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Pi Coin Price Soars As Pi Network Reveals Massive Community Reward Plans – Crypto News

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Pi Coin Price Soars As Pi Network Reveals Massive Community Reward Plans.

Pi coin price went up considerably after a recent announcement outlining the project’s tokenomics and migration plan.

The news revealed that 65 billion Pi tokens have been held in reserve for community mining rewards. This fact accounts for the long-term token distribution strategy of Pi Network, an organization that has labored diligently to develop its ecosystem for more than six years.

Pi Coin Price Pumps Following Token Distribution Details

According to the latest data, the Pi coin price jumped close to 5.5% in the last 24 hours. The coin jumped from an all-time 24-hour low of $0.6098, reaching as high as $0.6599.

Pi had also been in a seven-day trading range of $0.594 to $0.774, and the latest news favored bullish price momentum. Of the 100 billion maximum token supply, 65% (65 billion tokens) is allocated specifically for community mining rewards. CoinGape has also released an analysis of how high Pi Coin can go if major banks start using it.

As per the announcement, the remaining supply is divided among foundation reserves (10 billion tokens or 10%), liquidity purposes (5 billion tokens or 5%), and the Core Team (20 billion tokens or 20%).

A distinctive feature of Pi’s tokenomics is that all allocations track the pace of community migrated mining rewards. This means that as verified community members migrate to the mainnet, tokens from other allocation categories become proportionally available.

The network explained that this structure “was intentionally designed to align the interests of all parties in the network to get as many Pioneers and as many Pi onto the Mainnet as possible.”

In practical terms, this means the effective total supply at any given time can be calculated by dividing the current migrated mining rewards on the blockchain by 65%.

Mainnet migration advances with phased approach

Pi Network has mentioned a structured roadmap for migrating its community of users to the mainnet blockchain. The network highlighted that it has already successfully migrated over 12 million people. They also described this as “an achievement of scalability in the industry.”

The migration process is proceeding in distinct phases based on network priorities. Currently, Pi Network is completing initial migrations for users in the queue. This include verified base mining rewards, Security Circle rewards, lockup rewards, utility apps usage rewards, and confirmed Node rewards.

Once this first migration phase is completed, the network will focus on second migrations that will also incorporate referral mining bonuses attributable to team members who have passed KYC verification.

In addition, the final stage will involve shifting to regular, periodic migrations that will include all bonuses and rewards. CoinGape has also delved into Pi Network price analysis on whether you should sell or hold your Pi Coins.

The post Pi Coin Price Soars As Pi Network Reveals Massive Community Reward Plans appeared first on CoinGape.

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