According to Pi Network, over 119,000 Pioneers have completed the second migration, transferring their additional balances and referral mining bonuses.
The milestone arrives shortly after Pi Network started gradually rolling out the second migration to Mainnet from Pi Day 2026. The team noted that this opens up a path for users to migrate more Pi to the Mainnet and deepen their participation in the network’s ecosystem.
“Second migrations required extensive technical preparations due to the complexity in computing referral bonuses, which incorporate Referral Team members’ KYC statuses and vary per mining session for each individual,” the blog read.
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Meanwhile, the second migration rollout coincides with broader ecosystem developments. Pi Launchpad is now live on Testnet. Pi App Studio applications also gained Mainnet functionality on Pi Day 2026.
However, migrations also have supply implications. When Pi balances undergo a second migration, it opens the door for ecosystem use or potential trading. This may gradually add to the circulating Pi supply.
On-chain data shows PI holdings on centralized exchanges have climbed steadily. Exchange reserves reached 472 million PI in March, setting a new all-time high. That figure represents a 79.5% rise from 263 million PI in March 2025.
Rising exchange reserves typically signal that holders are moving tokens onto trading platforms to sell. When the supply on exchanges grows faster than buyer demand, it puts downward pressure on prices.
This comes as PI continues to face market volatility. The altcoin currently trades near $0.18, down roughly 94% from its all-time high of $2.99 set in February 2025.
With token unlocks continuing and second migrations adding to the supply, the gap between new PI entering circulation and organic buying demand remains the key factor for price direction.
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