The Pi Network has finally released its long-awaited Mainnet Migration Roadmap.
The migration strategy has been made publicly available, but there are no firm dates in sight as of yet.
Another major concern among pioneers is the mismatch between expected Pi balances and what is currently displayed on the app.
A failure of Pi to break above the $0.66 resistance level could lead to a fall-back towards support levels around $0.54 or even $0.40.
The Pi Network, which has managed to amass tens of millions in user base, has finally released its long-awaited Mainnet Migration Roadmap.
While this announcement stands as a major milestone in the growth of the project as a whole, it has also raised more questions than it answered.
The biggest among these is: When will this all happen?
The migration strategy has been made publicly available, but there are no firm dates in sight as of yet.
As it stands, the Pi community, also known as “pioneers,” finds itself stuck between being optimistic and being frustrated.
Here are the details of this ongoing confusion.
According to the Pi network announcement, the roadmap is divided into three major parts.
The first is the initial migration, which will cover the balances earned from mining, the bonuses from security circles, lockup rewards, activity-based incentives, and selected node rewards.
The Pi network migration roadmap | Source: Twitter
The second phase will see users who referred others receive bonuses, only if both parties have completed KYC (Know Your Customer) verification.
This step is expected to begin once the ongoing Kin Drive migration queue is complete.
Finally, the last phase will see periodic migrations on a rolling basis, either monthly or quarterly.
However, the frustrating thing about the above is that while the roadmap seems well organized, there are no actual calendar dates attached to them.
Pioneers have waited for years to see their mining efforts pay off, and are now being forced to wait longer with no idea of how long the wait might be.
Another major concern among pioneers is the mismatch between expected Pi balances and what is currently displayed on the app.
For example, the app’s "Transferable Balance" section often shows less than users believe they have earned.
According to the official Pi network, this “glitch” was intentional, in a bid to reduce system load.
However, this explanation has done very little to calm users, because the differences in balances appear more like cut-down balances than system optimization.
This is especially true when there are currently no processes for disputing errors or reviewing balance calculations.
Pioneers expect more from a project that has spent more than six years in development, and grow uneasy by the second.
Despite the release of the roadmap, investor fears were reflected in the performance of the Pi network token.
The cryptocurrency initially saw a price boost of around 4% and technical indicators showed signs of recovery.
For example, the RSI climbed from being oversold around 32.34 to 53.77, which shows that the outlook is neutral to bullish.
However, the price of the cryptocurrency remains in a downtrend, as shown by the falling channel below:
Falling channel on Pi network token | Source: TradingView
As it stands, a failure of Pi to break above the $0.66 resistance level could lead to a fall-back towards support levels around $0.54 or even $0.40.
Until a clear breakout emerges, technical indicators show that caution is advised.
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