What Is Pi Coin Lockup?
Pi Coin lockup is a feature within the Pi Network that allows users to voluntarily lock a portion of their mined Pi tokens for a set period. The reason behind this is to stabilize the ecosystem and incentivize long-term commitment. By locking up your Pi coins, you can boost your mining rate and contribute to the network’s health.
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Why Are My Pi Coins Locked?
There are several reasons your Pi coins might be locked:
- User-Set Lock-Up Period: When migrating to the Mainnet, users can choose to lock their Pi for durations like 2 weeks, 6 months, 1 year, or 3 years. This choice directly affects the lockup period of your coins.
- Mainnet Transition: During the transition to the Mainnet, Pi Network implemented a locking mechanism to prevent mass selling and ensure network stability.
- Unverified KYC: If you or your referral group members haven’t completed the Know Your Customer (KYC) verification, your coins remain unverified and locked.
How Many Pi Coins Are Locked Up?
Credits: Nomi Tech/YouTube
As of December 2024, approximately 562 million Pi coins have been unlocked and are in circulation. However, a significant number of users have chosen to lock up their tokens for extended periods, with many opting for a three-year lock-up.
Related post: Pi Coin News: Pi Network Phone Number Verification Problem [Solved]
Why Is My Pi Locked Until 2027?
If your Pi is locked until 2027, it’s likely due to the lock-up duration you selected during the Mainnet migration. Many users chose longer lock-up periods to maximize their mining rewards. It’s estimated that by 2027, nearly 80% of locked Pi coins will be unlocked, potentially impacting the market dynamics.
Can I Sell Locked Pi Coins?
Currently, you cannot sell Pi coins that are locked. To sell your Pi, you must wait until the lock-up period ends and ensure that your account has completed the KYC verification process. Once these conditions are met, you can transfer your Pi to exchanges that support Pi trading.
Adjusting Pi Coin Lockup Settings
To adjust your Pi coin lockup settings:
- Open your Pi Network app and navigate to the “Mainnet Checklist.”
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- Select “Lockup Configuration.”
- Choose your desired lockup percentage and duration.
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- Confirm your settings.
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- Remember, adjusting your lockup settings can impact your mining rate and the availability of your Pi coins.
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If you don’t want to lock up the mined & verified pi coins automatically on the next migration, then simply disable this option. I have personally disabled the Pi coin lockup commitment since the mining rate is slow now, and the majority of mining I have done is enough for me. I do not wish to wait for another few years to use that mined cryptocurrency, as it will be small in number compared to what it was initially.
The crypto market is highly volatile and unpredictable. Technologies change super fast. A 3-year lockup period is enough for me to encash the time I have invested. But you can decide for yourselves. You can also check out what Redditors are saying.
If the article was helpful, consider sharing it with your Pi coin mining friends whose Pi coins are locked for 3 years. Subscribe to my newsletter and push notifications for FREE to stay updated with the latest tech news and gadgets. Thank you for reading this further.
FAQs – Frequently Asked Questions
Why are my Pi coins locked?
Your Pi coins are locked due to the lock-up duration you selected during the Mainnet migration, the ongoing Mainnet transition, or incomplete KYC verification.
What is the lockup rate in Pi?
The lockup rate refers to the percentage of your Pi coins that you’ve chosen to lock. Higher lockup rates can lead to increased mining rewards.
How many Pi coins are locked up?
As of December 2024, approximately 562 million Pi coins have been unlocked, with a significant number still locked due to user-selected lock-up periods.
Why is my Pi locked up until 2027?
Your Pi is locked until 2027 because you selected a three-year lock-up period during the Mainnet migration. This choice was likely made to maximize mining rewards.
Can I sell locked Pi coins?
No, you cannot sell Pi coins that are currently locked. You must wait until the lock-up period ends and ensure KYC verification is complete before selling.