Pi Network has finally launched its Open Mainnet as of February 20, 2025, allowing trading of its cryptocurrency, Pi Coin, in external markets. This transition marks a significant milestone after years in development and previous delays. Major cryptocurrency exchanges, including OKX and Bitget, have already listed Pi Coin, offering promotional incentives such as a $60,000 airdrop to stimulate trading activity. The community eagerly anticipates further developments, with Binance planning a community vote to finalize Pi Coin’s listing by February 27.
However, the launch has not been without controversy. Pi Coin initially debuted with a price surge to $2.00, only to plummet nearly 50% shortly after. This volatility has raised concerns about liquidity, with trading volumes failing to meet expectations. For instance, even on popular exchanges, the market depth remained low, suggesting that the current trading price may not accurately reflect demand.
In addition to liquidity questions, there are broader concerns about the project’s sustainability and real-world utility. While Pi Network has attracted millions of users—boasting 60 million overall and 19 million completed KYC processes—critics argue that its mining model, which allows users to “mine” Pi by tapping a button on a mobile app, lacks genuine innovation. This method has drawn parallels with previous projects that struggled to find long-term value in the market.
Moreover, the community’s desire to maintain a closed economy raises unanswered questions about how the market will respond now that the coins are freely tradable. Critics emphasize the importance of transparency, with many expressing skepticism about the project’s management and the overall decentralized claims. Some major figures in the cryptocurrency space, including the CEO of Bybit, have openly critiqued Pi Network, labeling it a potential scam and referring to police warnings that label the initiative as fraudulent.
As Pi Coin steps into a bigger market spotlight, potential investors are advised to exercise caution and conduct thorough research. The project has captured the interest of many, but its future viability remains uncertain as it navigates the complexities of the cryptocurrency landscape.
In summary, while the launch of the Open Mainnet for Pi Network represents an exciting opportunity for its users, significant skepticism surrounds its value proposition and operational transparency. The next few weeks will be crucial for gauging the real demand for Pi Coin and its potential for long-term survival in the market.