Mainnet 2.0: Is Pi Network About to Rewrite History or Just a "Disaster Exit Trap"?

In the crypto world, which is inherently volatile, there are projects that attract attention not only due to technology but also because of community strength and the ability to spread. Pi Network is a typical example. After many years of patiently waiting, millions of "pioneers" around the globe are once again excited about the prospect of the second mainnet potentially being activated as early as 2025. Interestingly, everything started from what seemed to be a very ordinary statement from a community coordinator: "Perhaps it's time to open a new phase, addressing what remains unfinished." That short sentence was enough to spark a wave of discussions, igniting hope – and simultaneously sowing additional doubts – in the hearts of millions who are mining and following the journey of Pi. The History Is Not Closed: The First Mainnet and Its Gaps The first migration of Pi — lasting several years — has brought millions of accounts from the closed test network to the mainnet. This is regarded as a historical turning point, as Pi officially moves out of the "mobile mining app" phase to enter the actual blockchain orbit. However, not all users are able to enjoy the fruits of their labor. There is still a large number of accounts stuck in a "hanging" state, specifically: The referral rewards have not been disbursed. The KYC pending account has not been verified yet. The delayed balance cannot be transferred to the main wallet. These gaps not only create technical delays but also nurture a sense of skepticism within the community. This is also why the prospect of a second mainnet has become a hot topic of discussion: can Pi truly "lock away" the past this time and fully deliver on the promises made since the beginning? Why is the second Mainnet so important? If the first mainnet is seen as a starting point — laying the foundation for Pi to enter the crypto world — then the second mainnet could become a milestone affirming the true value of the project. Unlocking the 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 previously silent pioneers may return, contributing to the revival of the ecosystem's heat. Increasing liquidity: As more wallets become active and more tokens are circulating, the Pi economy will escape the "frozen" state and move closer to the natural dynamics of a real market. Promoting real-world adoption: Instead of merely viewing Pi as a soulless number on a phone screen, users will have a strong motivation to engage in applications, transactions, or experiment with 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 the digital life. However, any great opportunity comes with significant challenges. The supply issue, market pressure, and community trust are still waiting for Pi to provide convincing answers. Hidden Risks: When the "Token Flood" Can Drown the Market The crypto market has witnessed many "token floods" flooding into circulation and causing values to collapse in the blink of an eye. With the current trading level of Pi hovering around 0.3–0.4 USD, any supply shock is enough to throw the market into a state of panic. If the locked token supply is released en masse, there is a high possibility that a sell-off effect will occur, as users withdraw simultaneously to take profits or reduce risks. More dangerously, if Pi fails to build real utility pillars to retain users, this currency may be perceived merely as a "worthless bonus gift" rather than an asset with growth potential. Therefore, analysts emphasize that to avoid the scenario of a "bubble deflating early", Pi needs a cautious roadmap. Instead of releasing the entire supply, the project should implement a controlled phased unlocking mechanism while focusing on expanding the application ecosystem. Only when users have sufficient reasons to hold and use Pi can this currency maintain sustainable value against market pressures.

Overcoming FOMO Waves: The Future Lies in Utility What makes a blockchain have lasting vitality is not how many tokens are in circulation, 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 have realized this and is gradually expanding the utility platform: Pi Hackathon 2025: a global competition open to the programming community. Just a small but useful application — such as a payment dApp or a service linked to digital life — is enough for thousands of people to feel that "Pi is really usable," rather than just a number on their phone screens. The ambition of tokenizing real-world assets (RWA): When Stellar, Pi's important infrastructure partner, officially joins the ERC-3643 Association for managed digital assets, the door to the RWA market is wide open. If this opportunity is seized, Pi can transcend the image of a "community coin" to become a bridge between the digital economy and real assets — a direction that aligns with global trends and has the potential to elevate the project. From a long-term perspective, this is the key that helps Pi escape the ongoing debates about its value, allowing it to rise as a blockchain with a real foothold in the crypto world. Community: Between Expectations and Skepticism The community picture of Pi at this moment is painted in two distinctly contrasting colors: The optimistic faction believes that the second mainnet will be the "explosion" that brings Pi back into the spotlight, unlocking the promises from day one and turning the enduring faith of millions of pioneers into reality. The cautious faction, however, remains reserved, as there has been no official confirmation. They are concerned that the supply release could turn hope into pressure and drag the project into a vortex of harsh challenges. Amid two opposing viewpoints, the small moves from the Pi team — such as encouraging users to enable two-factor authentication (2FA) to enhance security — further lead the community to speculate: could a major plan be quietly in preparation? If the mainnet actually takes place for the second time in 2025, it will not just be a mere technical update. It could become the true measure of the value of Pi Network: Or 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 severe test, revealing whether the Pi ecosystem has the strength to bear the enormous expectations that the community has placed upon it. No matter what scenario unfolds, one thing is undeniable: Pi Network is still continuing its journey — slowly, amidst much controversy, but has never ceased to attract the attention of the crypto world. And who knows, this very year 2025 may become the decisive chapter, where the story "from smartphone to global blockchain" is further written with a historic milestone.