What Is Pi Network and Why It Matters
Pi Network is a decentralized cryptocurrency project designed to make digital currency mining accessible to everyday users via smartphones. Launched on March 14, 2019, by a team of Stanford PhDs, the network quickly gained traction for its novel mobile mining model—requiring neither energy-intensive hardware nor technical know-how. Instead of traditional proof-of-work or proof-of-stake, Pi Network operates on a trust graph consensus algorithm that relies on user reputation and peer validation to secure the network. This approach has attracted over 60 million users globally and aligns with Pi’s long-term mission: building the world’s most inclusive peer-to-peer ecosystem powered by cryptocurrency.What makes Pi Network especially relevant today is its transition from a permissioned, enclosed testnet to a fully open mainnet as of February 20, 2025. This milestone enables broader connectivity with external systems, real-world usage of Pi coins, and the deployment of decentralized applications (dApps) on its native blockchain. With over 13 million users already migrated and new wallet activation tools rolling out, Pi is no longer a speculative project—it’s a live, evolving Web3 economy.
A Timeline of Pi Network’s Mainnet Journey
Beta Phase – Community Building Begins (March 2019)
Pi Network launched its Beta phase on March 14, 2019—Pi Day—focusing on community building and testing the mobile mining app. This phase helped Pi gain millions of users while refining its core consensus model.
Testnet Phase – Blockchain Infrastructure Takes Shape (March 2020)
On March 14, 2020, Pi entered its Testnet phase, which involved rigorous testing of the blockchain infrastructure, node behavior, and the Stellar-based trust graph algorithm. This stage allowed the team to simulate mainnet operations without exposing users to real-world risks.
Enclosed Mainnet – Controlled Rollout with KYC (December 2021)
In December 2021, Pi launched its Enclosed Mainnet. While the blockchain was technically live, it operated within a firewall that blocked external connectivity. This allowed users to complete KYC verification and start migrating their balances to the mainnet while the ecosystem matured in a controlled environment.
Open Mainnet – Full Launch to the Public (February 2025)
On February 20, 2025, Pi Network launched its Open Mainnet, removing the firewall and enabling full interaction with external platforms, wallets, and centralized exchanges. This transition marked a major milestone, transforming Pi from a closed ecosystem into a public, interoperable blockchain.
What Changed at the Open Mainnet Launch
The launch of Pi Network’s Open Mainnet on February 20, 2025, marked a decisive shift from a closed testing environment to a fully operational, public blockchain. This transition introduced key functional upgrades that significantly broadened the project’s usability, credibility, and market presence.
External Connectivity Enabled
With the firewall removed, Pi Network could now interact with external systems, wallets, and blockchain applications. This allowed users to transfer Pi coins outside the Pi ecosystem, paving the way for potential listings on centralized exchanges (CEXs) and interoperability with other chains. Developers also gained the ability to build and deploy decentralized applications (dApps) directly on the Pi blockchain.
On-Chain Transactions and Trading
Users could now send and receive Pi tokens across wallets with low transaction fees, some as little as 0.01 Pi. As trading volume surged, platforms like OKX processed over 100 million Pi withdrawals within 72 hours of the Open Mainnet going live, reflecting strong latent demand and signaling Pi's shift from a speculative project to an active Web3 asset.
Public Node Participation
Pi’s Open Mainnet enabled a wider rollout of node operations, including the launch of Node version 0.5.1. This upgrade enhanced network stability and introduced new metrics for public node ranking, allowing more users to contribute to the network’s consensus and decentralization goals.
Expanded dApp Ecosystem
Developers were now able to fully launch dApps that integrate with Mainnet Pi, ranging from marketplaces and freelance platforms to local commerce apps. This marked the beginning of Pi Network’s transition into a utility-driven Web3 ecosystem with real-world use cases.
Wallet Activation: More Than Migration
One of the most important post-launch developments for Pi Network was the introduction of its wallet activation feature—a tool that decouples wallet usability from full Mainnet migration. This innovation significantly lowers the barrier to entry and expands access to the network’s ecosystem.
KYC-Based Wallet Access
As of mid-2025, users who are either fully KYC-verified or tentatively verified can activate their Pi Mainnet wallets without completing the full migration process. This means more Pioneers can now interact with decentralized applications, send and receive Pi, and participate in the ecosystem—even if they haven’t migrated all mined tokens yet. It also streamlines onboarding for new users by shortening the time from registration to utility.
Third-Party Integration and Non-Pioneer Access
In a move to scale access beyond Pi’s original user base, the network now supports wallet activations through approved third-party KYC providers. This opens the door for non-Pioneers—such as businesses, developers, and new users—to access the Pi Mainnet and begin transacting using Pi tokens, as long as they meet KYC or KYB requirements. It’s a shift toward making Pi a more inclusive, global digital economy.
Security and Scam Awareness
Alongside the wallet activation rollout, Pi Network users have reported phishing attempts targeting passphrases. Scams often take the form of fake wallet activation prompts or links shared via social media. In response, the Pi Core Team has emphasized using only the official Pi Browser app and has integrated wallet-level security enhancements, including two-factor authentication (2FA) and account recovery options.
Mainnet Migration Progress and Stats
Since the Open Mainnet launch, Pi Network has made measurable progress in migrating user balances from the enclosed environment to the public blockchain. This migration process plays a critical role in enabling token liquidity, dApp interaction, and broader ecosystem participation.
Total Migrations and Growth Metrics
By June 2025, over 13 million users had completed the Mainnet migration process, up from 12 million just a few months earlier. This number continues to grow steadily as KYC approval rates improve and wallet activation tools streamline access. The migration system now supports phased migrations, allowing users to migrate mined Pi in batches rather than all at once.
Locked vs Unlocked Pi Supply
Out of the total 7.4 billion Pi tokens converted to Mainnet, approximately 5.2 billion Pi remain locked due to user-defined lock-up periods and incentive structures. The remaining 2.2 billion Pi are unlocked and actively circulating on the blockchain, supporting transactions, trading, and app usage.
Second Migration and Token Unlocking
Pi Network recently introduced the second migration feature, enabling users who had only partially migrated during the first round to transfer additional mined Pi to their Mainnet wallets. This has significantly improved token liquidity and is expected to accelerate total migration completion in the coming months.Let me know when you’re ready to move on to Pi Ecosystem Expansion.
Pi Ecosystem Expansion
With the Open Mainnet now live, Pi Network is accelerating the development of its broader ecosystem—moving beyond just mobile mining to support real-world use cases, application development, and local commerce. The ecosystem is evolving into a vibrant Web3 environment focused on utility and inclusivity.
dApp Portfolio and Use Cases
The Pi ecosystem now includes over 80 decentralized applications (dApps) across categories such as education, commerce, entertainment, productivity, and community governance. Platforms like Piketplace allow users to buy and sell goods using Pi, while apps like Brainstorm support idea sharing and project collaboration. These dApps run on the Pi Blockchain and are accessible via the Pi Browser, giving users real reasons to spend and earn Pi within a closed-loop economy.
Developer Tools and Advertising Network
To attract more developers, the Pi Core Team has rolled out new SDKs, API documentation, and smart contract capabilities. In addition, a native advertising network is in the works to help developers monetize dApps within the ecosystem. These tools are designed to create a self-sustaining application layer that encourages creativity while preserving Pi’s vision of a utility-first currency.
Merchant Adoption and PiFest
The network continues to promote real-world adoption through community initiatives like PiFest—a recurring global campaign where merchants accept Pi for payment. The 2025 edition, held in March, saw strong participation across local businesses, especially in Asia and Africa. Events like PiFest help bridge the gap between digital assets and everyday spending, reinforcing Pi’s role as a practical medium of exchange.
Exchange Access and Liquidity
Despite significant progress in ecosystem development and wallet activation, Pi Coin remains in a complex position when it comes to exchange listings and market liquidity. While some breakthroughs have occurred, major hurdles still persist.
OKX Integration and On-Chain Transfers
In one of the most notable developments since the Open Mainnet launch, OKX began supporting Pi transfers, with over 1 million Pi coins deposited shortly after wallet support went live. This marked a major milestone in Pi’s path toward liquidity, demonstrating demand from existing users and opening up more flexible storage and potential trading options.
Market Signals vs Reality
Although trading chatter and price speculation have intensified—with Pi’s price occasionally spiking past $0.80—official liquidity remains limited. Many in the community expect that broader listings will follow once Pi finalizes more compliance-related improvements, expands developer adoption, and offers greater clarity on token distribution and governance.
Pi Tokenomics & Security Upgrades
Pi Network’s token model is designed to incentivize participation while maintaining long-term network health. With the transition to Open Mainnet, both tokenomics and security protocols have evolved to support scalability, trust, and compliance.
Locked vs Unlocked Token Supply
Pi Network uses a dual-token structure based on user-defined lockups. Of the 7.4 billion Pi coins migrated to Mainnet, about 5.2 billion Pi remain locked, often for periods ranging from 6 months to 3 years. These locked tokens are not transferable, which helps reduce sell pressure and aligns with Pi’s goal of fostering sustainable ecosystem development. The remaining 2.2 billion Pi are unlocked and available for use across dApps and in peer-to-peer commerce.
Mining and Reward Adjustments
Unlike traditional blockchains, Pi mining does not rely on computational power. Instead, users earn mining rewards by contributing to network security through security circles, engaging with apps, and verifying identity via KYC. As the network matures, mining rewards have decreased, following a pre-set halving model tied to user milestones and ecosystem growth.
Security Enhancements and Compliance
To address growing risks such as phishing and passphrase theft, Pi Network has implemented 2FA support, improved wallet encryption, and optional account recovery tools via the Pi Browser. The network also requires KYC for individuals and KYB for businesses to ensure regulatory alignment. These safeguards help strengthen user trust while laying the groundwork for future exchange listings and fiat integration.
Market Reaction & Price Movement
The launch of Pi Network’s Open Mainnet and subsequent ecosystem developments triggered a wave of renewed market interest, speculation, and transactional activity. While Pi Coin remains largely unlisted on major exchanges, its perceived value has seen notable fluctuations driven by user momentum and proxy trading.
Price Spikes and IOU Market Behavior
Shortly after the Open Mainnet went live, Pi Coin prices on IOU-based platforms briefly surged above $0.80, reflecting speculative excitement. However, without official listings on top-tier exchanges, these prices remain loosely anchored and often influenced by proxy trading mechanisms that don’t represent real-time token liquidity.
Volume and Momentum on Secondary Platforms
On platforms like Gate.io and smaller exchanges that support Pi IOUs or Pi/USDT pairs, trading volume jumped to over $30 million per day in the weeks following launch. These figures, while not directly reflective of on-chain liquidity, show clear retail interest and signal that the market is anticipating broader exchange adoption.
Market Sentiment and Resistance Levels
Analysts and traders are closely watching key resistance points, particularly $0.90 and $1.00, as indicators of potential breakout momentum. However, sentiment remains mixed due to Pi’s unverified supply mechanics and its centralized governance structure. Until these areas are clarified, long-term price stability is likely to remain elusive.
Remaining Risks & Community Concerns
While Pi Network’s transition to Open Mainnet has unlocked major milestones, it continues to face a number of challenges that could impact long-term adoption, price stability, and ecosystem integrity. These concerns are regularly raised by users, developers, and potential exchange partners.
Migration Delays and User Frustration
Despite over 13 million successful migrations, some users still face delays due to incomplete KYC verification, failed wallet activations, or technical glitches in the migration tool. The introduction of second migrations has helped, but the process remains fragmented for many. This has led to skepticism about the project’s scalability and operational readiness.
Transparency and Token Distribution
Community scrutiny has intensified around wallet activity linked to early adopters and core team members. Questions remain over whether large transfers are pre-scheduled or opportunistic, and critics have called for real-time transparency reports. Without publicly verifiable data on token allocation and team holdings, fears of centralization and insider advantage persist.
Exchange Compliance and Legal Ambiguity
Pi’s lack of major exchange listings is not purely technical—it also reflects ongoing concerns about regulatory compliance and legal clarity. While Pi Network has made strides in KYC/KYB enforcement, questions around securities classification, decentralization thresholds, and token issuance practices could affect future listings or trigger regulatory intervention in certain jurisdictions.
Looking Ahead: Roadmap 2025+
With its Open Mainnet live and ecosystem expanding, Pi Network’s next phase will be defined by its ability to scale sustainably, earn broader exchange recognition, and deepen real-world adoption. The project’s 2025 roadmap outlines a multi-pronged approach to achieving these goals.
Expanding the App Ecosystem
One of Pi’s top priorities is the continued growth of its dApp environment. New developer grants, improved SDKs, and app monetization features like the Pi Ad Network are expected to boost developer engagement. The goal is to create a self-sustaining app economy where Pi tokens power useful tools across commerce, education, entertainment, and productivity.
Strengthening Exchange Partnerships
To address this, Pi Network is focusing on tightening compliance, improving transparency in tokenomics, and building institutional trust. Successful execution here could unlock liquidity, price discovery, and mass market entry.
Enhancing Infrastructure and Security
The network plans further upgrades to wallet infrastructure, including cross-device syncing, expanded recovery options, and layered security protocols. On the node side, public ranking metrics and community-driven governance are in development to promote decentralization and operational resilience.
Driving Global Merchant Adoption
Initiatives like PiFest will continue, with regional partnerships being explored to bring Pi into mainstream commerce. Combined with wallet activation for new users and KYB tools for businesses, the network aims to position Pi not just as a token—but as a usable digital currency within local economies.
FAQs
Yes. As of February 20, 2025, Pi Network has officially entered Open Mainnet, allowing users to interact with external wallets, dApps, and exchanges. However, full migration and ecosystem maturity are still in progress.
Yes. Users who are tentatively or fully KYC-verified can now activate their Pi wallets even without finishing the complete migration process. This helps expand access to the Mainnet and dApps while migration continues in phases.
Despite having a live blockchain and a large user base, Pi Coin has not met all regulatory, transparency, or listing criteria required by major exchanges. It is currently transferable on OKX and used in Pi's internal ecosystem.
As of mid-2025, over 13 million users have completed at least one round of migration. This number is growing with the introduction of second migration options and improved KYC processing.
Yes. Through third-party KYC providers and wallet activation tools, businesses and new users outside the original mining group can now join the Pi ecosystem—provided they complete the required identity verification steps.
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