Gate News reports that the Pi Network ecosystem is entering a critical phase of advancement. Official data shows that over 119,000 users have completed the second migration, transferring additional balances and referral rewards to the mainnet, marking a significant milestone in the project’s new round of mainnet expansion following Pi Day 2026.
This migration involves a complex reward calculation mechanism. The team stated that referral rewards need to be calculated individually based on members’ KYC status and historical mining records, resulting in a high level of technical difficulty. As the migration gradually takes place, more Pi will enter the mainnet circulation system, and user activity within the ecosystem is expected to increase. Meanwhile, Pi Launchpad has launched its testnet, and Pi App Studio has opened some features on the mainnet, continuously improving the ecosystem infrastructure.
However, changes on the supply side are reshaping market structure. On-chain data indicates that the number of PI held by trading platforms has been steadily rising, reaching approximately 472 million by March 2026, an increase of nearly 79.5% compared to the same period in 2025. This trend typically means that holders are more inclined to move assets into market circulation, which could increase potential selling pressure.
In terms of price performance, PI is currently hovering around $0.18, having retreated approximately 94% from its peak of around $2.99 in February 2025. Against the backdrop of continuous token unlocking and migration releasing supply, the market is more focused on the matching degree between the new circulation volume and actual demand.
In the short term, the push for the second migration and the increase in exchange reserves are forming a tug-of-war, which on one hand boosts ecosystem activity, while on the other hand puts pressure on prices. The subsequent trend will depend on the speed of application rollout and whether real usage demand can effectively absorb the new supply.
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