Key Takeaways:
* Pi Network’s Open Network launched on 20 February 2025, removing the external-connectivity firewall and allowing PI to be transferred outside Pi’s enclosed ecosystem.
* Open Network is live, but PI earned through the app becomes transferable only after the user completes the required KYC checks and migrates the eligible balance to a Mainnet wallet.
* Pi Network reported more than 18 million identity-verified users by June 2026. A March 2026 snapshot recorded 16,568,774 completed Mainnet migrations.
* In September 2026, Pi announced additional KYC and migration fixes. More than 417,000 accounts previously flagged as possible duplicates were allowed to continue the KYC process, while a separate wallet issue affecting approximately 497,000 Fast-Track users was being addressed.
* Pi has continued working on protocol upgrades, developer tools and Testnet features such as a DEX, AMM and Launchpad. These developments should not be described as fully live on Mainnet until Pi confirms their Mainnet deployment.
* PI is available on exchanges including OKX and Kraken, but Binance and Coinbase do not currently offer PI spot trading on their centralised exchanges. PI is also not currently listed on CoinDCX.
* Pi Network remains a debated crypto project. This guide examines its progress, current limitations and open risks so readers can form their own view. It is educational content and 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.
This article was updated in September 2026 to include the latest Pi Network KYC changes, Protocol 27 testing, exchange availability and PI market data.
Read our guide to what Pi Network is and how it works to understand its token model, mobile mining system, launch history and key risks.
Read our guide to what Pi Network & how it works to understand its token model, mobile mining system, launch history and key risks.
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 operated with a firewall that prevented external connectivity. PI could exist on-chain, but it could not move freely between Pi and external wallets or platforms. |
| Open Network launch — 20 February 2025 | Pi removed the external-connectivity firewall, allowing Mainnet to connect with external wallets and services. |
| Pi Day updates — 14 March 2026 | Pi announced ecosystem and product updates, including migration improvements, protocol development and Testnet features. This was not a second Open Network launch or a separate “community phase.” |
| Post-launch development | KYC, Mainnet migrations, protocol upgrades and ecosystem development continue after the Open Network launch. Availability of individual features can still differ between Testnet and Mainnet. |
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 more than 18 million identity-verified Pioneers by June 2026. At a 5 March 2026 snapshot, 16,568,774 users had completed Mainnet migration. The difference matters: completing an identity check does not necessarily mean that every eligible PI balance has already reached a Mainnet wallet.
KYC and migration remain active areas of development. In September 2026, Pi said more than 417,000 accounts previously flagged as possible duplicates had been cleared to continue the KYC process. It also identified a gas-fee issue preventing approximately 497,000 Fast-Track wallet users from claiming migrated balances and said a fix was being prepared.
This is why KYC and migration updates remain important for both users and traders watching Pi coin price.
See our PI coin Price Prediction for a detailed PI price outlook, historical performance and factors that may affect the market.
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 or feature | Current status |
|---|---|
| Protocol 27 | Protocol 27 had stabilised on Testnet2, with Mainnet deployment expected to follow. It includes infrastructure intended to support more advanced application and smart-contract capabilities. |
| Smart-contract development | Pi has described smart contracts as a gradual rollout. The protocol groundwork is progressing, but the article should not describe general smart-contract functionality as fully live on Mainnet without an official deployment confirmation. |
| DEX, AMM and Launchpad | Pi has demonstrated decentralised exchange, automated market maker and token-launch tools on Testnet. These tools remain part of the testing and development process rather than established Mainnet services. |
| KYC and migration improvements | More than 417,000 possible duplicate-account cases were cleared to proceed in September 2026. Pi also announced work on a wallet issue affecting approximately 497,000 Fast-Track users. |
| Developer tools | Pi continued expanding its desktop software, application-discovery tools and developer capabilities to support apps within the Pi ecosystem. |
| Exchange availability | OKX introduced PI trading when Open Network launched in February 2025, and Kraken added PI trading in March 2026. Binance and Coinbase do not currently offer PI spot trading on their centralised exchanges. |
| Token supply | Pi has a maximum supply of 100 billion PI. Its published allocation assigns 65 billion to community mining rewards, 20 billion to the Core Team, 10 billion to foundation reserves and 5 billion to liquidity. |
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
PI reached an all-time high of approximately $2.99 shortly after Open Network launched in February 2025. By 23–24 September 2026, it was trading at around $0.088 to $0.089, roughly 97% below that peak. Crypto prices change continuously, so readers should check a live PI price page for the latest figure. CoinMarketCap reported a circulating supply of approximately 11.2 billion PI at that time, compared with the project’s maximum supply of 100 billion PI. Future migrations and changes in circulating supply are therefore among the factors traders may monitor.
PI is not available on every major exchange
PI is available on platforms including OKX and Kraken. However, Binance and Coinbase do not currently offer PI spot trading on their centralised exchanges, and PI is not currently listed on CoinDCX.
Exchange availability can change. Users should verify a listing on the platform’s official website or app rather than relying on social-media announcements, screenshots or unofficial deposit addresses.
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
Pi has continued expanding its application ecosystem, developer tools and protocol infrastructure. However, important features such as its DEX, AMM and Launchpad have primarily been demonstrated on Testnet, and broader Mainnet usage is still developing. The gap between a large registered community and sustained on-chain activity remains one of the main issues users and traders should evaluate.
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.
In India, crypto assets are treated as Virtual Digital Assets. Income from the transfer of a VDA is generally taxed at 30%, along with applicable surcharge and cess, and TDS may apply under the prevailing rules. Tax provisions and section numbers can change, so readers should check the latest Income Tax Department guidance or consult a qualified tax professional.
PI availability differs across platforms and regions. It is not currently listed on CoinDCX. Before using another platform, verify that it is permitted to serve Indian users, check its current regulatory or FIU registration status, and confirm the listing through the platform’s official channels.
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.
