Key Takeaways:
Pi Network's open mainnet went live on 20 February 2025, when the network's firewall was removed and PI could be transferred and traded externally for the first time. A broader community-phase milestone followed on 14 March 2026.
Open mainnet is not a single switch. The Core Team runs it as a phased, conditions-based process, and access to transferable PI depends on completing KYC verification and migrating your app balance to the mainnet wallet.
Pi reported roughly 18 million KYC-verified users and around 16 to 17 million completed migrations by 2026, one of the largest verified user bases in crypto, though a large share of registered users remain unverified.
The project has shipped real upgrades, including smart contracts, a native DEX, and ongoing protocol updates, and gained listings on Kraken and OKX. But Binance and Coinbase have not listed PI, and the price has fallen sharply from its launch peak.
Pi Network is one of the most debated projects in crypto. This guide presents both what it has delivered and the open criticisms, so you can form your own view. It is educational content, not financial advice.
Introduction
Pi Network is one of the most widely discussed and most polarising projects in crypto. It began in 2019 as a mobile app that let people “mine” PI by tapping a button each day, and it grew to tens of millions of users long before those tokens could actually be moved or traded. The open mainnet is the phase meant to change that, and it is where most of the recent Pi Network news is focused.
This guide explains what the Pi Network mainnet is, what the open mainnet launch actually delivered, the key features and latest 2026 updates, and the criticisms and risks that sit alongside them. The aim is a balanced, factual picture rather than hype or dismissal. It is educational content, not financial advice, and it does not recommend buying, holding, or mining PI.
Learn more about Pi Network & how it works to understand its token dynamics, risks, and launch details.
What Is Pi Network?
Pi Network is a crypto project that launched in 2019 as a mobile app allowing users, called Pioneers, to earn its PI token through daily app engagement rather than energy-intensive mining. It runs its own blockchain, and its long transition from a closed app to a live, tradable network is known as the move to open mainnet.
For most of its history, Pi existed in an “enclosed” phase: users accumulated PI in the app, but the tokens could not be transferred, sold, or used outside Pi’s own environment. That is the central thing to understand about Pi Network. The large user numbers came years before the token had any external market, which is both the source of its scale and the root of much of the criticism around it.
Pi Network Mainnet Launch: What Actually Happened
The mainnet launch was not a single event but a staged transition. Understanding the difference between the phases explains a lot of the confusion in Pi Network discussions.
| Phase | What It Means |
|---|---|
| Enclosed mainnet | The blockchain ran in a controlled environment with no external connectivity. PI existed on-chain but could not be traded or moved off the network. |
| Open mainnet (20 Feb 2025) | The network’s firewall was removed, allowing external wallets, exchange connectivity, and real PI transfers for the first time. |
| Community-phase milestone (14 Mar 2026) | A broader open-mainnet milestone that widened participation as more users completed verification and migration. |
| Fully open network (target) | The Core Team frames this as conditions-based, dependent on KYC progress, ecosystem development, and node infrastructure, rather than a fixed date. |
KYC and Migration: The Gate to Real PI
The single most important practical detail for existing users is that mined PI in the app does not become usable on-chain until two steps are complete.
- KYC verification: users must complete identity verification through the Pi app or Pi Browser. In 2026 the project also expanded verification methods to strengthen the “one person, one account” standard.
- Mainnet migration: only after KYC approval can eligible PI be migrated from the app balance to the mainnet wallet. Without approved KYC, a user may still see PI in the app but cannot access it on-chain.
Pi reported roughly 18 million KYC-verified users and around 16 to 17 million completed migrations by 2026. That is one of the largest verified user bases in crypto, but it still leaves a large share of the tens of millions of registered users unverified, with their mined PI inaccessible. KYC bottlenecks have been one of the most persistent complaints throughout the mainnet period.
This is why KYC and migration updates remain important for both users and traders watching Pi coin price.
Check here for a detailed Pi Coin price analysis: PI coin Price Prediction
Key Features and the Latest 2026 Updates
Beyond migration, the project has shipped a series of technical updates through 2026. These are the developments most relevant to current Pi Network news.
| Update / Feature | What It Adds |
|---|---|
| Smart contracts live | A 2026 protocol upgrade activated smart contracts on the Pi mainnet, opening the path to decentralised apps built on Pi. |
| Native DEX (Pi’s own exchange) | A native decentralised exchange went live, giving the ecosystem self-contained on-chain liquidity. |
| Ongoing protocol upgrades | The Core Team has run a sequence of mandatory node upgrades through 2026 to improve stability, security, and performance ahead of a fully open network. |
| Exchange listings | PI gained spot listings on Kraken (March 2026) and OKX access, its first major regulated-exchange exposure. |
| Ecosystem tools | Developer tools, the Pi Browser, hackathons, and Launchpad-style features have expanded, though real-world usage is still early. |
The Criticisms and Risks You Should Know
A balanced view has to weigh the progress against the open concerns, which are significant and widely documented. These are not settled either way, but you should be aware of them.
Sharp price decline since launch
After open mainnet, PI reached a peak near $3 and then fell heavily, trading in the region of $0.12 to $0.15 by mid-2026, a drop of roughly 90% or more from that peak. High token supply entering circulation has added ongoing downward pressure.
Major exchanges have declined to list PI
While Kraken and OKX opened access in 2026, the two largest exchanges, Binance and Coinbase, have not listed PI. Reported concerns include code transparency, audits, and decentralisation. One exchange’s CEO publicly called Pi a scam in early 2025, a characterisation Pi’s team disputed.
Referral-based growth and “mining” framing
Pi’s growth relied heavily on referrals, and critics have long argued the “mining” label is misleading because it does not involve the computational work of networks like Bitcoin. Supporters counter that the model achieved genuine mass distribution. Both points are part of the honest picture.
Utility and tokenomics are still developing
Real-world use of PI remains limited and early-stage, and analysts continue to raise questions about tokenomics and long-term utility. The project has shipped infrastructure, but broad adoption has not yet followed.
What This Means for Users in India
If you are in India and hold or are considering PI, a few practical points apply.
Be alert to Pi-themed scams. Fake “Pi” apps, airdrops, and “get verified faster” services exist. Never share your Pi passphrase, OTP, or wallet keys with anyone, and only use the official Pi app and Pi Browser.
PI, like other crypto, is treated as a Virtual Digital Asset (VDA) in India. Any gains on transfer are taxed at a flat 30% under the Finance Act 2022, with 1% TDS under Section 194S where applicable.
Availability varies by platform and region, and PI is not listed on every exchange. Always use only FIU-registered platforms for any crypto activity, and verify listing details directly rather than trusting third-party claims.
Read more: How to buy Pi Coin in India after it gets listed on CoinDCX
FAQs
1. Is the Pi Network mainnet live?
Yes. Pi Network's open mainnet went live on 20 February 2025, when the network firewall was removed and PI could be transferred and traded externally for the first time. A broader community-phase milestone followed on 14 March 2026. The Core Team still frames the move to a fully open network as a gradual, conditions-based process rather than a single completed event.
2. What is the difference between enclosed and open mainnet?
Enclosed mainnet ran the Pi blockchain in a closed environment with no external access, so PI could not be traded or moved off the network. Open mainnet removed those restrictions, allowing external wallets, exchange connectivity, and real PI transfers. In practice, this is when actual market price discovery for PI began.
3. Why can't I access my mined Pi?
Mined PI in the app only becomes usable on-chain after you complete two steps: KYC identity verification and migration of your balance to the mainnet wallet. Without approved KYC, you may still see PI in the app but cannot transfer it. KYC and migration backlogs have left many users waiting, which is a common and documented issue.
4. Is Pi Network a scam?
Pi Network is a real, operating project with a live mainnet, shipped upgrades, and listings on some exchanges, so it is not simply a non-existent scheme. However, it is heavily debated: major exchanges like Binance and Coinbase have declined to list it, and critics cite transparency and tokenomics concerns. Treat it as a high-risk, contested project and do your own research.
5. Is Pi Network listed on major exchanges?
While PI has gained spot listings on a few exchanges, the token is yet to be listed in leading exchanges like CoinDCX. Listing status can change, so verify current availability directly on any exchange before acting.
6. How is PI taxed in India?
PI is treated as a Virtual Digital Asset in India. Gains on transfer are taxed at a flat 30% under the Finance Act 2022, with 1% TDS on transactions under Section 194S where it applies, and no loss offsetting between crypto assets. Tax treatment can be nuanced, so consult a qualified chartered accountant for your specific situation.
