Pi Network administrators hint at a possible second Mainnet migration in 2025! Focus on undistributed referral rewards and new KYC balance, analysts warn of sell pressure risk | Latest PI news

Recently, the Pi Network community administrators hinted that a second Mainnet Migration might take place in 2025, primarily targeting the un-migrated rewards from referral mining and the balances of newly KYC verified users. This news has sparked heated discussions in the community and is seen as a potential solution to long-standing backlog issues. However, analysts warn that during the current consolidation period of Pi coin prices (ranging from $0.3 to $0.4), releasing tokens too quickly could trigger significant dumping pressure. Meanwhile, the team is promoting dual verification and hackathon development to pave the way for ecosystem expansion.

Administrator Release Signal: Second Migration on the Agenda

Woody Lightyear, a well-known influencer in the Pi community, disclosed on social media X that a Pi Network administrator has explicitly confirmed the possibility of a second Mainnet migration. This discussion stems from community members' concerns about the delayed transfer of referral rewards and the slow processing of unverified balances. The administrator responded that, although the first migration has lasted for several years, implementing a second migration this year (2025) is feasible. This move aims to encourage Pioneers to remain engaged and continue contributing to the development of the ecosystem.

Migration Targets and Potential Impacts

• Core target tokens: The secondary migration will focus on transferring tokens that have not been migrated previously, mainly consisting of two categories: a. Mining rewards obtained by users through referring new members (Referral Mining Bonuses) b. Recently completed KYC verification users' associated balance
• Ecological Significance: The "migration" of Pi Network refers to transferring user accounts and balances from the Enclosed Testnet to the Live Mainnet. This is a key step in unlocking the real utility of Pi coin, allowing it to be used in decentralized applications (dApp) and other services. The first migration laid the foundation, and the second migration is expected to significantly increase the number of active wallets and improve ecological liquidity.

Analyst Warning: Improper Timing May Trigger Selling Pressure

Despite the high expectations of the community, analysts are cautious about the rapid progress of the secondary migration:

• Core team concerns: The Pi core team is likely to be cautious about releasing all tokens too early.
• Price risk: The current price of Pi coin fluctuates between 0.3 and 0.4 USD. If a large number of tokens (especially long-term accumulated referral rewards) are released during this time, it may lead to a significant number of holders choosing to sell for cash, creating substantial downward pressure on the price and even damaging ecological confidence.

Evidence of Ecological Progress Supporting Migration Possibility

Recent developments in the Pi Network have provided support for speculation about a second migration:

1. Security Preparations: The core team has issued a reminder urging users to enable two-factor authentication (2FA) for their Pi wallet - this is a key step in the Mainnet migration checklist. While this action serves as a security measure, the timing has raised speculation regarding the large-scale migration plan.
2. Ecosystem Development: Launch the Pi Hackathon, inviting developers to build dApps for its ecosystem. This move aims to stimulate the real application demand of the ecosystem and lay the foundation for maintaining token demand after migration.
3. Regulatory Layout: Pi Network's close partner Stellar has joined the ERC-3643 Association to promote tokenized real-world assets (RWA). This move may pave the way for Pi's future participation in the regulated digital asset market, enhancing its long-term value support.

Conclusion

The secondary migration signal released by the Pi Network community directly addresses the long-standing issues of reward distribution for referrals and the unlocking of new KYC user balances, which, if realized, will significantly boost community activity and expand Mainnet participation. However, analysts' warnings regarding the timing of Token releases and market absorption capacity cannot be ignored—when the price of Pi coin is in a critical consolidation range, large-scale Token unlocks could disrupt the supply-demand balance and trigger a dumping wave. The core team needs to seek a delicate balance between addressing historical legacy issues and maintaining market stability. In the short term, the completion of dual authentication for wallets by users and the progress of developers in participating in the hackathon ecological construction will serve as important indicators for observing the likelihood of migration.