Pi Network Mainnet Progress and Current Status
Pi Network (often referred to as "Pi Coin") is a mobile-first blockchain network project. According to its official progress, the project's "Enclosed Mainnet" launched in December 2021, while the crucial "Open Mainnet" officially commenced on February 20, 2025. The launch of the Open Mainnet signifies the removal of external connectivity restrictions, enabling transactions of Pi Coin with external networks for the first time.
This transition to a fully open network is viewed by the team as a gradual, condition-based process rather than a one-time event. Users must complete KYC (Know Your Customer) identity verification and migrate their in-app mined Pi Coins to the mainnet wallet to conduct transactions on the mainnet. As of the project's June 2026 report, over 10 million Pioneer users have completed the migration.
Technologically, the Pi Mainnet has seen continuous iterations, such as the Protocol 28 upgrade completed on October 16, 2026, aimed at enhancing transaction processing and smart contract security. The project also plans to host its inaugural Ecosystem Summit in November 2026, focusing on developer ecosystem building.
Pi Coin Trading and Market Conditions
With the launch of the Open Mainnet, Pi Coin (ticker symbol PI) is now available for buying and selling on some centralized exchanges. Currently, Pi is listed and traded on exchanges such as OKX, Gate.io, MEXC, and Kraken. Users can trade on these platforms after registering an account and completing KYC.
According to publicly available data (as of October 25, 2026), Pi's current price is approximately between $0.076 and $0.080. Its all-time high reached $2.99 on February 26, 2025, and the current price is significantly below that peak. At that time, its market capitalization was approximately $8.56 billion to $8.81 billion, ranking around 81st on major data platforms.
However, it is important to note that leading global exchanges such as Binance and Coinbase have not yet listed Pi for spot trading. Exchange listing decisions typically involve rigorous technical audits, compliance reviews, and evaluations of token economic models (such as large unlocked supplies), areas where Pi may still face scrutiny.
Market Concerns and Risk Warnings
Pi Network boasts a massive user base, claiming tens of millions of registered users, which has garnered widespread community attention. However, there are also some common market concerns and potential risks.
- Tokenomics and Supply: Pi has a total supply of 100 billion tokens, with approximately 11.29 billion currently in circulation. As more mined tokens unlock or migrate to the mainnet in the future, the market may face price pressure from increased supply.
- Transparency and Technical Audits: Some community members and observers have raised questions regarding the public auditability of Pi's blockchain code and the network's degree of decentralization.
- Regulatory Risk: As a global project, Pi Network needs to navigate regulatory requirements across different jurisdictions, and its compliance path is still evolving.
The cryptocurrency market itself is highly volatile, and investors should conduct independent research and fully understand the associated risks before participating in any project.
