Pi Network Enters the Room: Disrupting Crypto or Just Another Coin?

Pi Network’s Open Mainnet is live, allowing external trading of Pi
Coin; major exchanges are listing it, but skepticism persists due to
transparency issues.

The Long-Awaited Launch: Pi Network Goes Live

After years of anticipation and a fair share of delays, Pi Network (site) finally transitioned from its Enclosed
Mainnet phase to an Open Mainnet as of February 20, 2025. This pivotal move
allows its cryptocurrency, Pi Coin, to be traded beyond its native ecosystem,
opening the floodgates for external transactions and exchange listings.

Open Network has officially launched, marking a groundbreaking moment for all Pioneers! With external connectivity now enabled, Pioneers can engage in transactions beyond the Pi ecosystem, connect with KYB-verified businesses, and access new integrations like centralized… pic.twitter.com/MXev5NMeD7

— Pi Network (@PiCoreTeam) February 20, 2025

Major players like OKX and Bitget have already jumped on the bandwagon,
listing Pi Coin and offering enticing promotions to woo traders. Bitget, for
instance, has unveiled a $60,000 Pi airdrop pool running until March 3, aiming
to reward active users and stimulate trading activity. Meanwhile, Binance, the
behemoth of crypto exchanges, is taking a more democratic approach by holding a
community vote to decide on Pi Coin’s listing, with results expected on
February 27.

This launch marks a significant milestone for Pi Network, a project
that has spent years in development, amassing a dedicated community of users.
However, with the excitement also comes scrutiny, as skeptics question the
project’s fundamentals and long-term viability.

Pi Coin’s Rollercoaster Debut

The launch wasn’t without its theatrics. Pi Coin made a dramatic
entrance, debuting at $1.70 and soaring to $2.00 before taking a nosedive,
shedding 50% of its value within hours. This wild ride pegged its fully diluted
valuation at a staggering $195 billion, rivaling established giants in the
crypto space.

It’s currently sitting at $0.66 at the time of writing.

However, liquidity—or the glaring lack thereof—has been a sticking
point. On OKX, the 2% market depth didn’t even breach the $100,000 mark,
raising eyebrows and questions about the coin’s real-world utility and demand.
Despite the high valuation on paper, actual trading volume and accessibility
remain low, leading some to speculate that the market price may not reflect genuine
demand.

Moreover, the Pi Network community has been vocal about maintaining a
“closed economy” model to avoid speculation. However, with the Open
Mainnet now active, the true test lies in how the market reacts to freely
tradable Pi Coins, especially given the cautious stance of some major
exchanges.

Mining for Pi: A New Frontier or Fool’s Gold?

Pi Network’s claim to fame is its novel approach to mining. Gone are
the days of power-hungry rigs and complex algorithms. Instead, Pi offers a
mobile app where users “mine” by simply tapping a button daily. This
gamified experience has attracted a massive user base, with the network
boasting 60 million users, 10.14 million Mainnet migrations, and 19 million
completing the KYC process.

But not everyone is sold. Critics argue that this tap-to-mine model is
more about habitual conditioning than genuine blockchain innovation. The lack
of transparency regarding the core team’s operations and the absence of smart
contracts even after six years have only added fuel to the fire of skepticism.

The Pi Network model has been compared to past mobile-based mining
projects that promised decentralized wealth but struggled to maintain value
when faced with real-world market forces. Without a clear mechanism for
sustainable adoption beyond speculative trading, many remain cautious about its
long-term prospects.

1. Here is a official police warning of $Pi from Chinese police back in 2023 warning to the public that it’s a scam targeted towards elderly folks https://t.co/LaGJqXSOXR which leaks their personal data and loss of their pension. There are multiple other reports out there… https://t.co/gkEu2wZwfo

— Ben Zhou (@benbybit) February 20, 2025

Bybit CEO Ben Zhou has firmly rejected the listing of Pi Coin, labeling it a “big scam.” Zhou, who previously dismissed an invitation to join Pi Network as “ridiculous,” emphasized that Bybit does not list scams, pointing to a 2023 Chinese police warning classifying Pi Network as fraudulent. The backlash from Pi supporters included claims that Bybit had applied for a listing and was rejected, but Zhou denied these allegations, urging the Pi team to address scam concerns rather than attack critics.

Skeptic’s Corner: Unanswered Questions Loom

While the Pi community is buzzing with excitement, a chorus of critics
remains unconvinced. The opaque nature of Pi Network’s operations,
discrepancies in user statistics, and an unconventional mining process have all
been points of contention. The project’s reluctance to fully disclose its
blockchain technology and the control retained by the core team over active
mainnet nodes have led some to question the project’s decentralization claims.

Additionally, concerns about the real utility of Pi Coin persist. Many
projects have launched with great fanfare, only to struggle to deliver real-world applications beyond speculative trading. The fact that Pi Coin has
such a high theoretical valuation without corresponding liquidity raises
concerns that its price may not be sustainable in the long run.

As Pi Coin steps into the limelight, potential investors are urged to
tread carefully, armed with a healthy dose of skepticism and due diligence.
While the project has certainly captured the imagination of millions, only time
will tell whether it can transition from an ambitious experiment to a
legitimate force in the crypto world.

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This article was written by Louis Parks at www.financemagnates.com.