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 enabled Pi Network to onboard over 18 million registered users globally as of late 2024.
Update: Pi Network’s Open Mainnet is live. External connectivity went live on February 20, 2025 at 08:00 UTC, enabling integrations with centralized exchanges and on-ramps. PI is trading on OKX, MEXC, and Bitget. Pi also published a formal 100B max-supply token model and launched a $100M venture initiative to fund Pi-based apps.
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 (2019): Focused on building a user base. Mobile app mining and community growth.
- Testnet (2020): Allowed developers to test blockchain stability. Stability and node testing.
- Enclosed Mainnet (2021–Feb 2025): Firewall in place while KYC/migrations scaled.
- Open Network (launched Feb 20, 2025): Open Network removed the firewall and allowed anyone to connect nodes to Mainnet as the network scales, inviting nodes from Testnet to Mainnet.
Business access now requires KYB, and individuals require KYC, which the team frames as a safety-first approach before enabling wider on/off-ramp access. Verified exchanges/on-ramps are listed on the KYB Verified Businesses page.
What Pi Network is (in one minute)
Pi Network is a mobile-first blockchain secured by a variant of Stellar’s SCP consensus, designed so everyday users “mine” PI by checking in via the app and contributing to security circles or nodes.
The project’s December 2021 token model set a maximum supply of 100B, with allocations for community mining (65%), the foundation/ecosystem (10%), liquidity (5%), and the Core Team (20%).
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.
- At press time, PI trades in the mid-$0.30s range on major exchanges.
- 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.
- Since Open Network, users who completed KYC and migrated can move PI to KYB-verified partners for trading/utility. Before you move assets, set up a secure wallet that fits your needs.
PI Tokenomics (official)
Max supply: 100,000,000,000 PI. Allocations (of max): 65% community mining rewards; 10% foundation/ecosystem; 5% liquidity; 20% Core Team (unlocks pace with community issuance).
Refer to the December 2021 whitepaper addendum for addresses and details.
PI is live: trading, transfers, and compliance.
Pi transitioned to Open Network on Feb 20, 2025. From that moment, centralized exchanges (CEXs) and on-ramps that passed KYB could integrate PI, and users who completed KYC + Mainnet migration could move PI externally. Official listings and schedules include:
- OKX: Deposits opened Feb 12; PI/USDT spot opened Feb 20, 08:00 UTC; withdrawals Feb 21, 08:00 UTC.
- MEXC: PI/USDT spot listing announced for Feb 20, 08:00 UTC; PIUSDT futures at 08:10 UTC.
- Bitget: PI/USDT spot listing Feb 20, 08:00 UTC; withdrawals Feb 21, 09:00 UTC; 150,000 PI promo.
Pi’s KYB-verified partner list (exchanges and on-ramps) currently includes OKX, Bitget, Gate.io, MEXC, Pionex, Banxa, Onramper, Onramp.money, Zypto, TransFi.
And note the Core Team warns against using services not listed on the official KYB page.
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. 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.
Skeptics still point to past delays, China’s Hengyang Public Security Bureau’s warnings in 2023 about PI-related scams, and Bybit’s CEO publicly stating that he wouldn’t list PI. Those critiques remain part of the record.
But the Core Team has now launched Open Network and wrapped access in KYC/KYB requirements, while green-lighting KYB-verified integrations with major exchanges and on-ramps; whether utility scales from here depends on migrations, developer traction, and real merchant use.
Where PI trades now
- OKX: PI/USDT spot (live; timeline confirmed by OKX).
- MEXC: PI/USDT spot; PIUSDT futures (live).
- Bitget: PI/USDT spot (live; with launch promo previously announced).
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Also see Pi’s KYB page for the current roster of approved exchange/on-ramp partners (includes Gate.io, Pionex, Banxa, Onramper, Onramp.money, Zypto, TransFi, etc.).
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.
Latest developments to watch
- $100M Pi Network Ventures launched to fund apps and companies building real-world Pi utility (in PI and USD).
- Node 0.5.1 and Open Network Challenge rolled out around launch.
- Mainnet migrations: The team has communicated milestones in the 10–13M+ range since launch; progress updates continue as KYC scales.
