The Core Team behind Pi Network has introduced new updates, the third since the start of the year, that they claim will unlock 2.5 million users from completing the Mainnet migration.
In terms of price actions for the native token, though, the question now is whether these new developments help it recover from its consecutive all-time lows.
Millions Unblocked
The project has been criticized for years for its rather complicated and controversial approach to compliance and know-your-customer (KYC) procedures. At the end of the previous week, though, the team released a technical update that should allow millions of users (referred to as Pioneers) to complete the Mainnet migration.
They claimed the roughly 2.5 million users who were previously unable to migrate due to additional security and compliance checks will be unblocked now, particularly in certain regions. Eligible users who are actively mining and have completed the Mainnet Checklist will see their transferable balances automatically migrated.
The post further explains that migration and KYC unblocking occur in batches because different groups of Pioneers face various technical edge cases. Some come in the form of tentative KYC statuses, while others are more complicated, such as enhanced security checks or region-specific compliance requirements.
Each group requires a custom technical solution. Once that is deployed, the affected users will be unblocked, which the team said explains why progress may appear uneven despite ongoing migration efforts.
Separately, the Core Team promised that more than 700,000 additional users will soon be able to submit KYC applications, who were previously ineligible, while the system processes their accounts to ensure compliance and integrity at scale.
Once this update is live, the affected users are advised to check the Pi app and submit KYC. Earlier submissions will help position their accounts for subsequent migration steps.
Will PI Finally Recover?
Despite the growing number of network updates published by the team, the project’s native token continues to struggle. The broader market’s crash hit PI hard, as it charted another all-time low just hours ago at $0.1514 (CoinGecko data). Recall that PI traded above $0.20 just until a few weeks ago, but it’s now down by 94.8% from its all-time high marked less than a year ago.
The unlocking daily schedule also paints a painful picture for PI’s short-term future. The average daily number of coins to be released in the next month is close to seven million, which could intensify the immediate selling pressure. Several days stand out with the most such unlocks, with February 13 being the highest, almost 24 million.
Pi Token Unlocking Schedule. Source: PiScan
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