What is Pi Network? The Controversial Mobile Mining Project
Launched in 2019, Pi Network offers a unique 'mobile mining' mechanism that claims to consume no battery or data. Users only need to tap a button once a day to earn Pi coins automatically every hour. This ultra-low barrier attracted millions globally, particularly among elderly Chinese users who became fervent 'Pioneers.'
However, the project has been mired in controversy. In 2022, Chinese state media labeled Pi as 'air coin' (worthless token) and warned investors of being 'harvested.' Vietnamese authorities also launched a fraud investigation into Pi Network. Critics argue it's a classic pyramid scheme that relies on recruiting new members, while supporters maintain that they risk only a few seconds of time and negligible phone resources.
Mainnet Timeline: From Enclosed to Open Network
Pi Network's mainnet rollout occurs in two phases. The first 'Enclosed Mainnet,' launched in December 2021, had a firewall and only supported Pi Wallet and Pi Browser. The second phase, 'Open Mainnet,' was initially scheduled for March or June 2022 but was repeatedly postponed for nearly three years. On February 12, 2026, the team finally announced that the Open Mainnet would go live at 4:00 PM Taipei time on February 20, 2026. All participants must complete KYC verification to access the mainnet.
This long-awaited announcement brought mixed emotions among Pioneers: the chance to finally trade their coins is at hand, but the actual trading price remains uncertain.
Market Reaction and Community Divide: OKX Listing Sparks Heated Debate
Shortly after the announcement, OKX declared it would list Pi Token (PI), triggering an immediate backlash. Crypto analyst Phyrex Ni tweeted, 'This is too surreal... It's the longest-surviving MLM coin. Even Huobi got blasted when it listed Pi IOU years ago, and now it lands on OKX.' In fact, Huobi had listed an IOU version of Pi in 2022, but the project team never authorized any exchange listing, so that IOU was widely considered fake.
According to CoinGecko, the Pi IOU token surged 64.9% in 24 hours, hitting a high of $95.17 and settling at $79.97. Beyond the price action, the community is deeply polarized.
- 'This Pi coin is legendary! It's the faith of Chinese daye dama. Even Bitcoin can't match its power. The next bull run will be driven by Pi!' (optimist)
- 'I used to call it a scam last month, and elderly people attacked me. Now I'm mentally shattered.' (converted)
- 'If insiders don't buy it, will we see daye dama protesting at government gates when prices crash?' (fearful)
- 'If even PI gets listed, the market cycle is over.' (bearish)
- 'Don't let bias blind you. This is more solid than Meme coins. It has 10 million real users and tens of thousands of nodes globally.' (strong holder)
- 'OK listing Pi is bad news. Pi's crowd is mostly elderly with low risk tolerance. If price drops 10x, they'll do anything – group incidents are uncontrollable.' (risk warning)
Whatever the outcome, Pi Network's mainnet launch will be one of the most talked-about crypto events in 2026. For holders, February 20 is both the beginning of a dream and possibly the end of a bubble.