Opening the Mainnet Era
Pi Network has officially launched its Open Mainnet, implementing Protocol 20 and enabling smart contract capabilities. Over 17.7 million KYC-verified Pioneers can now engage with these new functionalities.
Background and Foundational Shift
Pi Network originated as a mobile-first cryptocurrency mining application. The project pursued a deliberate, mass-onboarding strategy, often described by its community as 'non-conformist,' prior to fully opening the network. This methodology garnered strong community support, with sentiment polls reflecting up to 79% positivity regarding its deliberate approach to mainstream adoption. The journey to Open Mainnet included a testnet and an enclosed mainnet phase, where internal transactions were possible but external connectivity was limited. This launch completes these preparatory phases.
Technical Evolution and Ecosystem Details
The Open Mainnet's launch establishes the technical foundation for smart contracts via Protocol 20. Smart contract implementation followed a transparent process, including external audits, community review, and testnet deployment, with a commitment to full open source. This methodical rollout, emphasizing security and community-vetted development, has been well-received, with community discussions showing 85% positive sentiment. The network's expansion includes the ongoing migration of $PI tokens. To date, over 9.8 billion $PI has migrated to user wallets, with a 'second migration' occurring for Pioneers holding thousands of $PI. Pi Network has also commenced KYC validator reward distribution, activating a reward pool after completing over 500 million verifications. The first version of the Pi Network Token Launchpad App has rolled out on the Testnet. This Launchpad introduces a utility-first model, requiring projects to have a working application before issuing a token. Funds raised through $PI on this platform are earmarked for a liquidity pool, rather than direct developer profits, focusing on economic utility. Only 470 million $PI, less than 5% of the 9.81 billion circulating supply, is currently on exchanges. The Pi Core Team (PCT) plans to expand the Pi Know Your Business (KYB) page to include Bridges and Web3 wallets, scheduled for March 29, 2025, following the launch of the Pi DEX market.
Market Activity and Community Engagement
On March 21, the $PI price climbed nearly 10% amidst broader market corrections, recovering to trade above $0.20 after previously reaching a peak of approximately $0.27. Following the Token Launchpad news on the Testnet, $PI experienced a 4% increase. In specific 24-hour periods, $PI was listed among top crypto gainers, registering increases of +6.84% and +5.0%. $PI also experienced fluctuations, including a 3.9% decrease over a 24-hour period and a 2.4% decrease over seven days, with its price at $0.190038. A prior rally was rejected at $0.198, with the 50-EMA acting as a resistance point on declining volume. Technical observations identified a Head & Shoulders pattern with a right shoulder forming at $0.192 and a neckline at $0.167. $PI's mindshare saw a 0.2% change. Community discussions expressed 91% positive sentiment regarding Protocol 20 and smart contract enablement. $PI trended as the second most popular coin on CoinGecko this week, with discussions also exploring the prospect of a $PI listing on Binance.