Pi Network Aims Open Mainnet as 12M Users Migrate Amid Token Supply Challenges

Pi Network is entering a critical phase in 2026, with key updates, strategic shifts, and evolving token dynamics shaping its potential for real-world adoption and price movement. The project, which has long been in its “Enclosed Mainnet” phase, is now preparing for a transition to a fully “Open Mainnet,” a move that could unlock broader utility and facilitate exchange listings [1]. This transition is considered the most pivotal step for Pi Network, as it removes the existing firewall and opens the door to real-world applications [1].

One of the most significant developments is the migration of Pi’s user base to the mainnet. As of recent reports, over 12 million users have successfully completed this migration, surpassing the target of 10 million needed to activate the Open Network [1]. However, the process has been hindered by KYC bottlenecks, which are necessary for regulatory compliance but have caused delays and frustration among users. The speed of migration will play a crucial role in determining the timeline for the Open Mainnet launch [1].

Token supply dynamics are also a key factor. A large batch of 170 million PI tokens is set to unlock by September 11, 2025, potentially creating sell pressure [1]. To counteract this, the network encourages token lockups to boost mining rates and reduce the inflationary impact. Additionally, mining rewards are set to halve as the user base grows, a mechanism designed to promote long-term holding [1]. Despite these controls, Pi Network still holds a massive maximum supply of 100 billion tokens, the vast majority of which remain offline, posing inflationary risks if adoption doesn’t match supply growth [1].

Ecosystem development is another crucial element for Pi’s success. The project has taken steps to build a broader utility layer, including the .pi domain auction and partnerships with developers. Integrations with fiat gateways like TransFi and Banxa are also enabling easier access for new users [1]. Unconfirmed rumors of listings on major exchanges like Binance have added to the bullish sentiment, though no official announcements have been made [1].

The price of PI in 2026 will be heavily influenced by how these factors align. In a bearish scenario, delays in the mainnet launch or continued KYC issues could lead to a loss of confidence. A flood of unlocked tokens and limited ecosystem development could drive the price down to between $0.20 and $0.40 [1].

In a more moderate scenario, a successful mainnet launch and steady ecosystem growth could lead to a price range of $0.50 to $1.50, with stabilization around $0.80 [1]. This outcome assumes increased KYC efficiency and at least one major exchange listing.

A bullish case would require all strategic goals to be met—successful mainnet deployment, widespread dApp and merchant adoption, and a listing on a top-tier exchange. In such a scenario, prices could rise significantly, with some analysts forecasting a potential breach above $3.00, or even higher, if mass adoption is achieved [1].

Overall, the trajectory of Pi’s price in 2026 remains speculative but is closely tied to the success of its transition to the Open Mainnet, the pace of user migration, and the strength of its ecosystem. These factors will determine whether Pi moves from a community-driven experiment to a fully functional digital currency with real-world value.

Source: [1] Pi Network in 2026: Key Updates, Strategic Changes, and What It Could Mean for the Price (https://coinmarketcap.com/community/articles/6899ea4ff03a483a8427dd0e/)