth of the Pi community, for Pi's ambition is certainly far greater than having only 30 million miners. Pi seeks to be the "first digital currency for everyday people, representing a major step forward in the adoption of cryptocurrency worldwide." To achieve global use of utility apps on an extensive scale requires the Pi community to grow much bigger than 30 million. Therefore, 30 million at MainNet launch is just the start.
Further explanation of how the locking function works:
It will only boost the mining rate of your referrals who are KYCed. For example, if 50% of your referrals are KYCed during the launch of MainNet, the mining rate boost will only apply to those referrals.
As more miners get KYCed after the MainNet transfer, and your Pi is transferred to the MainNet accordingly, you can adjust the lockup amount and duration for the batches of Pi that are subsequently transferred to the MainNet.
Whatever lockup amount and duration you choose for each batch of Pi cannot be changed after every transfer to the MainNet.