Preface

Since its launch in 2019, Pi Network has been committed to creating a cryptocurrency ecosystem that everyone can participate in. After six years of development, the project finally officially launched its mainnet on February 20, 2025, and simultaneously landed on multiple well-known exchanges, such as Gate.io and other centralized exchanges. This milestone event has attracted widespread attention. This article will delve into the current development, challenges, and future prospects of Pi Network.

The Development History of Pi Network

Pi Network was founded by a team of doctoral students from Stanford University in 2019. It aims to provide a low-threshold way of cryptocurrency mining, allowing ordinary users to participate. Unlike traditional mining methods that require high-performance hardware and a large amount of electricity, Pi Network allows users to mine through a mobile app, significantly reducing the entry barrier. Due to multiple delays in the mainnet launch, the project was once questioned as a ‘air coin’ or ‘MLM coin’.

Challenges and Controversies Faced by Pi Network

Despite achieving initial success, Pi Network still faces multiple challenges and controversies:

• Mainnet launch delay: The six-year delay in the mainnet launch has led some users to question the project.
• Transparency issue: Lack of transparency in mining mechanism and consensus protocol details raises doubts from the outside about its operation mode.
• Promotion model controversy: Some people view the model of inviting new users to obtain more mining revenue as similar to MLM pyramid schemes.
• Regulatory Risks: Multiple countries including China and Vietnam have issued warnings or launched investigations into Pi Network, questioning its legality and security.

Mainnet launch and exchange listing

After experiencing multiple delays, Pi Network officially launched its mainnet on February 20, 2025, and simultaneously listed on exchanges such as Gate.io. In the early stages of the launch, according to Gate.io exchange data, the price of Pi coin once soared to $2.888 before experiencing significant fluctuations. Currently, it is fluctuating around $0.8, demonstrating a high level of market attention. In addition, Binance has initiated a community vote on whether to list Pi coin, further boosting its market popularity.

Gate.io spot trading has listed PI, trade now:https://www.gate.io/trade/PI_USDT

The circulation status of PI coin

According to the Pi Blockexplorer data as of the deadline of 2025/2/21, the current supply status of Pi coin is as follows:

• Total mining rewards (migrated): 63.16 billion coins
• Currently locked mining rewards: 4.721 billion coins
• Uncirculating Supply: 15.95 billion coins
• Circulating Supply: 63.16 billion
• Total Supply: 97.18 billion
• Maximum Supply: 100 Billion

(Source: Pi blockexplorer)

Future Outlook

With the launch of the mainnet, Pi Network is actively expanding its ecosystem, seeking more application scenarios and partners. In the future, the project is expected to occupy a place in the global digital economy, and its long-term development still depends on whether it can solve the current issues of transparency, application scenarios, and regulation.

Summary

The launch of the Pi Network’s mainnet marks a new stage in its development. Despite facing many challenges and controversies, its innovative mining model and wide user base provide potential for its future development. Investors should remain cautious, closely monitor its subsequent developments, and conduct thorough research and risk assessment before participating.