Pi Network's Record-Breaking Airdrop Doubles Uniswap's Valuation

Pi Network Surpasses Uniswap's Airdrop Record Pi Network (PI) has surpassed Uniswap (UNI) as the most valuable airdrop in crypto history, according to a report from Bitget exchange. Uniswap's airdrop, which took place in 2020, was valued at $6.43 billion. However, Pi Network's airdrop, which occurred following its mainnet launch and token debut on popular exchanges, has exceeded this record, doubling Uniswap's valuation. Pi Network's airdrop reached a total value of $12.6 billion on Thursday, with a circulating supply of 6.3 billion PI tokens and a launch price of around $2. The project's team shared on X that "1 PI = 2$." Coinciding with its mainnet launch, Pi Network's airdrop marked a historic moment for the crypto industry. Unlike traditional airdrops that primarily reward early adopters and investors, Pi Network's approach emphasizes mass participation. According to the team, millions of users have mined tokens using their mobile devices since 2019, resulting in a vast and engaged community that contributed to the airdrop's unprecedented scale. Several cryptocurrency exchanges, including Bitget, offered Pi Network airdrops before the launch. Similarly, BitMart advertised USDT giveaways in anticipation of the open mainnet phase. This pre-mainnet enthusiasm from exchanges demonstrated the industry's perceived confidence in Pi's potential as a widely adopted digital currency. With the official launch of its Open phase, Pi Network is no longer confined to an enclosed ecosystem. The project's team announced that external connectivity is now available, allowing seamless integration with other blockchains and financial systems. "Open Network has unlocked Pi's thriving ecosystem, innovative applications, and extensive peer-to-peer network for integration with the broader blockchain world," the team said. The Pi Network team also emphasized that Open Network will enable their mission to create a "utility-driven and widely adopted cryptocurrency." Specifically, pioneers could engage in transactions beyond Pi's internal ecosystem. However, despite its record-breaking airdrop, Pi Network faces challenges, including regulatory scrutiny and skepticism regarding its unique mining model. Critics argue that Pi Network's pyramid-style user acquisition raises sustainability and legal compliance concerns. Additionally, market volatility is a pressing issue, with many of its users being first-time crypto participants. The project's leadership remains committed to building a decentralized and scalable