The announcement of a voluntary token lockup program by Pi Network has sparked heated discussions in the crypto community.
Token Lockup Program and Its Implications
On August 2, Pi Network officially announced the introduction of a feature allowing users to voluntarily lock their tokens in exchange for mining bonuses of up to 200%. The program applies at two levels: prior to migration to the mainnet via the main app or post-migration via the Pi Wallet, with bonuses applied directly to on-chain tokens. The choice of lockup is irreversible, and tokens will remain locked for the defined period.
Community Criticism and Dissatisfaction
Many users actively criticize this initiative, viewing it as poorly designed. The community points out a lack of liquidity and real utility for the token, rendering the lockup program irrelevant. The announcement coincided with a 90% drop in the token's price since February and an additional 11% decline over the weekend.
Technical Delays and Their Impact on the Project
Criticism extends beyond the lockup program to broader technical issues within the project. The community is expressing concerns over a lack of transparency and migration delays that have lasted more than a year. This creates an atmosphere of frustration and mistrust, especially among those unable to utilize new features due to locked tokens.
Pi Network has faced substantial criticism over its new token lockup program, while technical challenges and the absence of a clear roadmap compound the situation.
