Latest Developments and Mainnet Status of Pi Network
The Pi Network project, initiated in 2018 by Stanford University alumni Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, aims to build a community-driven blockchain network, emphasizing free "mining" via a mobile app to lower the barrier to participation. As of August 3, 2026, Pi Network remains in its "Enclosed Mainnet" phase, meaning its mainnet is not yet fully open for public free trading and interoperability. The core project team is focusing on ecosystem building and KYC (Know Your Customer) verification.
- Protocol Upgrade: Protocol v25 was activated on July 22, 2026, introducing privacy-preserving smart contracts and enhancing network stability. Protocol v26 is a significant milestone before the final planned upgrade to protocol v27, and node operators need to complete its installation by August 11, 2026.
- Testnet Activity: On July 25, 2026, Slice testnet tokens were distributed to nearly 480,000 users for Pi Launchpad testing.
- User Experience Optimization: In late July 2026, the Pi Browser underwent interface optimization aimed at improving user experience and application access convenience.
- KYC Process: KYC verification is a critical step for users to migrate their "mined" Pi coins to the mainnet, and the project team states it is accelerating this process.
- Ecosystem Building: Pi Network is committed to building a diverse application ecosystem including payments, transfers, shopping, and investments. The Pi App Studio has also been updated to support Pi payments and advertising incentive creation.
Market Trading and Price Controversy
Despite the Pi Network project team's continuous development efforts, Pi coin has not yet been officially listed on all major cryptocurrency exchanges. In February 2025, exchanges like OKX and Bitget announced the listing of Pi coin, but these were typically "IOU" (I Owe You) tokens, not the official Pi coin after the Pi Network's open mainnet. Due to the lack of official listings and a public trading market, the price of Pi coin is primarily determined by supply and demand in over-the-counter (OTC) transactions, leading to significant volatility.
- Reference Price and Market Cap: As of August 1, 2026, the reference price of Pi Network (PI) is approximately $0.08 (approximately 0.58 RMB), with a -3.38% change in 24 hours and a +8.70% change over the past 7 days. Its reference market capitalization is approximately $957 million, ranking 67th in the cryptocurrency market. These data are subject to change over time and are for reference only.
- Total Supply: According to the project whitepaper, the total supply of Pi coin is 100 billion, with 20% allocated to the core team and 80% to the community.
Scam Allegations and Official Warnings
Since its launch, Pi Network's model and future prospects have been highly controversial, especially in China, where multiple agencies have issued risk warnings.
Chinese Official Agencies' Characterization and Risk Warnings
- Hengyang Public Security Bureau: As early as July 2023, the Hengyang Public Security Bureau publicly stated that Pi coin was a scam.
- Anhua County People's Government: In October 2025, the Anhua County People's Government issued a risk warning, pointing out that "π coin" free mining is a scam that resells user personal information to defraud money.
- Financial Expert Views: Liang Si, a researcher at the Bank of China Research Institute, believes that speculating on "π coin" could lead to a sudden loss of all value, as it is not linked to any actual assets or productive labor, lacks solid value support, and is a tool for speculative trading. Lou Feipeng, a researcher at Postal Savings Bank of China, emphasized that virtual currency is not real currency and has no exchange relationship with the RMB.
- Legal Community Warning: Song Gangming, a lawyer at Beijing Jingzhen Law Firm, pointed out that methods such as "referral rebates" to entice users to develop downlines are typical pyramid schemes, and participants may face criminal liability. Lawyers advise users to participate cautiously in Pi coin transactions, especially avoiding promotional activities, as funds in pyramid scheme cases may be fully confiscated without a refund mechanism.
Controversy over Pyramid Scheme Model
Pi Network's promotion model, particularly its invitation system and mechanism for accelerating "mining" by developing downlines, has been widely questioned as fitting the definition of a pyramid scheme under Chinese law (e.g., involving more than 30 people and three or more levels). This model differs significantly from how legitimate blockchain projects develop through technological innovation and community consensus.
Lack of Real Value and Fraud Cases
Critics argue that despite the project claiming to be initiated by a Stanford team, it has failed to open its mainnet for a long time, lacks practical applications and value support, and its "free mining" may primarily be used for collecting user data and advertising revenue. Furthermore, unscrupulous individuals have already used the name of Pi coin to commit fraud, such as selling fake "Pi coin bank cards" and "mining-specific mobile phones," defrauding elderly people. Downloading the Pi coin app through unofficial channels may also lead to the leakage of personal privacy data.
Conclusion
The Pi Network project is still under continuous development and is committed to building its ecosystem. However, its "enclosed mainnet" status, unofficial IOU trading, and especially the clear warnings from multiple official agencies in China regarding its pyramid scheme model, all indicate significant risks. For global readers, when participating in any such project, it is crucial to fully understand its operating mechanism, potential risks, and strictly adhere to local laws and regulations, avoiding blind following or participation in activities that may involve illegal fundraising or pyramid schemes.
