Is Pi Coin Worth Anything in 2025?

Stanford graduates kicked off the Pi Network in 2019, a crypto project trying to make digital money easier for everyone to get through “mining” on their phones. The idea was to break down the usual tech and money hurdles that stop most people from mining crypto the old-fashioned way. We’ll dig into what Pi Network is all about, what it’s trying to do, and the tech behind it.

What Pi Network Stands For: Making Crypto Easy

At its heart, Pi Network wants anyone to be able to mine cryptocurrency just by using a simple phone app. This is a big change from coins like Bitcoin, where you need expensive, power-hungry gear. The team wants to build a digital money and smart contract system that’s run and kept safe by the people using it, sticking to the core ideas of blockchain.

They really push for a worldwide, open system where people connect directly, using referrals to bring in more users and get everyone involved. How mining works is that early birds get to mine more Pi, but this slows down as more people join, supposedly to spread the coins out fairly. Looking ahead, Pi hopes to be used for buying things, working with other apps (DApps), and sending money between people.

Their official mission statement says they want to “build a cryptocurrency and smart contracts platform secured and operated by everyday people.” The big dream is “to build the world’s most inclusive peer-to-peer ecosystem and online experience, fueled by Pi, the world’s most widely used cryptocurrency.”

The Tech Side: SCP and How “Mining” Works on Your Phone

Pi Network uses a tweaked version of the Stellar Consensus Protocol (SCP) to agree on transactions. David Mazières, a Stanford computer science professor who’s also the top scientist at the Stellar Development Foundation, originally created SCP. Picking this tech lets Pi run a mining system on phones that’s easy to use and doesn’t gobble up tons of electricity.

Instead of the heavy-duty math problems (proof-of-work) that other cryptos use, Pi’s take on SCP relies on trusted computers (nodes) and groups called “security circles.” You build these security circles by adding people you trust to your network. By doing this, you help confirm transactions and boost the network’s overall safety. When all these personal security circles link up, they form a worldwide web of trust. This web helps the network agree on transactions quickly and safely.

Now, “mining” in Pi Network isn’t what you might think from other cryptocurrencies. You’re not solving tough math puzzles or burning through your phone’s processing power. Instead, you “mine” Pi by just opening the app once a day and tapping a button. They call this “proof of engagement,” basically to show you’re a real person and not a bot. This daily tap is meant to barely touch your phone’s battery or data. By checking in, you and your security circles add to that trust web, which helps keep the Pi record book (ledger) secure.

The network has different roles, and your role can change how much Pi you mine:

* Pioneer: This is the basic user who mines Pi by logging in daily.
* Contributor: You become a Contributor if you make the network safer by adding trusted people to your security circle.
* Ambassador: If you bring new people into the network by inviting them, you’re an Ambassador.
* Node: Some folks run Pi Node software on their computers. These nodes help make the network more decentralized and secure by checking transactions. Running a node can earn you more Pi, based on things like how long your computer stays on and how powerful it is.

Pi’s Journey: From Early Tests to a Peek at Full Launch

Pi Network has rolled out in stages:

* Phase 1: Beta (December 2018 – March 2020): The phone app came out, letting the first “Pioneers” start mining Pi and grow the community. The first version of their plan (whitepaper) appeared on March 14, 2019.
* Phase 2: Testnet (March 2020 – December 2021): They launched a live Testnet with nodes spread across the world. This was to check how stable, fast, and scalable their blockchain was. Developers also got to start building apps on this test version.
* Phase 3: Enclosed Mainnet (December 2021 – Early 2025): The main network (Mainnet) went live, but with a firewall around it, so it couldn’t connect to outside systems without permission. During this time, the big goals were getting Pioneers through Know Your Customer (KYC) checks and moving their mined Pi over to the Mainnet blockchain. Inside this walled-off system, people could use Pi for deals within Pi apps or lock it up to mine at a faster rate. The team kept pushing for more app development and real uses within their world. Word was that by early 2025, over 10 million people had moved their Pi to the Mainnet, and more than 19 million Pioneers had their identities verified.
* Open Mainnet (Started February 20, 2025): The move to an Open Mainnet apparently kicked off on February 20, 2025, meaning the firewall started to come down. This step should allow connections to the outside world, like linking to other crypto wallets and maybe even getting Pi listed on public exchanges.

There’s a hard cap of 100 billion Pi tokens ever. Eighty percent of that is for the community: 65% for mining rewards, 10% for growing the ecosystem through a future Pi Foundation, and 5% for a liquidity pool. The Pi Core Team gets the other 20%. To make Pi more useful, they started the Pi Ad Network. This lets app developers show ads paid for in Pi, giving them a way to earn money and hopefully making Pi itself more valuable.

The People Behind Pi: Stanford Connections and a Disputed Split

The Pi Network was started by folks with strong Stanford University backgrounds.

1. Dr. Nicolas Kokkalis: He’s the Head of Technology. Dr. Kokkalis got his Ph.D. in Computer Science from Stanford and even taught Stanford’s first class on decentralized apps (CS359B) back in 2018. His work has covered distributed systems, how people use tech together, and human-computer interaction. He already knew a lot about blockchain, smart contracts, and how networks reach agreement. Some say he’s also the CTO for StartX, an accelerator for new companies.
2. Dr. Chengdiao Fan: As Head of Product, Dr. Fan earned her Ph.D. in Anthropological Sciences at Stanford. She’s an expert in human behavior, social computing, and how people interact with computers. Her goal is to use tech to make a positive difference in people’s lives and societies, and she brings that to empowering folks in the Pi system. There are mentions of her being CEO at Myriadhub Inc. in 2017.
3. Vincent McPhillip: McPhillip used to be the Head of Community. He has a Political Science degree from Yale and an MBA from Stanford’s business school. He was a big part of building Pi Network’s worldwide community. It seems McPhillip left the project and, in 2020, sued Kokkalis and Fan, claiming he was unfairly pushed out and there was bad money management. That fight was reportedly settled in July 2023, but nobody’s saying what the terms were.

The Pi Network says its Core Team is made up of over 35 full-time people around the world, with their main office in Silicon Valley.

The “Walled Garden” Phase and Stepping into the Open

From late 2021 to early 2025, Pi Network was in its “Enclosed Mainnet” stage. This just means the main network was up and running but had a digital wall around it, blocking outside connections. People who passed KYC checks (“Pioneers”) could send Pi to other verified users inside the Pi world and use Pi in apps found on the Pi Browser. This whole time was mostly about getting tons of people KYC’d, moving their Pi balances to the live network, and building plus testing apps internally.

The big switch to an Open Mainnet phase is said to have started on February 20, 2025. Everyone’s expecting this to tear down that firewall, which should mean:

* Sending Pi Out: You’ll be able to move Pi to wallets outside the Pi system.
* Exchange Listings: Pi Coin might finally show up on public cryptocurrency exchanges.
* More App Connections: A wider variety of decentralized apps could plug in, with more features.
* Truly Decentralized: The network takes another step towards being genuinely run by its users, not a central team.

Pi Coin on Exchanges: What’s Real Now That It’s Open

Since the Open Mainnet supposedly launched in February 2025, Pi Coin (PI) has apparently started appearing on several well-known crypto exchanges. This means people can now swap their mined Pi for regular money or other digital currencies.

Some major platforms that are thought to be listing Pi Coin, usually trading against USDT (Tether), are:

* OKX: They seem to offer trading for PI/USDT, PI/TRY, PI/USD, PI/EUR, and PI/BRL.
* Gate.io: This exchange lists a PI/USDT pair.
* Bitget: Also appears to support Pi Coin trading, generally against USDT.
* MEXC Global: Has Pi listed in their Innovation Zone, which is for newer, early-stage projects.
* Bitrue: Another platform where Pi trading is reportedly available.

You absolutely need to know that these are all centralized exchanges (CEXs). If you hear about Pi being on decentralized exchanges (DEXs), be super careful – those could easily be scams.

If you want to trade your Pi for cash or other cryptos, the usual way is to send your KYC-verified, Mainnet-migrated Pi from your Pi Network wallet to one of these exchanges that supports it. Once it’s on the exchange, you can trade Pi for USDT. After that, you might be able to pull your USDT out to another crypto wallet or, on some exchanges, change USDT into regular currency through P2P (peer-to-peer) options and get it into your bank account.

Things to Keep in Mind for Trading:

* KYC & Mainnet First: You can only trade Pi Coins that have gone through KYC and been moved to a Mainnet wallet.
* How Much is Trading? The amount of Pi being bought and sold can be different on each platform. If not many people are trading (low liquidity), you might not get the price you want or your order could slip.
* Price Swings: Since it’s new to trading, Pi Coin’s price has jumped around a lot.
* Exchange Costs: Trading, putting money in, and taking money out all have fees, and these change from exchange to exchange.
* Stick to Official News: Always get your information straight from Pi Network’s official announcements and well-known exchanges.

Using Pi in the Real World: Still Early Days

After its Open Mainnet launch, you can, in theory, use Pi Coin to buy actual goods and services. But, not many places accept it yet; it’s mostly within groups of people trading directly (P2P) and a few specific Pi Network apps. Big stores and mainstream businesses aren’t really on board yet.

Where People Say It’s Happening:

* Person-to-Person Deals: The most common way people are using Pi for real things is by trading directly with each other. They find these deals on community forums, social media, or special P2P websites.
* Local Shops & Community Markets: Some small businesses in places like Nigeria, Vietnam, Indonesia, and the Philippines have apparently started taking Pi.
* There have been stories out of China about cars being bought entirely with Pi. Some of these deals were supposedly based on a price set by the community called the Global Consensus Value (GCV), which was an incredible $314,159 per Pi – a number that definitely doesn’t match what the wider market thinks it’s worth.
* A coffee shop in Vietnam (Queanh Gia Coffee) was said to accept Pi, charging 0.003 Pi for a breakfast.
* A plastic surgery clinic in South Korea reportedly took Pi for half the payment, valuing Pi at about $37 per coin for those particular services.
* Pi’s Own Apps: Apps like Pi Browser and Pi Chat help with these informal trades. Marketplaces like Pi Chain Mall are popping up, but a lot of apps on the Pi Browser might not be officially approved.
* PiFest Events: At the PiFest 2025 event, reports say over 1.8 million users made deals using Pi with 58,000 businesses around the world. PiFest 2024 had over 27,000 sellers active in 160 countries.

The Problem of “Value”:

Figuring out what everyone agrees Pi Coin is “worth” in day-to-day transactions is tricky. Before it hit exchanges, its value was pure guesswork. Some exchanges listed “Pi IOUs” (I Owe You), which were just bets on future Pi and not the real coin. For example, towards the end of 2024, these Pi Coin IOUs were trading on places like Huobi and Bitmart for about $34.50.

Now that it’s supposedly on Open Mainnet, listings on exchanges like OKX, Bitget, MEXC, BitMart, and HTX (which used to be Huobi) give actual market prices. In early May 2025, some news suggested Pi Coin’s price had jumped over $1, and some analysts thought it might go higher. On February 24, 2025, Pi Coin was apparently trading around $1.55, with over $1.18 billion traded in 24 hours. As of April 2025, Binance hadn’t listed Pi Coin, even though many in the community wanted it.

Heads Up & Dangers:

* Most regular stores don’t take Pi yet.
* You usually need to have your identity verified (KYC) to make transactions.
* It’s a good idea to only deal with businesses on Pi’s KYB (Know Your Business) verified list to steer clear of scams. Be extra careful with P2P trades.

Pi Coin’s Money Matters: Supply, Who Gets It, and Keeping Inflation in Check

Pi Coin’s financial setup (tokenomics) is designed for a huge number of users, with a total of 100 billion tokens available, ever.

Who Gets What:

* The Community (for mining, growing the system, and providing liquidity): 80% (65 billion of this is for mining rewards).
* The Pi Core Team: 20%.
* Coins in Circulation: In early 2025, numbers for how much Pi was actually out there and usable varied, hovering around 6.8 billion to 7.1 billion. CoinMarketCap has supposedly confirmed the project’s circulating supply. This number changes all the time, as it depends on people finishing KYC and moving their Pi to the Mainnet.

Mining and Prices Going Up or Down:

* The phone-first mining system rewards people for being active.
* Mining rewards get smaller over time (like a halving) as more users join, which is meant to keep inflation under control.
* Things that might make the coin more scarce (and potentially more valuable) include burning transaction fees and possibly getting rid of Pi from accounts that don’t pass KYC.
* Lock-Up Choices: People can choose to lock up their Pi for set times (like 6 months, 1 year, or 3 years) to get higher mining rates. This takes some Pi out of immediate circulation and encourages people to stick around for the long haul. A lot of users have apparently chosen to lock up their Pi for three years.

Doubts, Arguments, and Warning Signs

Even with tons of users, Pi Network has gotten a lot of side-eye:

1. Taking Forever & No Real Value (For a Long Time): For years, Pi coins couldn’t be traded for actual money on big exchanges, which made people doubt it.
2. Not Being Clear Enough: Critics pointed out that early on, there weren’t very detailed plans (whitepapers), sometimes the roadmap was vague, and the underlying code wasn’t public.
3. Is it a Pyramid Scheme? Because it relies so much on referrals, some compared it to multi-level marketing (MLM) or pyramid schemes. The company says no, arguing that referrals are just one level deep and don’t cost anything.
4. Your Data: Making KYC mandatory made people worry about how their personal information was being stored and used. Pi Network’s privacy policy does say they collect a lot of data. The team denied a story in 2021 about a data breach affecting users in Vietnam.
5. Ads in the App: Seeing ads made some think the main point was just to make ad money, although you can turn the ads off. The Pi Ad Network is supposed to create an internal ad system using Pi.
6. Too Much Central Control: People still worry that the Core Team has too much power over the network and the token supply.
7. Trouble Getting Your Coins: Some users said they had issues with their balances after KYC or got their accounts banned.

The Pi Crowd: How Many, Who They Are, and Why They’re In It

Pi Network says it has more than 60 million users across the globe as of June 2024, with a lot of them in Southeast Asia, South Asia, and Nigeria. On X (what used to be Twitter), their community is about 4.3 million strong. News from March 2025 mentioned over 14 million “Pioneers” had passed KYC. The app itself has been downloaded over 100 million times from the Google Play Store.

They try to keep people engaged by having them tap the app daily and through things like PiFest. Still, some numbers suggest that, compared to well-known cryptocurrencies, not as many people are using their Pi wallets or making transactions every day.

People are involved for different reasons: some hope to make money, some like that it’s easy to get into, others are looking for real-world uses, and many just enjoy being part of the community. But there are hurdles, like users not always understanding how wild price swings can be, and fuzzy rules from governments.

The Plan: What They’ve Done and What’s Next

Pi Network’s journey went from a Beta version in 2018, to a Testnet in 2020, then the Enclosed Mainnet in late 2021, and the reported Open Mainnet launch in February 2025. Now, they’re focused on making Pi useful in many ways through dApps (like 1Pi Mall, Workforce Pool, Map of Pi), the Pi Ad Network, auctioning off “.pi” domain names, and trying to get listed on more exchanges. Getting on Binance is still a big wish for the community.

A common complaint about their roadmap was that it often didn’t give clear dates for big steps, which annoyed users.

Making Pi Worth Something Real: What Needs to Happen

For Pi Coin to have lasting, real-world value, a few things are key:

* Actual Uses: They need to build a strong system with real things you can do with Pi, not just speculate on its price.
* More Exchanges & Easy Trading: Getting listed on more major exchanges is a big one.
* Playing by the Rules: They have to figure out how to follow financial regulations all over the world.
* Keeping the Community Growing & Active: They need to hold onto their users and keep them interested.
* A Solid Mainnet: The Open Mainnet has to work well, stay secure, and handle lots of activity.
* Market Realities: They’ll have to beat out competitors and fit in with what’s happening in the wider crypto market.

What’s at Stake for Users: Your Time, Your Data, and a Lot of “Maybes”

If you’re involved with Pi Network, here’s what you might be risking:

* Time Spent: You’re tapping that button every day for a long time, with no guarantee of a future payoff.
* Sharing Your Info & Privacy: KYC means giving up sensitive personal details. There are worries about how this data is handled and if it could be misused, even though Pi Network says they have privacy measures.
* What Else You Could Be Doing: The time and data you put into Pi could have gone into something else.
* No Guarantees on Value: Pi’s worth is still up in theair, depending on whether people use it, if it becomes useful, how the market feels, and what regulators decide.

The first bit of time after mainnet has shown some pretty wild price swings.

Pi’s Way of Growing: How It Stacks Up

Pi Network’s approach – easy mobile access and growing through referrals – is different from many other crypto projects. How simple it is to use really sets it apart. While referral programs and the excitement of something like an airdrop can pull in users fast, lasting success comes down to real usefulness and a well-built ecosystem. That’s a lesson other projects trying to get big have learned. No matter the project, trust, security, and dealing with rules are always big challenges.

The Legal Maze: A Worldwide Puzzle

Pi Network is trying to operate in a world with a messy web of regulations.

* Is it a Security? There are questions, especially in the U.S. (under something called the Howey Test), about whether Pi Coin might be considered a security (like a stock). Pi Network argues it’s a utility token (something you use), not an investment they sold upfront (like an ICO).
* Data Rules: They claim to follow GDPR in Europe, but data laws in places like China (PIPL, DSL) are tricky.
* Money Laundering & KYC: Pi’s KYC system is meant to follow the rules, but people are watching to see how well it really works in different countries.
* Government Attention: There have apparently been warnings or closer looks from authorities in Malaysia, Vietnam, the Philippines, and China. They also need to comply with Europe’s MiCAR rules for crypto.

The Bull Case for Pi: Why Some People Are Hopeful

Those who believe in Pi point to:

* A Huge, Active Community: This is a big plus for creating demand and helping the ecosystem grow.
* Mining for Everyone: It makes getting into crypto much easier.
* Focus on Usefulness: They’re stressing practical uses and building dApps, including things like .pi Domains.
* Slow and Steady Rollout: The idea is to build a stable system before throwing it open to everyone.

About Those Pi Coin IOUs

Before the Open Mainnet, some exchanges listed “Pi Coin IOUs.” These were basically just IOUs – promises for future Pi Coins, not the actual coins themselves. Trading these was super risky because their prices were all over the place, nobody knew if they’d ever convert to real Pi, and they weren’t regulated. The Pi Network itself used to warn people away from trading IOUs. Now that Open Mainnet is here (or supposed to be), the game is about trading actual Pi Coins on exchanges that support them.

Pi’s Big Economic Picture

Pi Network hopes to build something that lasts by:

* An Ecosystem Driven by Usefulness: Creating real things people can do with Pi.
* Smart Tokenomics: Finding a good balance between having enough coins and keeping them somewhat scarce.
* Making Money: Mostly through their Pi Ad Network and maybe from transaction fees down the line.
* Community Power & Network Effects: Using their giant user base to their advantage.

What the Experts Think: A Mixed Bag

Crypto experts don’t all agree on Pi Network:

* The Optimists: They see the easy mining, big community, and recent steps like the Open Mainnet launch and talk of linking up with Chainlink as good signs. Some think the price could really take off if lots of people start using it for real things.
* The Skeptics: They point to a lack of openness, a history of unclear real-world uses, comparisons to pyramid schemes, and general market doubt. Many are just waiting to see what happens.

Why People Stick With It: The Psychology of Tapping

Why do people keep engaging with projects like Pi, even when the payoff is a big question mark?

* Scarcity and Fun: Things like mining rates dropping (halving) and the simple tap-to-earn setup make it feel like a game and keep people coming back.
* Hope and FOMO (Fear Of Missing Out): The dream of future riches and the fear of being left out if it takes off are strong motivators.
* Community and “Everyone’s Doing It”: A big, active group makes people feel like they belong and reinforces their belief in the project.
* Super Easy to Start: Because it’s so simple to join, people get roped in and then tend to stick with it.

Why KYC Is Such a Big Deal

Pi Network’s KYC (Know Your Customer) process is super important for a few reasons:

* Following the Rules: It helps them meet requirements for Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF).
* Keeping the Network Clean: It helps stop bots and makes sure each person only has one account.
* Making Trading Possible: You have to do KYC to move your Pi to the Mainnet and then trade it.
People have had mixed feelings about KYC: they get why it’s needed, but many have been frustrated by delays and tech problems.

“Free Crypto” Apps: Where Did This Idea Come From?

The idea of earning “free crypto” on your phone isn’t entirely new; it echoes earlier things like Bitcoin faucets (websites that gave out tiny bits of Bitcoin). Lots of these newer apps change what “mining” means, turning it into a reward for just engaging with the app. When these things succeed (like Notcoin did, at first), it’s often because they offer clear value, are fun to use, and have strong communities. The ones that fail usually have bad financial models, turn out to be scams, or just don’t offer anything truly useful.

Pi’s Angle: How It Tries to Be Different

Pi Coin aims to carve out its own space through:

* Its Tech: A phone-first mining system that uses the energy-saving Stellar Consensus Protocol.
* Its Purpose: Focusing on everyday person-to-person transactions and building an app ecosystem for a huge audience.
* Its Growth Plan: Growing through its community and rolling things out in phases to try and ensure stability before going fully public.
The main things that make Pi different are how incredibly easy it is to get started and its big push to build real uses within its already massive community.

Market Waves: The Good and Bad of Having So Many Users

Pi Network’s claim of over 60 million users could shake up the crypto market in a big way.

* The Upside: If Pi actually becomes valuable and useful, it could get a lot more everyday people into crypto, bring in a lot of money, and inspire more user-friendly projects.
* The Downside: If it fails, it could hurt crypto’s reputation, cause users to lose out, and make regulators crack down even harder.
What happens with Pi after its Open Mainnet, whether it can create real utility, and how it handles market ups and downs and legal hurdles will ultimately decide what kind of splash it makes.