Pi Network: Mobile Mining Project Moves to Mainnet

Pi Network is a new type of cryptocurrency project based on mobile devices, featuring low-threshold participation as its main highlight. Unlike traditional cryptocurrency Mining, Pi Network allows users to "mine" through a mobile application, greatly lowering the technical and cost barriers, enabling more ordinary users to participate in the cryptocurrency ecosystem.

However, since its establishment in 2019, Pi Network has failed to officially launch its Mainnet. Mobile Mining is essentially still at the "mining air" stage, and the token acquisition mechanism relies more on referral registration rather than traditional blockchain consensus mechanisms, which has raised some doubts.

After six years of waiting, Pi Network has finally announced the launch of the Mainnet, and several trading platforms have begun to support token trading. This move has sparked market interest in the valuation of Pi coin.

Pi Coin Supply Analysis

The Pi Network has not officially disclosed the final total supply limit of Pi coins, but according to community information and the white paper, it is widely believed that the maximum supply of Pi coins is approximately 100 billion. As of the end of 2024, Pi is still in the closed period of the Mainnet, and the actual circulating supply is limited. Blockchain explorer data shows:

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

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

Market Demand and User Data

Pi Network claims that there are over 60 million registered users worldwide. However, the actual number of users who have completed KYC verification is much lower. In 2023, it was officially stated that about 12 million users had passed KYC verification. By early 2025, the on-chain data showed that the total number of Mainnet wallets was only about 9.11 million, accounting for 15% of the claimed users.

The daily active usage also reflects actual demand. Data from third-party blockchain explorers show that the average number of daily active wallets on the Pi Mainnet is about 20,000, with a peak of around 42,000 in January 2025. Compared to the claimed tens of millions of users, this level of activity is relatively low.

Pi Coin Valuation Considerations

Based on the known information, we can try to estimate the value range of Pi coin from multiple angles:

1. Market Capitalization Comparison Method:

   • Benchmarking a well-known meme coin: If Pi can replicate its success, then based on a market value of 40 billion USD, the value of Pi tokens could reach 4 USD.
   • Market Cap Rank 50: Currently approximately $2.7 billion, corresponding to the price of Pi coin at about $0.27.
   • Market cap ranking 100: currently about 920 million USD, corresponding to the Pi coin price of about 0.092 USD.

2. OTC Trading Reference:

   • The price differences in different regions are quite large, ranging from a few yuan to 0.23-0.85 US dollars.
   • In some foreign communities, there are private trading prices as high as 5-10 dollars, but the quantity is limited and not representative.
   • Some merchants accept Pi coin payments, with implicit prices between 1 and 3 dollars, but it may have promotional purposes.

The final market valuation of Pi will depend on supply and demand dynamics and market confidence:

• Supply aspect: The initially restricted circulation may drive up prices, but the long-term total supply of 100 billion coins will create pressure.
• On the demand side: A user base of hundreds of thousands to millions of active users is key. After the exchange goes live, user behavior will directly impact the market value trend.
• Market positioning: Whether Pi Network can prove its own technology and application value will affect the valuation multiples given by the market.

In the short term, the price of Pi may experience significant fluctuations. It is recommended to pay attention to the following indicators:

• Trading volume and turnover rate in the first week after launch
• Mainnet Unlock Progress
• The implementation status of Pi ecological applications
• Overall Cryptocurrency Market Trends

It is worth noting that the community cohesion of the Pi Network is one of its major characteristics. The project has built a strong community network through an invitation mechanism, and many members have become staunch supporters. This community foundation may generate unexpected market effects in the early stages of the token launch.

Overall, the price trend of Pi Network tokens after their launch will be full of uncertainty, and investors should remain cautious and closely monitor market dynamics.