Pi Network: From Mobile Mining to Mainnet Launch of Crypto Assets

Pi Network is an innovative crypto assets project based on mobile devices, aimed at lowering the barriers for ordinary users to participate in the crypto assets ecosystem. Unlike traditional crypto assets, Pi Network allows users to "Mining" through a mobile app, significantly reducing technical and cost-related obstacles.

Although Pi Network was established in 2019, it was only recently that it officially announced the launch of its Mainnet and opened trading on multiple exchanges. This project has long been controversial, with some questioning its operating model as being more like a pyramid scheme rather than true blockchain Mining. However, with the launch of the Mainnet, Pi Network seems to be moving towards normalization.

Pi coin Supply and Circulation Situation

The official Pi Network has not clearly announced the final total supply cap of Pi coin, but it is generally believed to be around 100 billion coins. As of the end of 2024, Pi is still in the closed period of the Mainnet, and the actual circulating supply is limited. According to data from blockchain explorers:

• August 2023: Approximately 1.97 billion Pi migrated to Mainnet (, of which 1.29 billion coins were locked ).
• September 2024: The cumulative migration supply of the Mainnet increased to approximately 4.07 billion coins, with 1.35 billion coins locked.
• January 2025: The total migration of the Mainnet reached 5.56 billion coins, approximately 660 million are still in a locked state.

The Pi white paper mentioned that when the Mainnet opens, users may have mined 10-20 billion Pi. This means that the actual circulating supply in the early stages may only account for a small portion of the total amount, and most Pi coins will be gradually produced over time.

Market Demand and User Data

Pi Network claims that there are over 60 million registered users worldwide, but the actual users who have completed KYC verification only account for a portion of this. In 2023, the official statement indicated that about 12 million people passed the KYC verification. By early 2025, the on-chain data showed that the total number of Mainnet wallets was only about 9.11 million, which accounts for only 15% of the claimed users.

The daily active usage can reflect actual demand. According to data from third-party blockchain explorers, the average number of daily active wallets on the Pi Mainnet is about 20,000, with a peak reaching around 42,000 in January 2025. Compared to the tens of millions of users claimed by the official sources, this level of activity is relatively low.

Pi Coin Valuation Analysis

Based on known information, we can attempt to value Pi coin from different perspectives:

1. Market Capitalization Benchmarking Method:

   • Benchmarking Dogecoin: If Pi can replicate DOGE's success, using a market value of 40 billion USD as a reference, the value of Pi coin could reach 4 USD.
   • Market cap rank 50: corresponding to a market cap of 2.7 billion USD, Pi coin price is approximately 0.27 USD
   • Market Cap Rank 100: Corresponding to a market cap of 920 million USD, the value of Pi coin is approximately 0.092 USD.

2. OTC Trading Price Reference:

   • Mainland China and Southeast Asia: Early rumors suggest the acquisition price is at several yuan level.
   • Some foreign communities: Some are willing to privately trade a small amount of Pi coin at a valuation of 5-10 dollars.
   • Some merchants accept Pi coin payments: implying that each Pi is converted to between 1-3 dollars.

The final market valuation of Pi coin will depend on the supply and demand game and market confidence. The initially limited circulation may drive up prices, but in the long run, the huge supply of 100 billion coins poses a potential risk. The project team needs to maintain the value of the coin by controlling the inflation pace and increasing application demand.

Hundreds of thousands to millions of active coin holders will be the cornerstone of Pi coin's value. After the exchange goes live, the behavior of this group of users will directly affect the market capitalization trend. If most people choose to hold for the long term, coupled with external capital inflows, the market capitalization of Pi coin is expected to reach the ten billion dollar level, pushing the price to the range of 1-3 dollars. Conversely, if there is a large-scale sell-off, the market capitalization may only stop at the billion dollar level or lower.

If Pi Network can prove itself to be a truly grounded blockchain technology and application, rather than relying solely on a pyramid scheme-like growth, the market may assign a higher valuation. Otherwise, if the negative rhetoric is confirmed, Pi coin may face a decrease in value.

In the short term, the price of Pi coin may fluctuate violently. It is recommended to pay attention to the following indicators to determine the trend:

• The trading volume and turnover rate in the first week of launch
• Mainnet unlock progress
• The implementation status of the Pi ecosystem applications
• Overall Crypto Assets Market Trend

The biggest advantage of Pi Network lies in its strong community cohesion. The project has built a propagation model similar to meme coins through an invitation mechanism, and many community members have become staunch believers. With low initial circulation and community loyalty supporting it, Pi may exhibit unpredictable market performance in its early launch.