Pi Network Mainnet Migration Analysis: From Roadmap to Ecosystem Impact

Background and Core Objectives of the Mainnet Migration

Since its launch in 2019, Pi Network has attracted over 60 million users worldwide with its “mobile mining” model, aiming to build a low-energy, decentralized crypto-economic ecosystem. On February 20, 2025, its mainnet officially entered the Open Network phase, marking the realization of six years of community co-building. This migration involves the historical mining data of tens of millions of users and must balance anti-fraud verification, security, and inclusivity.

Core goals of the migration include:

• Data integrity: Precisely excluding fraudulent accounts to ensure fair reward distribution.

• Ecosystem expansion: Supporting cross-chain transactions through the open network to drive real-world Pi usage in payment, DeFi, and other applications.

• Compliance assurance: Verifying over 12 million users through the native KYC process to build trust for token circulation.

Phased Migration Strategy and Progress

Pi Network’s migration roadmap is divided into three priority-driven stages:

Phase 1: Initial Migration

The current focus is to complete base reward migration for verified users, including:

• Base mining rewards (contributions by verified users)

• Security circle rewards (contributions from trust networks)

• Lock-up rewards (incentives for long-term holders)

• Node rewards (income for network-maintaining nodes)

As of April 2025, over 12 million users have completed initial migration, covering the majority of the 19 million KYC-verified users worldwide.

Phase 2: Referral Reward Migration

After the initial queue, the network will begin referral reward migration. This phase only includes rewards for KYC-verified team members and aims to incentivize early promoters. The mechanism must guard against fake referrals, possibly relying on dynamic verification algorithms and manual review.

Phase 3: Normalized Migration

Future migrations will be carried out monthly or quarterly to process remaining rewards and dynamically adjust distribution ratios. This helps alleviate server load while leaving a buffer for application development.

Tokenomics and Supply Mechanism

Total Supply and Distribution

• Total supply: 100 billion Pi tokens

• Distribution breakdown:

  • Community mining rewards (65%): 65 billion

  • Core team (20%): 20 billion, locked for 12 months

  • Foundation reserve (10%): 10 billion

  • Liquidity pool (5%): 5 billion

Circulating Supply and Dynamic Adjustment

The current circulating supply is approximately 1.66 billion tokens, dynamically adjusted using the formula “Effective Total Supply = Mainnet Migration Rewards ÷ 65%.” This mechanism ensures synchronized release of other allocations (such as team and foundation) with community rewards, preventing excessive market pressure.

Challenges and Community Controversies

Despite significant progress, Pi Network still faces multiple challenges:

1. Transparency Concerns

• The migration roadmap lacks specific timelines, making it hard for users to predict progress.

• Node reward distribution standards are vague, raising concerns among early contributors about equity dilution.

2. Technical Risks

• 90% of nodes still operate on Windows 10, which Microsoft plans to stop supporting in October 2025, potentially exposing security vulnerabilities.

• Migration relies on outdated devices, affecting network stability.

3. Market Pressure

• Approximately 7.8 million Pi tokens are unlocked daily and flow into exchanges, potentially leading to short-term price volatility.

• The fully diluted valuation (FDV) reaches $100 billion, requiring substantial ecosystem applications to support long-term value.

Future Ecosystem and Market Outlook

The launch of the Open Network brings new opportunities for Pi Network:

Application Scenario Expansion

• Payment Network: Over 27,000 merchants worldwide accept Pi payments, covering retail, cross-border remittance, and more.

• DeFi and Social: Over 100 mainnet applications are now live in the Pi ecosystem, such as the anonymous medical data platform “Pi Health.”

User Growth Strategy

• Campaigns: Launched the “10 Million KYC Campaign” to encourage users to invite new members.

• Developer Incentives: Improved the Pi Browser and PiNet toolchain to lower participation barriers for non-technical users.

Compliance and Globalization

• Regulatory Collaboration: The team is accelerating engagement with financial regulators to avoid regional bans.

• Exchange Listings: Pi tokens are now tradable on platforms like OKX and may be listed on more mainstream exchanges in the future.

How to Participate in the Pi Network Ecosystem

For ordinary users, migrating to the mainnet requires completing the following steps:

• KYC Verification: Submit ID, facial recognition, and proof of residence.

• Create Wallet: Generate a non-custodial wallet via the Pi Browser and back up the mnemonic phrase.

• Migration Application: Submit the mainnet checklist within the Pi App and wait for review.

Investors can trade Pi tokens on compliant platforms like JuCoin and track real-time market dynamics.