In the constantly fluctuating world of cryptocurrency, there are projects that attract attention not only for their technology but also for the strength of the community and virality. Pi Network is a prime example. After years of patient waiting, millions of 'pioneers' around the globe are once again excited about the prospects of activating the second mainnet as early as 2025.
Interestingly, it all started from what seemed to be a very ordinary statement from a community coordinator: 'Maybe it's time to open a new phase, addressing the unfinished.' Just that brief statement was enough to spark a wave of discussion, igniting hope — while also sowing further doubt — in the hearts of millions who are mining and following the journey of Pi.
The Story is Not Over: The First Mainnet and the Gaps
The first relocation of Pi — lasting several years — has moved millions of accounts from the closed test network to the mainnet. This is seen as a historical turning point as Pi officially leaves the 'mobile mining application' phase to enter the trajectory of a real blockchain.
However, not all users will benefit from the results. There remains a large number of accounts stuck in a 'suspended' state, specifically:
Referral rewards have not been paid out.
Accounts awaiting KYC verification.
Delayed balances cannot be transferred to the main wallet.
These gaps not only create technical delays but also foster a 'half-believing half-skeptical' mentality in the community. That's also why the prospect of the second mainnet becomes a hot topic: can Pi truly 'close the book' on the past and fully meet the promises from the beginning this time?
Why is the Second Mainnet So Important?
If the first mainnet is seen as a beginning — paving the way for Pi to enter the blockchain world — then the second mainnet could become the timeline marker confirming the true value of the project.
Releasing the stuck supply: A series of referral rewards, which account for a significant portion of the total supply, if paid out, will bring a 're-entry wave' to the community. Many silent pioneers may return, contributing to the revival of ecological temperature.
Enhancing liquidity: As more active wallets and tokens enter circulation, the Pi economy will escape the 'frozen' state and move closer to the natural movement of a real market.
Promoting real-world applications: Instead of merely seeing Pi as a lifeless number on a phone screen, users will have a strong motivation to engage in applications, transactions, or test new utilities. This is the key to proving that Pi is not just a community idea, but also a currency that can function in the digital life.
However, every great opportunity comes with significant challenges. Issues of supply, market pressure, and community trust are still waiting for Pi to respond convincingly.
Hidden Risks: When 'Token Flood' Could Drown the Market
The cryptocurrency market has witnessed many 'token floods' entering circulation and causing price drops in an instant. With Pi's current trading level at only around 0.3–0.4 USD, any supply shock is enough to push the market into a state of panic.
If the stuck tokens are released in bulk, there is a high likelihood of a sell-off impact, as users simultaneously withdraw funds for profit or to reduce risk.
More dangerously, if Pi does not build real utility pillars in a timely manner to retain users, this currency may only be seen as a 'worthless bonus gift', rather than an asset with growth potential.
Therefore, analysts emphasize: to avoid the 'burst bubble risk' scenario, Pi needs a careful roadmap. Instead of releasing the entire supply, the project should adopt a phased unlocking mechanism, controlling, and focusing on expanding the application ecosystem. Only when users have sufficient reason to hold and use Pi can this currency maintain sustainable value against market pressures.
PI 1-day price chart | Source: TradingView
Overcoming FOMO Waves: The Future Lies in Utility
What makes a blockchain endure is not how many tokens are circulating, but what real users can do with them. A currency only has value when it is used, not when it just sits idle in a wallet.
The Pi development team seems to understand this and is gradually expanding the utility platform:
Pi 2025 Challenge: a global competition open to the development community. Just a small but useful application — like a payment app or a service related to digital life — is enough for thousands to feel 'Pi is really usable', rather than just a number on the phone screen.
Aspirations for tokenizing real assets (RWA): When Stellar, a key infrastructure partner of Pi, officially joins the ERC-3643 Association for regulated digital assets, the door to the RWA market expands. If this opportunity is leveraged, Pi could elevate beyond the image of a 'community coin' to become a bridge between the digital economy and real assets — a direction aligned with global trends and capable of elevating the project.
From a long-term perspective, this is the key to helping Pi escape the ongoing debate about value and rise as a solid blockchain in the Web3 world.
Community: Between Hope and Skepticism
The picture of the Pi community at this moment is painted with two contrasting colors:
Optimists believe that the second mainnet will be the 'breakthrough' that brings Pi back into the limelight, unlocking the promises of the beginning, and turning the persistent faith of millions of pioneers into reality.
Cautious individuals maintain their stance due to the lack of official confirmation. They worry that releasing the supply could turn hope into pressure and drag the project into a vortex of fierce challenges.
Between two contrasting viewpoints, small steps from the Pi team — such as encouraging users to activate two-factor authentication (2FA) for enhanced security — continue to raise questions in the community: is a grand plan being secretly prepared?
If the second mainnet truly occurs in 2025, it will not just be a simple technical update. It could become a measure of the real value of Pi Network:
Or it could usher in a new era where Pi transcends its role as a community symbol to become a currency with specific and sustainable applications.
Or it could become a harsh test, revealing whether the Pi ecosystem is strong enough to withstand the great expectations that the community has placed upon it.
No matter how things unfold, one thing is undeniable: Pi Network continues its journey — slowly, with much controversy, but never ceasing to attract the attention of the cryptocurrency world. And who knows, 2025 may become a decisive new chapter, where the story 'from smartphone to global blockchain' continues with a historical milestone.
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