Pi Network: Mobile Mining Project Moves to Mainnet

Pi Network is a new type of cryptocurrency system based on mobile devices. Unlike traditional cryptocurrencies, Pi Network allows users to "Mining" through a smartphone app, significantly lowering the participation threshold, making it easier for ordinary users to access the cryptocurrency ecosystem.

However, Pi Network has failed to launch its Mainnet since its establishment in 2019. Mobile Mining is essentially in a state of "mining air," and token acquisition mainly relies on inviting new users to register, rather than adopting consensus mechanisms like PoW or PoS that utilize blockchain technology. This model is more akin to a pyramid scheme.

After six years of waiting, Pi Network has finally announced the launch of the Mainnet and started token trading on multiple exchanges. This move has sparked heated discussions about the valuation of Pi coins.

Pi Coin Supply Analysis

The Pi Network has not officially announced the final total supply limit of Pi coins. According to community discussions and white paper information, the maximum supply of Pi coins is estimated to be around 100 billion coins. If each Pi coin is valued at 1 dollar, the fully diluted market cap would reach 100 billion dollars.

As of the end of 2024, Pi is still in the closed phase of the Mainnet, and trading has not been fully opened, with a limited actual circulating supply. 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 supply migrated on the Mainnet increased to approximately 4.07 billion (locked 1.35 billion)
• January 2025: A total of 5.56 billion have been migrated to the Mainnet, with approximately 660 million still in a locked state.

The Pi white paper mentioned that when the mainnet is opened, users may have mined 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 globally. However, the real users who have completed KYC verification only make up a portion of that. In 2023, it was officially stated that about 12 million people had passed KYC verification. By early 2025, the total number of mainnet wallets shown on-chain is only about 9.11 million, accounting for 15% of the claimed users.

The daily active user data also reflects actual demand. Data from the third-party blockchain explorer ExplorePi shows that the average daily active wallets on the Pi Mainnet is about 20,000, peaking at around 42,000 in January 2025. Compared to the official claim of tens of millions of users, this level of activity is relatively low.

Pi Coin Valuation Analysis

Based on the known information, we can try to estimate the possible price range of Pi coin from different angles:

1. Market Capitalization Comparison Method:

   • If it is benchmarked against Dogecoin (market value of about 40 billion USD), the value of Pi token could reach 4 USD.
   • If it enters the top 50 by market capitalization (approximately 2.7 billion USD), the price of Pi token is about 0.27 USD.
   • If it enters the top 100 by market capitalization (approximately $920 million), the value of the Pi token is about $0.092.

2. Over-the-Counter (OTC) Price Reference:

   • The private trading prices in some regions are between 0.23 and 0.85 dollars
   • A small number of speculators are willing to trade privately at a valuation of 5-10 dollars, but the risk is higher.
   • Some merchants accept Pi coin payments, with an implied valuation of about 1-3 USD.

The final market valuation of Pi coin will depend on the balance of supply and demand and consensus of confidence. The initially limited circulation may drive up prices, but in the long run, the total supply of 10 billion coins may create price pressure. A user base of hundreds of thousands to millions of active users will support the value of Pi coin, but their behavior (holding or selling) will directly affect the market capitalization trend.

If Pi Network can prove its technological capabilities and application implementation, it may achieve a higher valuation. Conversely, if it is seen as merely a pyramid scheme, its value could significantly diminish.

In the short term, the price of Pi coin 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
• Pi ecosystem application implementation status
• Overall cryptocurrency market situation

It is worth noting that the strong community cohesion of Pi Network may lead to results that exceed rational valuation. After six years of waiting, many community members have become staunch believers, even stating that they will not sell their tokens after the launch. This sentiment could result in unpredictable price movements for Pi coins in the early stages.