In summary
Pi Network launched its mainnet with a supply of 100 billion tokens, of which 562 million have been unlocked. Many miners have locked their tokens for years.
Pi Network faced allegations of a data leak in Vietnam (which was denied) and was labeled a pyramid scheme in China, leading to trading restrictions in some regions.
With an OTC price of $2 and an IOU at $64, analysts predict Pi will launch between $30-$50, supported by exchange listings and strong demand.
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The launch of Pi Network’s Open Mainnet on February 20, 2025, has generated much speculation about its potential listing price. This is becoming one of the most anticipated launch events in recent cryptocurrency history.
As we approach the mainnet launch, here are the top five facts about Pi Network that every user should know before investing.
Pi Coin Tokenomics
Pi’s total supply is capped at 100 billion tokens, allocated as follows:
- Mining Rewards (65%): Approximately 65 billion Pi are reserved for rewarding users who contribute to the network through activities like mobile mining, referrals, and running nodes.
- Ecosystem Building (10%): Around 10 billion Pi are allocated to support community initiatives, the development of decentralized applications (dApps), and other ecosystem-enhancing projects.
- Liquidity Fund (5%): Approximately 5 billion Pi are allocated to provide liquidity for transactions within the Pi ecosystem.
- Core Team Allocation (20%): The remaining 20 billion Pi are allocated to the Pi Core Team as a reward for their efforts in developing and maintaining the network. This allocation follows a vesting schedule consistent with the distribution to the community.
As Pi Network approaches its mainnet launch, the Pi Core Team has not publicly disclosed the exact number of tokens that will be unlocked at that time.
As of December 2024, approximately 562 million Pi coins have been unlocked and are in circulation.
Notably, a significant number of Pioneers (users who mine Pi using the mobile app) have chosen to lock their tokens for extended periods. Many even opted for a three-year lock-up.
Pi Network Faces Data Leak Allegations
In May 2021, a major data breach was reported involving approximately 17 gigabytes of personal information belonging to around 10,000 Vietnamese citizens. The compromised data included ID card information, home addresses, phone numbers, and email addresses.
While the individual responsible for the leak claimed the data was taken from Pi Network, the project has denied these allegations.
According to the project, a third-party service, Yoti, conducted their KYC procedures. Yoti also stated that Vietnamese ID cards are not stored on their servers.
“Pi Network or its third-party KYC provider had nothing to do with the recent Vietnamese national ID card data leak. Pi Network has never requested or collected such data, and our third-party KYC provider does not accept this type of ID document,” the project wrote in 2021.
A subsequent internal investigation by Pi Network found no evidence of a data leak from their end. Yoti also denied any involvement in the data breach.
Pi Participated in China’s Largest Pyramid Scheme
Pi Network has faced significant scrutiny in China, with allegations that it operates as a multi-level marketing (MLM) or pyramid scheme. The platform utilizes a referral system where users can increase their mining rate by inviting others.
In July 2023, the Handan Public Security Bureau in Hebei Province labeled Pi Coin as a scam. The bureau emphasized that Pi Network relies on a hierarchical invitation mechanism. This creates layers of participants, where referrers benefit from bringing in new members.
“PI Network has nothing to do with the real project and will soon collapse. Be careful because CABAL is trying to create a meta from the Pi Network 2025 brand,” analyst MASTR wrote on X (formerly Twitter).
This model aligns with the characteristics of pyramid schemes, which are illegal under Chinese law. Several industry leaders, such as Colin Wu and AB Kuai.Dong, have warned about the legal risks of participating in Pi Network in China.
In response, Pi Network has implemented restrictions on Pi coin transactions in certain regions, including mainland China. Exchanges like OKX have confirmed that Pi Network requires a separate listing approach.
“PI is the largest pyramid scheme in the Chinese-speaking world. Because mobile phones can be used for direct mining, the threshold is very low. As the number of users increases, mining rewards will gradually decrease. But the disadvantage is that it involves pyramid schemes and gambling, and there are many cases involving the police in many places,” AB Kuai.Dong wrote
Pi Network Among Top 5 Most Popular Crypto Projects
Even without launching its mainnet and despite repeated delays, Pi Network is currently the 5th most-followed cryptocurrency project on X (formerly Twitter). The project currently has 3.7 million followers, surpassing Ethereum, Solana, and other popular blockchain networks.
It is also one of the most popular cryptocurrency apps in South Korea and India. The project’s mobile app has over 100 million downloads on the Google Play store.
Pi Coin Initial Price
The OTC (over-the-counter) price of Pi network is $2 per Pi token. These are peer-to-peer transactions where users exchange Pi unofficially without exchange listings.
However, the current IOU (I owe you) price is around $64. IOUs are speculative prices on exchanges like HTX (formerly Huobi) where traders anticipate future prices before Pi becomes tradable.
Most importantly, Pi Network has over 45 million engaged users, making it one of the largest cryptocurrency communities. Social media activity and search trends indicate strong interest from retail investors.
Currently, a large percentage of Pi is locked due to voluntary lock-up periods set by users. With these factors in mind, BeInCrypto analysts predict Pi coin will trade between $30-$50 on its mainnet launch day.
All information on our website is published in good faith and for general information purposes only. Any action you take upon the information found on our website is strictly at your own discretion and risk.
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