The Pi Network recently introduced a two-factor authentication (2FA) feature to enhance the security of its wallets and facilitate the migration process for pioneers. This move aims to address security concerns and streamline the transition of Pi Coins to the mainnet. Pioneers can now enable 2FA using a trusted email address, ensuring better security and a smoother migration process. Those within the 14-day pending period can complete their migration with 2FA; otherwise, their mined Pi Coins will be returned to the mining app.

However, the update comes amid growing frustration among Pi Network users, with many complaining about migration issues. Some pioneers have reported losing Pi Coins to unknown addresses, raising concerns about the efficiency of the migration process. While the 2FA feature could help resolve these issues, its effectiveness in restoring lost funds remains uncertain.

The Pi Coin is currently trading at $1.13, experiencing extreme volatility. The market cap has plummeted from $12 billion to $7.8 billion, pushing Pi Coin to the 16th position in the rankings. Despite these losses, the 24-hour trading volume has increased by 30%, suggesting ongoing market activity. The token has faced a 33% decline over the past month and a 24% drop in the last week alone.

Pi Coin’s price has significantly fallen from its all-time high of $2.99 in February. Multiple factors, including Bybit CEO Ben Zhou’s allegations and migration-related issues, have contributed to this decline. However, the Pi Network team remains committed to improving security features for its users, which could help stabilize the market.

The introduction of 2FA might prove to be a crucial step in securing user accounts and completing migrations successfully. If pioneers can retrieve their mined Pi Coins and finalize migration without issues, the Pi Coin may have the potential to regain momentum and see a price rally in the near future.