Pi Network, the mobile-mined cryptocurrency project, has announced its long-awaited transition to an Open Network on February 20, 2025, marking the end of its six-year development phase. The launch will enable external blockchain connectivity, compliance-focused transactions, and integration with decentralized applications (dApps), positioning Pi Coin for broader market adoption.
Key Developments: Milestones and Technical Upgrades
Open Network Transition Details
The shift from Pi’s enclosed Mainnet phase will remove network firewalls, allowing Pioneers (verified users) to transact Pi with external systems and businesses. To ensure compliance, participation requires KYC verification for individuals and KYB checks for businesses, reinforcing Pi’s commitment to regulatory alignment and security.
Achieved Launch Conditions
Pi Network has surpassed its Open Network prerequisites:
- 19 million identity-verified users, exceeding the 15 million target.
- 10.14 million migrated to Mainnet, above the 10 million goal.
- 100+ Mainnet-ready dApps deployed, fostering a utility-driven ecosystem.
A recent Protocol v19 upgrade further bolsters the network, enabling 1.19 million transactions per second (TPS) and cross-chain interoperability. “This upgrade ensures Pi can scale seamlessly as adoption grows,” noted a Pi Network developer blog.
Market Reactions: Volatility and Community Activity
IOU Price Fluctuations
Despite the milestone, Pi’s IOU (I Owe You) tokens—traded on platforms like HTX—have shown volatility. After peaking at $345 in 2022, prices dipped to $39 amid delays but rebounded to $44.64 post-upgrade, reflecting cautious optimism. Analysts at PinETBox highlight Pi’s “strong technical groundwork” as a driver for potential post-launch growth, though warn of speculative risks.
Grassroots Adoption
In Taiwan, over 27,000 merchants now accept Pi for goods and services, with P2P trades valuing Pi at $0.80–$1.00 (25–30 TWD). This organic adoption underscores Pi’s utility beyond speculative trading.
Upcoming Milestones and Risks
Grace Period Deadline Extension
Pi Network extended its KYC and migration deadline to February 28, 2025, allowing unverified users to secure their balances. Post-deadline, only Pi mined within the prior six months will remain transferable.
Exchange Listings and Regulatory Hurdles
While Open Network enables Pi’s public use, major exchange listings (e.g., Binance, Kraken) remain uncertain. Exchanges require rigorous compliance reviews, and Pi’s lack of a functional blockchain explorer complicates third-party verification.
Node Transition Strategy
Pi’s core team will prioritize “historically reliable” node operators during the Testnet-to-Mainnet shift, ensuring network stability. Full decentralization will occur gradually.
Conclusion: A Pivotal Moment for Pi
Pi Network’s Open Network launch represents a critical test of its vision for a compliant, user-driven cryptocurrency. With robust infrastructure and grassroots adoption, Pi is poised to challenge legacy payment systems—if it navigates regulatory and technical hurdles post-launch.
Track official Pi Network updates for real-time developments on migrations and exchange integrations.
