On February 20, 2025, Pi Network celebrated a significant milestone by launching its Open Mainnet, a transition that allows its cryptocurrency, Pi Coin, to be traded externally. This marked a departure from the previous Enclosed Mainnet phase and has generated excitement within the community as users and enthusiasts can now participate in transactions outside of the Pi ecosystem.
Major exchanges like OKX and Bitget have already taken notice, listing Pi Coin and introducing promotional offers to attract traders. Bitget, for example, announced a generous $60,000 airdrop aimed at rewarding its users and stimulating trading activity until March 3. Meanwhile, Binance is engaging its community by holding a vote to determine the future of Pi Coin’s listing, with results expected on February 27.
Despite the buzz surrounding the launch, skepticism looms over the project’s robustness and potential for sustainability. The debut of Pi Coin was dramatic; it started at $1.70, surged to $2.00, only to see its value plummet by 50% shortly afterward. Such volatility has raised concerns, particularly regarding liquidity, as the market depth on exchanges has remained below expectations, leading some to doubt Pi Coin’s real-world utility.
The Pi Network has promoted a “closed economy” model to prevent speculative behavior, but with the Open Mainnet now active, market reactions to the freely tradable Pi Coins become critical. The project’s innovative approach to mining—where users can “mine” simply by tapping a button on a mobile app—has attracted a massive user base, boasting figures like 60 million total users and over 19 million who completed the KYC process. However, some argue that this gamified method does not reflect genuine blockchain progress.
Critics remain cautious, voicing concern about the lack of transparency regarding core team operations and the absence of essential blockchain features such as smart contracts. Furthermore, comparisons to failed mobile mining projects highlight the fragile nature of sustainability beyond speculative trading.
The situation is aggravated by allegations of the network being classified as a scam, particularly citing a 2023 Chinese police warning. This has further led to assertions from prominent figures in the industry denouncing Pi Coin and calling for the project team to address these allegations head-on rather than engaging with critics.
There are still many unanswered questions regarding Pi Coin’s long-term viability. The project’s unconventional mining process, discrepancies in user statistics, and the retention of control over mainnet nodes cast shadows on its decentralization claims. Moreover, concerns regarding the actual utility of Pi Coin linger, particularly as the speculative hype may not lead to sustainable demand.
While the Pi Network has certainly garnered attention and built a large community, potential investors are urged to exercise caution, conduct thorough research, and adopt a skeptical approach. As the project navigates its newfound visibility in the crypto space, only time will reveal whether it can transform from a speculative venture into a legitimate player within the realm of cryptocurrencies.