Edited by Matt Waller
In a major milestone for the blockchain community, Pi Network’s open mainnet went live at 8:00 AM UTC on February 20, triggering a rally that pushed Pi Coin up more than 35% in less than an hour. The launch marks the end of a six-year development journey, transitioning the project from a closed mainnet environment—active since 2021—to an open platform for global users.
A New Era for Pi Network
The mainnet debut opens a new chapter for Pi Network. Now, community members—known as “pioneers”—can freely trade Pi Coin. Developers have already begun showcasing over 100 decentralized applications. These apps span sectors like decentralized finance and gaming. The move is seen as a critical step toward broader adoption.
Unlike traditional proof-of-work blockchains, Pi Coin is mined via a mobile app. This approach makes participation accessible to millions of users worldwide. Prior to the launch, Pi Network reported a peak user base of over 50 million. Currently, it enjoys more than 3.8 million followers on X (formerly Twitter), outpacing many major blockchain foundations.
Exchange Listings and Market Reaction
The excitement was immediate. Within minutes of the mainnet going live, several centralized exchanges quickly listed Pi Coin. Platforms including OKX, HTX, Bybit, MEXC, Gate.io, BitMart, and Bitget enabled trading of the token. In contrast, Binance has opted for caution. The exchange is running a poll until February 27 to decide on listing Pi Coin. Coinbase, Kraken, and Upbit have not yet confirmed any plans to add the token.
Data from CoinGecko shows that Pi Coin hit a high of approximately $1.97 during the initial trading burst. Prices later fluctuated, with OKX reporting values around $1.80 and Bitget near $1.78. On Bitget, the token briefly surged to $3.4 before retracing, while on Bybit, its price dipped below $1 shortly after trading began. These rapid swings illustrate the inherent volatility of newly listed tokens.
Fresh Developments and Strategic Implications
The mainnet launch has injected fresh momentum into the market. Investors and traders are closely watching for signs of sustained growth. Many believe that further listings on tier-one exchanges like Binance, Coinbase, and Kraken could drive additional buying pressure. Some analysts warn, however, that a sell-off from long-time miners may trigger a sharp pullback.
New reports indicate that major crypto influencers are bullish on Pi Network’s potential. Several institutional investors have expressed interest in the platform, citing its unique mobile mining model and robust community engagement. Industry experts note that while hype-driven rallies are common, the long-term success of Pi Coin will depend on steady adoption and developer innovation.
A Look Ahead: Potential and Risks
The Pi Network mainnet launch represents a watershed moment. It offers an unprecedented opportunity for a mobile-first blockchain to reshape digital asset markets. Yet, caution is warranted. The rapid price fluctuations suggest that the current surge could be temporary. Early adopters may look to cash out, leading to further volatility.
If more exchanges list Pi Coin and institutional interest grows, the token may stabilize and even appreciate further. However, market history shows that newly listed tokens often experience heavy sell-offs before finding a stable price range.
Conclusion
Pi Network’s mainnet launch has set off a significant rally in Pi Coin, with a more than 35% surge recorded in the first hour of trading. This development underscores the project’s evolution after six years of development and a closed beta phase. As the token now becomes available on multiple exchanges, its future will depend on sustained user engagement, additional listings on major platforms, and careful navigation of market volatility.
For investors, the launch offers both opportunity and risk. While the potential for further gains exists, the unpredictable nature of newly listed digital assets means that caution remains essential. As the global crypto community watches closely, Pi Network stands at a crossroads, poised to influence the next phase of blockchain innovation.