#PI# Below is the latest comprehensive analysis of Pi Network as of the end of July 2025, integrating key areas such as technological progress, market performance, ecological development, and regulatory trends:

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### ⚙️ **1. Technical Progress and Mainnet Migration**
1. **Node Upgrade and Security Enhancement**
- **Pi Node v0.5.3** has been deployed, optimizing the blockchain browser functionality and simplifying the node installation process, supporting automatic progressive updates.
- **Mandatory Security Measures**: The core team requires users to complete KYC and wallet two-factor authentication (2FA), emphasizing that this is a prerequisite for migrating to the mainnet to prevent asset theft risks. Community opinion leader Dr. Altcoin further calls for the addition of biometric and other multi-factor authentication (MFA) to enhance security.

2. **Expansion of Mainnet Migration Scale**
- A total of over **3 million users** have completed the mainnet migration, with a peak daily migration of 16.8 million PI in July (approximately 7.9 million USD).
- The wallet has added **"Binance Connect" and "Binance P2P" features**, sparking market speculation about coin listings on Binance.

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### 📉 **2. Market Performance and Token Economics**
1. **Price Pressure and Unlock Impact**
- **Current Price**: $0.427 (July 30), down 28% this month, hitting a six-month low.
- **Main Reason for Selling Pressure**：
- **Large-scale Unlocking**: On July 15, 337 million PI were unlocked in a single day, causing the price to drop 25% that day; on July 28, an additional 10.8 million were unlocked, and over 600 million more will be released from August to December.
- **High Exchange Reserves**: CEX stock reaches 370 million PI, intensifying market concerns.

2. **Technical Indicator Divergence**
- **Support Level**: $0.40 (double bottom structure), if it breaks below or tests $0.35; **Resistance Level**: $0.47.
- **Rebound Signal**: The MACD currently shows a bullish divergence, and the RSI is close to the oversold zone (35.63). If it holds above $0.40 in the short term, it may rebound to $0.51.

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### 🌐 **3. Ecological Expansion and Application Landing**
1. **Breakthroughs in Business and Payment Scenarios**
- **Merchant Access**: Over **27,000 merchants** worldwide (primarily in Asia, Latin America, and Africa) accept PI payments, promoting practical applications.
- **Fiat Channel Activated**: The wallet integrates Banxa and Onramper, supporting direct purchases of PI with credit cards/Apple Pay, lowering the deposit threshold.

2. **Developer Ecosystem Development**
- **Pi App Studio Launch**: An AI-driven no-code dApp development platform that supports application creation using natural language commands.
- **Staking Ranking Mechanism**: Users can enhance the exposure of ecological applications and promote decentralized governance by staking PI.

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### 💱 **4. Exchange Dynamics and Binance Listing Expectations**
1. **Swapfone Compliance Listing**
- The regulated American exchange **Swapfone** officially launches the PI/USDS trading pair, becoming the first compliant platform in the United States.
- Launching **Airdrop Event** simultaneously: Distributing 200 PI to 10 users to incentivize early miners.

2. **Binance Listing Barriers and Progress**
- **Three Major Obstacles**: Code not fully open-sourced, lack of third-party audit reports, and core team control of nodes raises concerns about centralization.
- **Positive Signals**: The wallet features an embedded "Binance Connect" option, completing migration with over **13 million wallets**, and the community anticipates the listing is imminent. Analysts predict: if successful in listing, the price may short-term surge to $1.20–$1.50.

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### ⚠️ **Five, Safety and Compliance Risk Reminder**
1. **KYC Privacy Controversy**
- Users must submit their ID card/passport to complete KYC before engaging in P2P trading, raising concerns about personal information leakage.
2. **Mainnet Delay Doubts**
- The mainnet, originally scheduled to launch in 2021, has been delayed multiple times, leading some in the community to question the project's credibility.

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### 💎 **Summary: Comparison of Core Progress and Challenges**
| **Field** | **Progress** | **Risk** |
|------------------|----------------------------------------|----------------------------------------|
| **Technical Infrastructure** | Node upgrades, AI development tools implemented | No clear timetable for the full opening of the mainnet |
| **Market Confidence** | Binance associated features, Swapfone compliant listing | Unlocking selling pressure continues until the end of the year, price under pressure |
| **Ecological Applications** | 27,000 merchants connected, fiat payment channels opened | Actual transaction demand has not yet been scaled |
| **Community Size** | 65 million users, 4.34 million X fans (third in the world) | KYC privacy and centralized governance concerns |

**Key Short-term Observations**:
- **Price Defense Line**: $0.40 Is the double bottom support solid;
- **Binance Dynamics**: If the team resolves the open-source and audit issues, it may become a price turning point;
- **Ecosystem Locking Capability**: The staking mechanism and whether the dApp can absorb unlocked tokens.