Pi Network launched on the 14th of March, 2019 (Pi Day), by a team of Stanford graduates led by Nicolas Kokkalis and Chengdiao Fan. The project was introduced with a clear objective to make cryptocurrency mining accessible to everyday users through mobile devices.
At the time, dominant networks like Bitcoin required expensive hardware and consumed significant energy, effectively excluding a large portion of the global population.
PI positioned itself as an alternative by allowing users to “mine” coins through a smartphone app without draining battery life or requiring intensive computing power. In practice, the concept focused less on traditional mining and more on user participation and network growth.
Pi Network [PI] has since evolved through several development stages.
Although the PI token was introduced at launch, it was not initially traded on open markets. When the network went live in March 2019, users could begin earning PI through mobile mining. At this stage, the token existed only within the app, with no blockchain infrastructure or external transfer capability, as the primary focus remained on user acquisition and ecosystem expansion.
Between 2020 and 2021, the network transitioned into its testnet phase, introducing a functional blockchain environment. During this period, nodes were deployed and decentralized operations were tested using the Stellar Consensus Protocol. Despite users accumulating PI, the token still lacked market value or exchange listings, as activity remained within a controlled environment.
The move to an enclosed mainnet in December 2021 marked a significant milestone, as PI became a live on-chain asset. Users were able to migrate their balances to the blockchain after completing KYC verification, and early ecosystem applications began supporting transactions within the network.
However, the mainnet remained restricted, preventing interaction with external wallets or exchanges. This effectively limited the token’s liquidity and tradability.
In February 2025, PI saw widespread listings across several major cryptocurrency exchanges, including OKX, Bitget, CoinEx, MEXC, and Gate.io. These listings marked the first instance of broader market exposure for the token. Some platforms also introduced yield opportunities for holders, particularly on exchanges like Bitget and Gate.io.
In terms of tokenomics, PI has a maximum supply of 100 billion tokens.
However, the circulating supply is currently estimated at approximately 9.81 billion PI. This relatively low circulating supply suggests that additional tokens may enter the market over time, potentially increasing inflationary pressure and influencing price dynamics.
