Everything you need to know about Pi Network: History, Launch, Price
Six years later, the Pi network has officially moved its token from the testnet to the open mainnet and allows its users to perform unrestricted transactions and integrate external wallets. This also means the Pi coin has been officially listed on major exchanges including OKX, Bitget, and CoinDCX.
But how did we get here? What is Pi and why is it generating such high attention?
What is the Pi Network?
Founded by Nicolas Kokkalis, Vince McPhilip, and Chengdiao Fan, PHD holders from Stanford, the Pi Network is a decentralized Web3 initiative, developed to allow cryptocurrency mining from the comfort of a mobile device, and the Pi coin is the official cryptocurrency of this network.
To achieve this, the Pi network uses Stellar Consensus Protocol (SCP), a mechanism developed for the Stellar blockchain for safe and faster transactions. Most importantly, with the use of SCP, there is much lower energy consumption compared to traditional mining systems like Bitcoin’s Proof-of-work systems which require high-end technology to mine.
This open-ended integration which allows everyday users to mine and access the Pi ecosystem has led to a remarkable 60 million users.
The Launch of Pi and the Roadmap
Inspired by Bitcoin,, Nicolas, Vince, and Chengdiao the creators of the Pi network, Nought to create a more accessible ,social, mobile-first currency. The idea was to create a cryptocurrency that could be mined with a mobile device and relied on social recommendations to verify users. The Pi Network officially launched on Pi Day;,March 14, 2019.
Since then, a roadmap has been put in place to inform users about the transition of the Pi cryptocurrency to the point where they can trade their Pi on exchanges, use Pi for decentralized applications (dApps), and perform other forms of transactions, extending beyond the Pi ecosystem and interacting with the broader crypto market.
The roadmap that was created for the Pi Network is as follows:
- Phase 1: Network Foundation and Community Building (2019): The Pi Network was launched on Pi Day in 2019 and operated on a centralized server that imitated a decentralized network. The idea was to onboard new users to the platform, so rewards were also offered to encourage active involvement
- Phase 2: Testnet (2020): The Pi Network integrated Node software to launch a test blockchain that simulated the future mainnet. Developers could find bugs and security vulnerabilities to prepare for decentralization. This phase also allowed millions of users to find utilities for the Test-Pi in the ecosystem.
- Phase 3: Mainnet and Full Decentralization(2025): Pi is fully migrated and embedded into the decentralized blockchain. At this stage, the Pi coin can be listed on exchanges that apply and are approved for the KYb (Know Your Business) on the Pi website. This allows Pioneers (holders of the Pi coin) to exchange their coins for other tokens. Likewise, it opens the Pi ecosystem to other potential investors in the crypto market.
Pi Coin’s Utility and Use Cases
The Pi coin is now officially in the open mainnet which means it can now interact with the blockchain. Here are some utilities of the Pi coin before the migration:
- Users could transact with Pi but exclusively on the Pi ecosystem.
- Developers and Node operators could create Decentralized Apps (dApps) within the Pi ecosystem and there was merchant as adoption.
- Much earlier, at the testnet phase, the users could vouch for each other to help confirm their identity and mine Pi tokens on their mobile devices.
After the Pi coin completed migration to the blockchain on February 20, 2025, the utilities changed:
- Transactions with the Pi coin can now be done across the general blockchain, not just limited to the Pi ecosystem
- The Pi coin is now listed on multiple verifiable exchanges including bitget, OKX, and CoinDCX.
- If desired, e-commerce businesses can use Pi as a valid cryptocurrency for receiving payments for goods and services
- Decentralized apps (dApps) based on the Pi Network can now be deployed to the greater blockchain
- More users can contribute to the security and decentralization of the Pi Network through nodes on mainnet.
Controversies surrounding the Pi coin
Some users may opine that Pi is a stellar crypto innovation, especially as it makes mining easily accessible without transaction fees like other blockchains. However, the Pi network is not without its criticisms and user concerns. Here are some of them:
- Years of mining without access to sell may limit the coin’s potential to achieve a high price because OG miners with locked coins will likely immediately sell once able, further dropping the price.
- In the past, the Pi Network has been accused of resembling a pyramid scheme as users are rewarded for bringing in more users.
- Users have complained about being spammed with ads when they open the Pi app, however, the Pi team claims this is used to cover server and maintenance costs of running individual accounts.
- The team behind the token has been considered obscure in terms of sharing essential details about the project, including the number of tokens distributed, and how the coin is funded.
- Demanding KYC process
What lies ahead for the Pi Network?
There was a 2-year delay in the release of Pi to the mainnet as it was initially announced to be tradable from December 2023, then postponed to September 2024. And now, finally, in February 2025, Pi has gone live on the open mainnet. This transition has quieted some naysayers who doubted the legitimacy of the token as it listed on exchanges like bitget where the token achieved an all-time high of $2.1 per Pi before it dropped to $0.6 on the same day. As of the time of writing, Pi trades at $0.8 per Pi.
However, stakeholders are concerned that there may be significant selloffs if this coin gets listed on major exchanges like Binance and ByBit and there is wider global access to trade the token. Likewise, if users who are currently experiencing hassle with verifying their accounts or those who have locked their tokens gain access to their coins, there may be FUD about the future of this token, triggering more selloffs and crashing the price.
For this reason, the Pi network has to look beyond community speculation and focus on how to adopt Web3 and prioritize decentralized applications (dApps) to improve the utility of this token.
Please be advised, that this article or any information on this site is not an investment advice, you shall act at your own risk and, if necessary, receive a professional advice before making any investment decisions
Roman Klochko