Pi Network, founded by Stanford graduates Dr. Nicolas Kokkalis and Dr. Chengdiao Fan in 2019, has attracted tens of millions of users with its promise of mobile phone mining. On February 20, 2025, the project transitioned from an enclosed mainnet to the Open Network, allowing external connectivity and exchange trading. However, the price of the PI token experienced dramatic swings as early miners rushed to cash out.
Project Milestones: From App to Mainnet
Pi Network progressed through three main phases: Beta (Phase I) starting in December 2018 with an alpha app prototype, officially launched in March 2019; Testnet (Phase II) began on March 14, 2020, with distributed nodes; and Mainnet (Phase III) started in December 2021 in an enclosed network. After over three years of building, the Open Network went live on February 20, 2025, fully integrating with other blockchains and enabling PI deposits and withdrawals on centralized exchanges.
Price Action: ATH of $330.65 Followed by 55% Crash
According to market data, PI token reached an all-time high of $330.65 soon after the open mainnet, but plunged approximately 55% within 24 hours. The sell-off was driven by two main factors: millions of early miners began liquidating their accumulated holdings, and only a handful of exchanges listed PI at launch, resulting in thin liquidity. As of mid-2026, PI has stabilized far below its ATH, with future price direction hinging on ecosystem adoption and broader exchange listings.
Tokenomics and Mining Mechanism
The total capped supply of PI is 100 billion tokens, allocated as follows: 65% for mining rewards (including referrals and nodes), 10% for ecosystem growth, 5% for liquidity, and 20% for the core team subject to vesting. Mining uses an energy-efficient consensus algorithm based on the Stellar Consensus Protocol (SCP). Users activate a 24-hour mining session by tapping a lightning button daily. The rate can be boosted by inviting trusted members (25% per active member) and forming a Security Circle (up to 100% boost with five members).
Ecosystem Development and Risks
Post-open mainnet, Pi Network launched Pi Bridge, enabling cross-chain interoperability with Ethereum and BNB Chain for DeFi access. The team continues to promote decentralized applications (DApps) and a peer-to-peer marketplace. However, challenges remain: the percentage of users who completed KYC and migrated to mainnet is unclear; the core team holds 20% of supply, posing centralization risks; and smart contract vulnerabilities could affect the bridge. Early miner selling pressure may persist as more users become eligible to trade.
Conclusion
Pi Network's open mainnet is a significant step, but the token's value ultimately depends on real-world utility and sustained adoption. Investors should monitor KYC progress, exchange listings, and ecosystem growth. While the user base is massive, converting it into active economic demand remains the key challenge.