Nicolas Kokkalis, co‑founder of Pi Network, watched the project post a migration update Thursday showing continued progress: about 50 million PI were transferred from a transit address to a mapping address and then distributed to Pioneer wallets.
The update described that transfer as the second migration phase in the current cycle and said the transaction took place at around 3 PM Beijing time. The network’s note stressed that the migration speed and destination were consistent with previous cycles, and that many user accounts currently hold relatively small balances while early contributors and users who accumulated participation rewards have larger allocations.
The numbers behind the move are already substantial. More than 10 billion PI tokens have been moved to the mainnet so far while about 6 billion PI remain locked. The update did not change those totals but showed the same controlled, phased pattern that has marked the distribution process to date.
Price action was muted after the announcement. Pi coin slipped 1.47% after testing its 200‑day moving average and was trading around $0.190 at the time of writing, having reached an intraday high of $0.198 earlier in the session.
Late April’s cadence has also mattered: fewer tokens were unlocked in that period, which market watchers say reduced immediate selling pressure. The migration update itself included a community advisory asking users to remain patient and to avoid spreading misinformation, language the team has used before when releases drew speculation.
The timing of the update comes with a busy calendar for the project. Pi Network completed its Protocol 22.1 mainnet upgrade on April 27, and Protocol 23 is expected on May 11. The supplementary material accompanying the migration note says Protocol 23 is expected to add smart contract capability to the chain. Pi Network is also scheduled to participate in Consensus 2026 in Miami from May 5 to May 7, and co‑founders Nicolas Kokkalis and Chengdiao Fan are expected to attend.
The friction in this story is straightforward. The distribution continues to move tokens into Pioneer accounts in measured chunks, but many of those accounts hold small balances and roughly 6 billion PI remain locked. That mix of small current holdings and a large locked supply leaves the market sensitive to the schedule and size of future unlocks even as the team presses forward with upgrades and public events.
The most consequential question now is plain: when and how quickly will the roughly 6 billion locked PI be released, and what effect will that timetable have on liquidity and price after Protocol 23 and the Consensus appearances? The migration update shows a steady technical process; it does not answer the schedule that will matter most to holders and traders.
