Controversy and Background of Pi Network
Pi Network is a highly contentious blockchain project launched in 2019. It promotes itself as a mobile mining application that allows users to earn Pi coins by simply tapping a button daily, claiming no energy consumption or data usage. However, public opinion is sharply divided. Critics consider it a pyramid scheme that relies on referrals while delaying its mainnet indefinitely, while supporters argue that since it only requires a small effort, there's little downside. In 2022, Chinese state media lambasted Pi as an 'air coin' (a token with no real value) and warned investors of potential scams. Meanwhile, Vietnamese authorities launched an investigation into the project for suspected fraud.
Mainnet Rollout Timeline and Latest Announcement
Pi Network's mainnet rollout occurs in two phases. The first phase, the enclosed mainnet (Enclosed Network), went live in December 2021, supporting only basic functions like the Pi wallet and Pi browser within a firewall. The second phase, the open mainnet (Open Network), was originally scheduled for March or June 2022 but was repeatedly postponed. On February 12, 2026, the project finally announced that the open mainnet would officially launch at 4:00 PM Taipei time on February 20, 2026. Users must complete KYC verification to participate. Although nearly three years late, the news excited long-waiting 'Pioneers'.
Exchange Listings and Market Reaction
Following the mainnet announcement, crypto exchange OKX quickly declared it would list Pi Token (Pi coin IOU), sparking immediate backlash. Renowned analyst Phyrex Ni called the situation 'surreal' and jokingly asked OKX CEO if he was being held hostage. Earlier, Huobi had listed a Pi IOU (I Owe You) token in 2022, but it was considered counterfeit since the project had not authorized any exchange listings. According to CoinGecko data, the IOU price surged sharply after the news, peaking at $95.17 and later settling at $79.97, a 24‑hour gain of 64.9%. The volatility highlights speculative interest despite ongoing skepticism.
Community Perspectives and Risk Warnings
The crypto community remains deeply divided over Pi Network. Proponents claim the project boasts over 10 million real users and tens of thousands of global nodes processing transactions, arguing it is more legitimate than many meme coins. Detractors, however, worry that a large portion of users are elderly individuals (referred to as 'aunties and uncles') with low risk tolerance; if Pi prices collapse, they could stage mass protests outside government offices. Some commentators believe that given the current low liquidity in markets, these older individuals may provide necessary liquidity for recovery. Regardless, investors should recognize the speculative nature of Pi IOU tokens, the lack of official price guarantees, and the potential for severe sell pressure once the open mainnet goes live. Caution and due diligence are strongly advised.