Pi Network Launches Open Mainnet: PI Token Surges, Then Plunges

The Pi Network, a mobile-based cryptocurrency mining project, has launched its Open Mainnet after six years of development. This significant milestone enables users to conduct transactions beyond the Pi ecosystem and interact with external networks on the Mainnet blockchain.

The project, which began in 2019, has attracted tens of millions of users by offering an accessible alternative to traditional cryptocurrency mining methods. The mobile app allows users to mine cryptocurrency without requiring energy-intensive hardware.

On February 20, 2025, the Pi Network launched its Open Mainnet, marking a major transition for the project. The launch was accompanied by immediate market activity, with the Pi token (PI) experiencing sharp price movements. Within the first hour of trading, the price jumped 45% to reach $2.10. Trading volume surged by more than 1,700% as investors rushed to participate in the market.

However, the initial enthusiasm proved short-lived. The price dropped by 52% within hours, falling to $1.01. This decline reduced the token’s market capitalization to $7.02 billion. The current circulating supply stands at 9.7 billion tokens, while the maximum supply is set at 100 billion.

The token distribution structure allocates 65% of the total supply to miners, 10% to ecosystem growth, 5% to the liquidity pool, and 20% to the Pi Core Team. This distribution plan has raised questions about potential future price pressure as more tokens enter circulation.

Several major cryptocurrency exchanges have embraced the Pi Network launch. OKX and Gate.io have opened spot trading for PI tokens. Bitget has introduced futures trading options, allowing users to trade with up to 10x leverage. MEXC has also confirmed its support for PI trading.

Binance, one of the largest cryptocurrency exchanges, conducted a community vote regarding a potential PI listing. The vote resulted in 85% support for listing the token, though final confirmation is pending.

The Core Team announced the launch through their official social media channels, emphasizing the network’s readiness with “millions of KYC-verified Pioneers and a thriving utilities-driven ecosystem.” Users can now access the network and cryptocurrency directly through the platform.

The launch has affected related markets