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Since it began in 2018, the Pi Network project has become one of the crypto community’s biggest mysteries.
The highly anticipated launch of its controversial Pi Network Open Mainnet has been the topic of discussion for years, notably ever since the project entered into its second phase of production and launched a live testnet in March 2020.
As Pi Network’s grace period deadline is approaching fast, the network is seeing a large influx in Know-Your-Customer (KYC) requests. If the mainnet launch takes place, users will be able to actively sell or transact their Pi Coins directly on-chain.
The network will require 15 million KYC verification, migrating at least 10 million of those users to the beta mainnet, and ensuring the development of 100 high-quality decentralized applications (dApps) on the platform before proceeding with its mainnet launch.
What is Pi Network?
Initially launched a mobile crypto mining app, where users could ‘mine’ and earn Pi Coin (PI) tokens by simply pressing a button once every 24 hours.
Despite coming under criticism for not actually mining crypto – as there’s no mining taking place, let alone transaction verification – it has nonetheless attracted tens of millions of users worldwide. Through a referral scheme that promises future rewards to current users who bring in new users, it uses tactics that could be described as akin to that of a multi-level marketing (MLM) scheme.
The platform’s native token, PI, is currently worthless as there is no place to cash them out anywhere. This has only drawn further confusion and disappointment from market observers and app users who are wondering if the project is legitimate or not. Arguments have been made that the app is basically a data scraper with advertisements, as well as being a pyramid scheme.
But with the recent announcement that it could go fully live in 2025, Pi users and its skeptics alike are watching Pi Network with a renewed interest.
Enclosed network period
Since 28 December 2021, the Pi Network mainnet has been live in an enclosed state, meaning that whilst it is ‘live’, it has a firewall preventing any undesired external connections. Certain users, or ‘Pioneers’ are able to use their PI tokens within apps on the mainnet.
This phase is focused on transferring Pi user data from the app to the blockchain, completing KYC procedures for users, as well as building out the network’s apps and utilities so that the network can launch with a robust ecosystem, giving PI token holders use cases and utility for their tokens.
Pi Coin psychological price drops to $50 amid mainnet delays
As of January 2025, Pi Coin traded below $50, a significant drop from its November high of nearly $100. The primary reason for the decline has been the repeated postponements of the mainnet launch. Developers initially delayed the grace period for KYC verification from 30 November to 31 December.
In December, they extended the deadline again to 31 January, pointing out that millions of users had yet to migrate their tokens to the mainnet. At that point, over 18 million members had completed the KYC process, but only eight million had transferred their tokens to the mainnet.
It’s important to note that this price point is a psychological level. This is not the real price of Pi Coin as the network has not officially launched it.
Pi Coin currently exists as an IOU (I Owe You) token on certain crypto exchanges like HTX. This means that while the official Pi Network has not yet launched its mainnet or released its native tokens, some exchanges offer IOU tokens as placeholders. These IOUs represent a promise that holders will receive actual Pi tokens once they become available.
The price of Pi IOU tokens is determined by market speculation and trading activity on these exchanges. The fact that Pi Coin’s psychological price dropped nearly 50% in the past few months, shows declining trust from users.
The migration process, according to the mainnet guidelines, requires at least 10 million users to complete the token transfer before the next phase can proceed. On 5 January, developers announced that over none million users had migrated, increasing the likelihood of reaching the 10 million target by the 31 January deadline.
If the target is met, the mainnet launch is expected in the first quarter of 2025, likely in February or March. This move will broaden access to the Pi Network ecosystem and enable pioneers to exchange their Pi coins for fiat currencies after years of mining.
The mainnet launch will also introduce users to approximately 80 community-developed applications. Among these are platforms like Map of Pi, Pi Game, Care for Pi, and 1pi Mall. Map of Pi, in particular, has gained attention as it identifies businesses worldwide that accept Pi Coin as payment.
User frustration grows after consecutive delays
The project aims to offer a more accessible cryptocurrency than Bitcoin by allowing Pi to be mined through smartphones. The ultimate goal is to achieve widespread business acceptance globally.
Despite its ambitions, concerns persist about potential delays. The project has experienced multiple postponements, and another delay cannot be ruled out. Initially, the mainnet was supposed to be launched in Q4 2024. Then it was pushed to the end of the year. Yet, pioneers are now waiting for a new deadline of Q1 2025.
At the same time, several users have been complaining about errors and potential issues in the KYC process. Some users haven’t been able to complete the verification, whereas others are left unable to transfer all of their holdings to the mainnet account.
Meanwhile, the Pi Coin IoU traded on HTX remains separate from the official Pi Network project. Its value often reflects market speculation, rising on launch optimism and falling during setbacks.
The token is currently consolidating around $50, a critical support level and a psychological threshold. This point aligns with an ascending trendline connecting key lows since September.
Pi Coin is hovering near the 50-day moving average, indicating possible accumulation. A breakout from this range could push the token’s value back to $100 ahead of the mainnet launch. Conversely, breaking below the trendline risks a decline to $30, the token’s September low.
When will the Pi Network Launch in 2025?
Nicolas Kokkalis, one of the two Pi Network Founders, has confirmed that the mainnet launch is now planned for February or March 2025, revising earlier timelines. While some users are frustrated by the delays, developers highlight the need to ensure the network’s security and scalability.
The postponement also provides additional time for the community to test and refine applications that will operate on the Pi blockchain.
Once the mainnet goes live, users can transition from the testnet and begin using Pi coins in real-world transactions. Developers are preparing for the release of over 80 community-created applications, including Map of Pi, Pi Game, Care for Pi, and 1pi Mall.
Map of Pi, in particular, serves as a directory of global merchants that accept Pi Coin, potentially driving adoption and expanding its use in commerce.
The delays mean pioneers must wait longer but also gain more time to explore the network’s potential. Many community members remain optimistic that the launch will create opportunities for Pi Coin use beyond the app, including e-commerce and blockchain-based services.
Skepticism persists among some users, who cite slow progress, unclear use cases, and the coin’s volatile value. However, the community remains engaged, with the upcoming months set to test whether the mainnet launch meets expectations.
How many users hold Pi Coin?
Pi Network has more than 60 million users, with more than 18 million of these users having passed the KYC verification. Among these, over nine million users have successfully migrated to the mainnet and hold Pi coins. According to a survey on CoinMarketCap, 94% of the community sentiment towards Pi Coin is bullish.
Conditions for launch
As per an official blog post from the team on 27 December 2023, the Pi Open Network mainnet could launch in 2025, but only if certain targets and conditions have been met.
Firstly, Pi needs to wrap up work in areas such as business and legal, technology, or the product itself. Secondly, in terms of goals, the team is aiming to onboard 15 million KYC verified users and 10 million Pioneers to the mainnet blockchain.
In addition, Pi is fleshing out a ready-to-use ecosystem of over 100 quality applications and utilities already launched by developers, giving the PI token numerous and tangible use cases as a legitimate currency.
Furthermore, it seems as though the team is looking for the “right time” to launch, as the third and final condition for the mainnet launch is an “absence of an unfavorable external environment that would hinder the success of Open Network”. By this, they are referring to far-reaching events that are outside of the team’s control, such as industry uncertainty, war, pandemics, macroeconomic troubles, legal or regulatory developments, and so on.
What is the Open Network period?
The Open Network period represents a significant phase in Pi Network’s journey. During this period, the network will fully transition to an open mainnet, allowing users to exchange Pi Coins with other cryptocurrencies and fiat currencies. It will also enable developers to innovate and create utilities and applications on the network’s robust framework. This phase is critical for Pi Network’s long-term success, as it will unlock the full potential of the Pi ecosystem, allowing for greater adoption, transaction capability, and economic activity within the network.
However, the Pi team has expressed caution in rushing into this phase. The importance of meeting all prerequisites — technological, product, business, and legal preparations — cannot be overstated. A premature transition could undermine the achievements made so far, so the team is focused on ensuring a secure, stable, and scalable launch.
Bot-mined and Inactive Pi Coins to be excluded from mainnet
Amid the excitement surrounding the mainnet launch, reports have emerged that Pi Network may take action against Pi Coins mined by bots, scripts, or inactive accounts. Unverified sources indicate that these coins may not be transferred to the mainnet, a move designed to maintain the integrity of the network.
This potential policy could have significant implications. By excluding bot-mined and inactive Pi Coins from the mainnet migration, Pi Network aims to reward genuine users who have actively participated in the community. This strategy would also prevent the misuse of the network and ensure that only legitimate activity is rewarded.
The implications of this move could be substantial. Pi Coins from these ineligible accounts would likely be reintroduced into the mining pool, providing active users with more opportunities to increase their Pi balance. This policy could further motivate Pioneers to remain engaged and contribute to the network, fostering a more vibrant and equitable community.
While these reports have sparked considerable interest, it’s important to note that they remain unconfirmed by official Pi Network sources. Pioneers are advised to wait for formal announcements before making any decisions based on this information.
Latest accomplishments of Pi Network
Pi Network continues to demonstrate its rapid growth and strong community support. The project’s official X account has surpassed 3.5 million followers, outpacing established cryptocurrencies like Solana and Cardano. This milestone reflects the increasing interest and confidence in Pi Network as it advances toward its mainnet launch.
The Pi ecosystem is also expanding, with 70 operational applications on mainnet or in advanced stages of readiness. These applications contribute to the network’s utility and provide real-world value, enhancing the overall ecosystem. As the network gears up for the Open Mainnet, these accomplishments underline Pi Network’s potential as a major player in the cryptocurrency space.
How users should prepare for the mainnet launch ahead
As Pi Network inches closer to its Open Mainnet launch, users must take proactive steps to ensure they are ready. Here are some key steps that users and miners should consider:
- Complete KYC process: Finalize your Know Your Customer verification to ensure you can participate in the mainnet.
- Migrate to mainnet: If you’ve completed KYC, proceed with the mainnet migration to unlock full access to the network’s features and potential rewards.
- Stay active in the network: Continue participating in the Pi Network to maximize your mining rewards and maintain your engagement within the community.
- Monitor official announcements: Keep an eye on official communications from Pi Network for updates on the mainnet launch and any new policies or opportunities.
- Maximize rewards: Take full advantage of Pi’s referral and security circle bonuses by completing KYC and migration, allowing you to benefit from your efforts within the network.
Further reading:
What Is Pi Coin?
How To Sell Pi Coin
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01.
What is Pi Network?
Pi Network is a blockchain-based platform that enables users to mine its native cryptocurrency, Pi Coin, directly from their smartphones. It aims to make cryptocurrency mining accessible to everyday users without the need for power-intensive hardware, using a mobile-friendly approach.
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02.
How to buy Pi Coin?
At this time, Pi Coin is not available for purchase through conventional means or exchanges. Users can only obtain Pi by participating in the Pi Network app, where they mine the coins through daily activity. Trading or buying Pi will only be available once the mainnet opens.
