Pi Network, a mobile mining project that has garnered significant attention since its 2019 launch, recently announced an updated timeline for its open mainnet release. According to Dr. Nicolas Kokkalis, founder and technical lead of Pi Network, the open mainnet is scheduled to launch in the first quarter of 2025. This announcement has sparked renewed interest and discussion within the cryptocurrency community.
Key Milestones and Mainnet Launch Conditions
The Pi Network team has outlined several critical conditions that must be met before the open mainnet can be launched. These include:
- Achieving 15 million verified users through Know Your Customer (KYC) processes, with at least 10 million migrated to the mainnet.
- Deploying at least 100 functional applications on the enclosed mainnet or having them ready for deployment.
- Ensuring continuous progress in technological and product development by the core team.
- Maintaining favorable global conditions without significant adverse changes.
As of the latest update, the project has reached 18 million KYC-verified users, with 8 million already migrated to the enclosed mainnet. The team anticipates reaching the 10 million migration milestone by January or February 2025, thanks to ongoing improvements in the KYC process. Additionally, a new feature allowing users to perform secondary and subsequent migrations of their transferable balances is set to be released, enabling existing mainnet users to move more Pi coins to the mainnet.
Regarding ecosystem development, over 80 mainnet applications have already been created by developers, bringing the project close to its target of 100 applications. The core team remains confident that external factors will not cause further delays.
Community-Driven P2P Trading and Local Adoption
Despite the absence of an open mainnet, Pi Network has fostered a vibrant community where peer-to-peer (P2P) trading thrives. Users engage in offline transactions, often meeting in person to exchange Pi coins. In regions like Taiwan, Pi coins are accepted by various local businesses—spanning food, clothing, housing, and transportation—for full or partial payments, creating practical use cases.
Recent discussions in community forums indicate that Pi coins are commonly traded at rates between 25 to 30 New Taiwan Dollars per coin. If the maximum supply of 100 billion Pi coins is considered, this would imply a fully diluted valuation of approximately 100 billion USD, though this remains speculative until the open mainnet launch.
Understanding Pi Network and Pi Coin
Launched in 2019, Pi Network allows users to mine Pi coins directly from their mobile devices by interacting with the official app daily. The project currently operates on an enclosed mainnet, meaning Pi coins cannot be traded on external exchanges. Only users who have completed KYC can transfer Pi coins among themselves via P2P transactions.
The true value of Pi coins remains uncertain due to the lack of exchange liquidity and official market pricing. While some exchanges, such as HTX (formerly Huobi), listed Pi coins in late 2022, these listings are not supported by Pi Network. The team has explicitly stated that they have not authorized any exchange to list Pi coins and caution users against purchasing tokens from third-party platforms.
Transactions involving Pi coins on HTX are currently limited because deposits and withdrawals are disabled. This means users are trading non-deliverable contracts resembling futures rather than actual Pi coins, leading to concerns about price manipulation and speculative trading.
At the time of writing, the price of Pi coins on HTX is reported to be over 48.3 USDT, having increased by more than 50% over the past year. However, these figures should be approached with caution due to the illiquid and unauthorized nature of the listings.
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Frequently Asked Questions
What is Pi Network?
Pi Network is a cryptocurrency project that enables users to mine Pi coins using mobile devices. It aims to create a decentralized digital currency accessible to everyday users without specialized hardware.
When will the open mainnet launch?
The current schedule targets a Q1 2025 release, contingent on achieving specific user migration and application development milestones.
Can I trade Pi coins on exchanges?
While some exchanges list Pi coins, these are unauthorized by the Pi Network team. Official trading will only be possible after the open mainnet launch, subject to exchange support.
Is Pi coin valuable now?
Value is subjective and largely speculative until the open mainnet launches. Community-driven P2P trading sets informal prices, but these are not backed by liquid markets.
What are the risks of buying Pi coins now?
Purchasing Pi coins from unauthorized platforms carries risks, including potential fraud, lack of liquidity, and no guarantee of mainnet migration eligibility.
How can I migrate my Pi coins to the mainnet?
Users must complete KYC verification and use the official migration process within the Pi Network app. Secondary migration features are expected soon.
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Looking Ahead
The anticipated open mainnet launch in early 2025 represents a critical juncture for Pi Network. Success depends on meeting technical, regulatory, and ecosystem growth targets. Community engagement remains strong, with widespread P2P adoption and local merchant integration demonstrating genuine interest. However, investors and users should remain cautious, focus on official updates, and avoid unauthorized trading platforms. The coming months will be decisive in determining the project's legitimacy and long-term viability.