- Pi Network may conduct a second migration in 2025, targeting stuck referral bonuses and delayed KYC balances.
- Analysts warn that an early mass release of tokens could spark heavy selling and weaken Pi’s long-term stability.
- Pi is pushing utility growth through the 2025 Hackathon and potential entry into tokenized real-world asset markets.
The Pi Network community is buzzing again, this time over the possibility of a second migration to mainnet in 2025. A moderator’s casual remark sparked the discussion, hinting that this next phase could finally address long-standing issues with referral bonuses and delayed balances. For a project that’s always had equal parts hype and frustration, the suggestion landed like fuel on a smoldering fire.
The first migration, which has been dragging on for years, moved verified users and balances from the enclosed testnet into Pi’s mainnet environment. That was step one — establishing the rails. But many accounts, especially those with referral mining rewards or delayed KYC verification, still remain stuck in limbo. The proposed second migration would aim to clear that backlog, giving users full access to their tokens and potentially unlocking more liquidity across the ecosystem.
Why a Second Migration Might Matter
At its core, this isn’t just about fixing migration leftovers. A second wave could mean far more participation, more active wallets, and more liquidity sloshing through the Pi economy. Those referral bonuses — which many users have been waiting on — represent a sizeable chunk of untapped supply. Unlocking them might boost adoption, but it also raises the age-old crypto dilemma: supply versus price.
Analysts have already waved some caution flags. With Pi currently trading around $0.30–$0.40, dumping too many tokens into circulation at once could spook the market. If everyone rushes to sell, the price could crater before the network really finds its footing. That’s why some argue Pi should take its time, release supply in controlled stages, and protect the token from an early collapse.
Building Utility Beyond Migration
Speculation aside, the Pi Core Team is clearly trying to broaden the project’s scope. One of its latest moves is the Pi Hackathon 2025, an open call for developers to build dApps directly on the network. More applications mean more reasons for people to hold and use Pi, and not just treat it as a mined asset collecting dust.
There’s also a bigger, more ambitious angle: tokenization. With Stellar — a close infrastructure partner — recently joining the ERC-3643 Association for tokenized real-world assets, Pi could eventually tap into regulated RWA markets. If that happens, Pi shifts from being just another community coin to something that can play in the same sandbox as institutional-grade blockchain projects.
Community Buzz and Caution
The community reaction has been split. Many pioneers are excited by the prospect of a fresh migration that finally delivers those long-promised referral rewards. Others remain skeptical, pointing to the lack of official confirmation and the risks of releasing too much supply. Still, Pi’s gentle nudges toward security — such as encouraging two-factor authentication — only fuel speculation that something bigger is being lined up behind the curtain.
What’s clear is that Pi is still growing, slowly but steadily. With millions of users worldwide, hackathons underway, and whispers of a second migration, the network is shaping itself for a bigger role in the crypto space. If 2025 does bring a second migration, it could mark a turning point — either unlocking real adoption momentum or testing whether Pi’s ecosystem can handle the weight of its promises.
