In the inherently volatile world of cryptocurrencies, there are projects that attract attention not only for their technology but also for their community power and spread. Pi Network is a typical example. After years of patiently waiting, millions of 'pioneers' around the world are once again excited by the prospect of the second mainnet being activated as early as 2025.
Interestingly, it all started with a seemingly very normal statement from a community coordinator: 'Perhaps it's time to open a new phase, resolving what's left unfinished.' Just that short sentence was enough to spark a wave of discussion, fueling hope – and simultaneously sowing more doubts – in the hearts of millions of people who are mining and following Pi's journey.
History Is Not Over: The First Mainnet and the Gaps
The first migration of Pi — lasting for many years — brought millions of accounts from the closed test network to the mainnet. This is considered a historical turning point when Pi officially left the 'mining application on the phone' stage to enter the real blockchain orbit.
However, not all users get to enjoy the results. There is still a large number of accounts stuck in a 'suspended' state, specifically:
Referral rewards have not been disbursed.
KYC pending accounts have not been confirmed.
Delayed balances cannot be transferred to the main wallet.
These gaps not only create technical delays but also foster a 'half-believing' mentality in the community. That is also why the prospect of the second mainnet becomes a hot topic of discussion: can Pi really 'close the books' on the past and fully answer the promises made from the beginning this time?
Why Is the Second Mainnet So Important?
If the first mainnet is seen as the beginning — laying the foundation for Pi to enter the blockchain world — then the second mainnet could become a milestone confirming the project's true value.
Releasing trapped supply: A series of referral rewards, which account for a significant proportion of the total supply, if disbursed, will bring the community a 'wave of re-entry'. Many silent pioneers may return, contributing to the revival of the ecosystem's heat.
Increasing liquidity: When more wallets are active and more tokens are put into circulation, the Pi economy will escape the 'freeze' state to move closer to the natural movement of a real market.
Promoting practical application: Instead of just looking at Pi as a soulless number on a phone screen, users will have a strong motivation to participate in applications, transactions, or try new utilities. This is the key for Pi to prove that it is not just a community idea, but a currency that can operate in digital life.
However, any big opportunity comes with no small challenges. The supply problem, market pressure, and community belief are still waiting for Pi to answer convincingly.
Potential Risks: When a 'Token Flood' Can Drown the Market
The cryptocurrency market has witnessed many 'token floods' pouring into circulation and causing value to collapse in an instant. With Pi's current trading level only around 0.3–0.4 USD, any supply shock is enough to plunge the market into a state of panic.
If the locked tokens are released massively, there is a high possibility of a sell-off effect, as users simultaneously withdraw to take profits or reduce risks.
More dangerously, if Pi does not build real utility pillars in time to retain users, this currency may be seen as just a 'worthless reward gift', instead of an asset with growth potential.
Therefore, analysts emphasize: to avoid the 'early bubble burst' scenario, Pi needs a cautious roadmap. Instead of releasing the entire supply, the project should apply a phased, controlled unlocking mechanism, while focusing on expanding the application ecosystem. Only when users have enough reasons to hold and use Pi can this currency maintain sustainable value in the face of market pressure.
Overcoming FOMO Waves: The Future Lies in Utility
What makes a blockchain long-lived is not how many tokens are in circulation, but what users can actually do with them. A currency is only valuable when it is used, not when it just sits in a wallet.
The Pi development team seems to have understood this and is gradually expanding the utility platform:
Pi Hackathon 2025: a global competition open to the developer community. Just a small but useful application — such as a payment dApp or a service related to digital life — is enough for thousands of people to feel 'Pi is really usable', instead of just a number on a phone screen.
Ambition to tokenize real-world assets (RWA): When Stellar, a key infrastructure partner of Pi, officially joins the ERC-3643 Association for managed digital assets, the door to the RWA market is wide open. If it seizes this opportunity, Pi can transcend the image of 'community coin' to become a bridge between the digital economy and real assets — a direction that is in line with global trends and capable of raising the project's level.
From a long-term perspective, this is the key to helping Pi escape the constant controversy about value and rise as a blockchain with a real foothold in the Web3 world.
Community: Between Expectation and Skepticism
The Pi community picture at this time is painted with two distinct opposite colors:
Optimists believe that the second mainnet will be a 'breakthrough' that brings Pi back into the light, unlocks the promises from the beginning, and turns the persistent belief of millions of pioneers into reality.
Cautious individuals maintain reserve because there has been no official confirmation. They are concerned that releasing the supply could turn hope into pressure and drag the project into a vortex of harsh challenges.
Between the two conflicting viewpoints, small moves from the Pi team — such as encouraging users to activate two-factor authentication (2FA) to enhance security — further lead the community to speculate: is a big plan being secretly prepared?
If the second mainnet actually takes place in 2025, it will not only be a simple technical update. It could become a measure of the true value of Pi Network:
Or opens a new era, where Pi transcends the role of a community symbol to become a currency with specific and sustainable applications.
Or becomes a harsh test, revealing whether the Pi ecosystem is strong enough to bear the huge expectations that the community has placed on its shoulders.
Whatever scenario occurs, one thing is undeniable: Pi Network is still continuing its journey — slowly, with much controversy, but never ceasing to attract the attention of the crypto world. And who knows, this year 2025 will become a defining chapter, where the story 'from smartphone to global blockchain' is continued with a historical milestone.
