Overview
Pi Network was launched in 2019 by Nicolas Kokkalis and Chengdiao Fan, Stanford PhD graduates. Its idea was to make crypto accessible to everyone: users “mine” Pi by tapping a button in a phone app once a day, for free.
The app attracted tens of millions of users. For years, Pi could not be traded outside the app. In February 2025, Pi launched its open mainnet, and PI began trading on exchanges such as OKX, Bitget and MEXC, briefly reaching about $3.
How it works
- Phone “mining” doesn’t actually secure the network like Bitcoin mining; it’s a way of distributing coins to users.
- To move mined Pi to the mainnet, users must pass KYC (identity checks). About 17.7 million users had passed KYC by early 2026.
- The network uses a consensus system derived from Stellar’s, run by nodes approved in the Pi ecosystem.
- Upgrades in 2026 aimed to add smart-contract support.
The PI token
| PI at a glance | |
|---|---|
| Maximum supply | 100 billion PI |
| In circulation (Oct 2026) | about 11.3 billion |
| Price (29 Oct 2026) | about $0.08 |
| All-time high | about $2.99 (February 2025) |
| Market cap | about $900 million (#79) |
A large share of PI is held by the Pi Core Team and the foundation, and new tokens are unlocked regularly as users migrate and team allocations vest.
Risks
- Supply overhang. Roughly 89% of the maximum supply is not yet circulating.
- Centralization. The core team controls much of the supply and network.
- Limited listings. Big exchanges like Binance and Coinbase haven’t listed PI.
- Uncertain utility. Real use of Pi outside its own app ecosystem is limited.
- Scams. Many fake Pi apps and “Pi buyers” target users; be very careful.
Pi vs. the competition
| Pi | Notcoin | Worldcoin | |
|---|---|---|---|
| How users get tokens | Tap in phone app | Tap in Telegram game | Iris scan |
| Community size | Tens of millions | ~35 million players | 18+ million verified |
| Token price vs. peak | ~97% lower | ~99% lower | ~96% lower |
Our verdict
Pi built one of the largest communities in crypto by making it free and easy to join. But since trading opened, its price has collapsed, most of the supply is still to come, and control is centralized. PI is a very high-risk investment: invest only money you can afford to lose entirely, and beware of Pi-related scams.
This review is for information only and is not financial advice.