Pi Network’s Mainnet Goes Live After Six Years of Development


TLDR

  • Pi Network launched its Open Mainnet on February 20, 2025, enabling users to conduct transactions outside its ecosystem after 6 years of development
  • The Pi (PI) token initially surged 45% to $2.10 before crashing over 52% to $1.01, with trading volume increasing by 1,700%
  • The project has faced regulatory challenges and skepticism, with some authorities labeling it a scam in 2023, though it received 85% community support in a Binance listing vote
  • Major exchanges including OKX, MEXC, and Gate.io have confirmed PI listings, with Bitget offering futures trading
  • With a total supply of 9.7 billion tokens out of 100 billion maximum, concerns exist about potential price pressure from future token releases

Pi Network, the mobile-based cryptocurrency mining project, launched its Open Mainnet on February 20, 2025, marking a major transition after six years of development. The launch enables users to conduct transactions beyond the Pi ecosystem and interact with external networks on the Mainnet blockchain.

The project, which began in 2019, allows users to mine cryptocurrency through a mobile app without requiring energy-intensive hardware. This approach has attracted tens of millions of users who see it as an accessible alternative to traditional cryptocurrency mining methods.

The launch day saw immediate market activity, with the Pi token (PI) experiencing sharp price movements. Within the first hour of trading, the price jumped 45% to reach $2.10. Trading volume surged by more than 1,700% as investors rushed to participate in the market.

However, the initial enthusiasm proved short-lived. The price dropped by 52% within hours, falling to $1.01. This decline reduced the token’s market capitalization to $7.02 billion. The current circulating supply stands at 9.7 billion tokens, while the maximum supply is set at 100 billion.

The token distribution structure allocates 65% of the total supply to miners, 10% to ecosystem growth, 5% to the liquidity pool, and 20% to the Pi Core Team. This distribution plan has raised questions about potential future price pressure as more tokens enter circulation.

Trading Goes Live

Several major cryptocurrency exchanges have embraced the Pi Network launch. OKX and Gate.io have opened spot trading for PI tokens. Bitget has introduced futures trading options, allowing users to trade with up to 10x leverage. MEXC has also confirmed its support for PI trading.

Binance, one of the largest cryptocurrency exchanges, conducted a community vote regarding a potential PI listing. The vote resulted in 85% support for listing the token, though final confirmation is pending.

The Core Team announced the launch through their official social media channels, emphasizing the network’s readiness with “millions of KYC-verified Pioneers and a thriving utilities-driven ecosystem.” Users can now access the network and cryptocurrency directly through the platform.

The launch has affected related markets, with the Pi IOU token experiencing a 97% decline in value over 24 hours, according to CoinMarketCap data. This drop reflects the transition from speculative pre-launch trading to actual market activity.

The project’s path to launch has not been without challenges. In 2023, some legal authorities labeled the project a scam, creating regulatory concerns. These issues have influenced some exchanges’ decisions regarding listing the token.

Early user reports indicate successful token transfers within the mining app, confirming the operational status of the new network. The ability to move tokens marks a key milestone in the project’s development.

The launch enables integration with decentralized applications and opens possibilities for broader real-world use cases. The Core Team has emphasized this as a crucial step toward expanding the token’s utility beyond its original ecosystem.

Trading volume has increased across multiple platforms as users begin to convert their mined tokens into other cryptocurrencies or fiat currency. This activity has contributed to the price volatility observed during the initial trading period.

The Omnichain liquidity platform has joined other exchanges in supporting PI trading, adding to the growing list of available trading venues for the token.

Users who completed the Know-Your-Customer (KYC) verification process can now participate in the open network, though this requirement has sparked debate within the community.