Pi Network is a crypto project designed to make cryptocurrency mining accessible to everyone through mobile devices.
PI leverages a consensus mechanism called the Stellar Consensus Protocol (SCP), which allows users, also known as “Pioneers,” to mine and earn PI coins daily—just as easily as opening a mobile app.
It’s unlike Bitcoin, which requires expensive and energy-intensive mining hardware to mine crypto.
This model has allowed Pi Network to onboard over 100 million registered users globally since launching on Pi Day (March 14, 2019).
Pi Network history
Stanford graduates founded Pi Network with a mission to decentralize digital currency mining. In 2019, it launched a beta version, where users could mine PI by logging into an app daily.
Here’s how the Pi Network evolved:
- Beta Phase (2019): Focused on building a user base.
- Testnet Phase (2020): Allowed developers to test blockchain stability.
- Enclosed Mainnet (2021—present): Transactions were restricted to Pi’s ecosystem while users completed Know Your Customer (KYC) verification.
- Open Mainnet (February 20, 2025): The network will allow external transfers and trading on exchanges
Currently, Pi Network is managed by a core team that oversees its development and ensures compliance with regulations.
Why is PI so popular?
Distributed across over 200 countries, Pi Network has more than 65 million actively engaged users. Its popularity stems from its accessibility and the hype surrounding its future value.
Here’s why people are drawn to it:
- Pi Network allows users to “mine” coins with a simple tap on a mobile app.
- It is free to join. Many people see it as a low-risk way to accumulate cryptocurrency, making it appealing, especially in developing countries where access to traditional crypto mining is challenging.
- Pi Network boasts one of the largest crypto communities, with its referral-based growth model incentivizing users to invite others. According to X, @PiCoreTeam surpassed Ethereum to become one of the top 5 most followed cryptocurrencies worldwide:
BNB (Binance) – 14M, Bitcoin – 7.5M, Dogecoin – 4.3M, Shiba Inu – 3.9M, Pi Network – 3.7M. - PI’s IOU price has fluctuated significantly, reaching $307 in 2022. While the token has lost half its value since then, the potential for future surges has kept users engaged despite the token’s lack of an actual exchange listing.
- The PI Core Team has hinted at partnerships with businesses and institutions, fueling speculation that PI could become widely used once the open mainnet launches. However, details remain vague.
- Social media and word-of-mouth primarily drive Pi Network’s popularity. Many users hold on to their PI coins, hoping they will become valuable once trading begins.
PI IOU is a speculative instrument introduced by some platforms, as PI Network isn’t yet tradable on major exchanges.
It’s not the actual PI coin that is launching alongside the open mainnet, but a futures contract based on anticipated PI prices after the mainnet launch.
PI token launch
Pi Network’s native token, PI, is set for its official launch on February 20, 2025.
Before this milestone, PI holders must complete Know Your Customer (KYC) verification and migration by February 28, 2025, or risk losing part of their balance.
Even with the massive delays experienced — over 19 million users have completed KYC, and over 10 million accounts have migrated to Mainnet.
PI’s total supply exceeds 100 billion tokens, with 562 million currently unlocked. The distribution is structured as follows: 65% allocated for mining rewards, 10% for ecosystem growth, 5% for liquidity, and 20% reserved for the core team, subject to vesting.
Once launched, PI will be listed for trading on platforms like MEXC and Bitget, with external wallet transfers opening shortly after.
Binance has opted for a community vote on whether to list PI, which has generated over 4.4 million impressions on Binance Square. So far, 85% of voters support the listing.
Speculative interest in PI has surged. Its IOU trades at an OTC price of $2 but fluctuates between $40 and $280 across exchanges due to varying trade volumes.
These prices remain theoretical (IOU is ‘I owe you,’ it is highly speculative) as long as the mainnet is closed and liquidity remains unavailable. Depending on the launch’s success, analysts suggest that PI’s value could range from $40 to $500.
The PI ecosystem will also expand, with over 80 community-built apps ready for use, including Map of PI for transactions and 1pi Mall.
Is Pi Overhyped?
Pi Network has gained significant attention due to its easy mining process and vast user base.
The project is especially popular in China, where its accessibility has made it a hit among first-time crypto users. Some reports even suggest that BYD Auto has sold over 100 cars to customers using blockchain-based PI coins — while alleged its promise of decentralization has intrigued millions, particularly newcomers to crypto.
However, some argue that PI’s popularity may be more hype than substance. A primary concern is the project’s management—PI remains heavily controlled by its core team, and its real utility has yet to be proven.
The referral-based mining system has also drawn criticism, with skeptics likening it to a Ponzi scheme.
In July 2023, the Public Security Bureau of Hengyang City, Hunan Province, declared PI Coin a scam, citing its hierarchical invitation model, which rewards recruiters for bringing in new participants.
Further fueling skepticism are the repeated delays in PI’s mainnet launch. Critics argue that the team intentionally prolongs the process to keep users engaged and maintain momentum. Security concerns add to the uncertainty, such as the 2021 data breach, which allegedly exposed sensitive personal information.
The user demographic also raises questions. Many PI holders are older individuals drawn by the promise of financial prosperity. While the project’s large following is notable, it does not necessarily translate into the adoption needed for long-term success.
Market legitimacy remains another concern. Most of the best crypto exchanges have yet to confirm PI’s listing. Bybit’s CEO denounced any listing plans, and HTX removed the PI/USDT trading pair from its platform, casting further doubt on its viability.
While PI has potential, its value is untested. Until its mainnet launches and real-world adoption follows, the hype may continue to outpace its actual worth.
Exchanges that confirmed they will list PI
PI Coin will officially be listed on:
1. OKX
2. MEXC
3. Bitget (with rewards worth 150,000 PI)
The PI listing is expected to occur on February 20, 2025, around 08:00 UTC.
As of February 19, 2025, MEXC exchange offers Pre-Market Trading for PI Network, allowing traders to gain early exposure before the token becomes available on the spot market. This gives users an opportunity to speculate on PI’s potential price movement ahead of its official launch.
The token will be available for trading in the PI/USDT pair, and withdrawals on Bitget will open on February 21 at 09:00 UTC. Bitget will list PI in its Innovation, Web3, and Public Chain Zone.
If Binance eventually does, it could add significant liquidity and credibility.
But for now, PI’s future hinges on its ability to transition to a fully functional open mainnet and prove its real-world use cases.
