Mainnet: Where Crypto Projects Go Live

Blockchain buzzwords fly fast. But “mainnet” is the real deal.

A mainnet marks the official launch of a crypto project. It’s when the blockchain goes live, real transactions begin, and the network starts running independently. No more test runs. No more simulations. Just the actual platform, powered by its own native coin.

Take Pi Network’s turbulent debut and Plume’s RWA-powered launch, mainnets really signal a turning point. For traders, developers, and investors, understanding mainnets means knowing when a project stops being theory, and starts being real.

So what exactly is a mainnet in crypto? And why does it create so much market noise?

Let’s break it down.

Now, What Exactly Is a Mainnet in Crypto?

A mainnet is the fully developed and deployed version of a blockchain. It’s not a test, a demo, or a placeholder. It’s the real thing. Once a project launches its mainnet, its network becomes live, and enables actual transactions, which run decentralized applications (dApps), and operate with its own native cryptocurrency.

Here’s the core idea behind a mainnet:

• It is a live and independent blockchain network.
• It processes real cryptocurrency transactions on-chain.
• It supports functional decentralized applications (dApps).
• It runs on a native coin, not placeholder tokens.

How Does a Mainnet Launch Work?

Before a blockchain goes live, it follows a structured roadmap that involves development, testing, funding, and finally, deployment. The launch of a mainnet signals that a project is ready to leave its testing phase and begin real-world operations on its own network. This process can take months, or even years. It really depends on the complexity of the protocol.

Typical Timeline

• Fundraising via ICO or IEO
  Projects often raise capital through Initial Coin Offerings (ICOs) or Initial Exchange Offerings (IEOs). These funds help build the prototype and test early features 
• Testnet Development
  A testnet is launched to experiment with the blockchain’s functions without risking real assets. Developers test smart contracts, transaction speeds, and consensus mechanisms in this sandbox environment.
• Bug Fixing and Audits
  Before mainnet goes live, the code undergoes audits and patches to fix vulnerabilities and performance issues.
• Mainnet Deployment
  The blockchain becomes fully operational. From this point, it handles live transactions and interactions from real users.
• Mainnet Token Swap
  Tokens that were initially issued on another blockchain (such as Ethereum’s ERC-20 standard) are exchanged for native mainnet tokens. This process is known as a mainnet swap.

Case Studies: Mainnets That Made Headlines

Two notable 2025 mainnet launches, Pi Network and Plume, offer valuable insights into how different blockchain projects approach full deployment, adoption, and real-world integration.

Pi Network’s Public Mainnet Launch

The Pi Network finally launched its public mainnet on February 20, 2025, after years of closed-network development. The token surged over 35% within the first hour, reaching $1.97, though price volatility quickly followed.

• The launch marked the transition from a closed test phase to an open ecosystem, allowing users to trade and deploy dApps.
• Over 100 decentralized applications (dApps) went live, spanning DeFi, gaming, and utilities.
• CEX listings included OKX, Bybit, HTX, BitMart, and Bitget, while Binance launched a public vote on listing Pi Coin.
• Pi’s mobile-first mining model helped attract a massive user base—50M+ registered users and 3.8M+ followers on X, surpassing Ethereum and Solana.
• Post-launch, issues surfaced. A Binance Square analysis highlighted KYC failures, wallet bugs, and locked balances, sparking credibility concerns.
• Despite the excitement, ongoing migration issues have led to speculation of a price crash, with predictions dipping below $0.20.

Now, Pi Network’s chaotic rollout is initially seen as a breakthrough for accessible blockchain adoption, and has raised questions about decentralization, transparency, and long-term stability.

Plume Genesis Mainnet

Plume’s Genesis mainnet launched in June 2025, setting a bold direction by bridging real-world assets (RWAs) with DeFi infrastructure.

• At launch, Plume had integrated over $150M in tokenized assets, collaborating with legacy financial giants like Blackstone and Invesco.
• Native RWA tokens were instantly supported across DeFi protocols like Curve and Morpho, enabling lending, farming, and leverage.
• The network enables RWAs to behave like crypto-native tokens, boosting accessibility and on-chain yield potential.
• Plume raised $20M in Series A funding and onboarded $4B in assets prior to mainnet rollout.
• Future plans include tokenization of precious metals, art, uranium, and trading cards, expanding use cases beyond traditional finance.

As noted by CoinDesk, Plume represents a significant leap for RWA-focused protocols and reflects a broader industry trend toward real utility and institutional-grade adoption.

Mainnet vs Testnet: What’s the Difference?

Now, we know that Testnet happens before mainnet gets into action. The testing process. The testnet acts as a sandbox environment to simulate network behavior, catch bugs, and trial new features  Once the system proves stable and secure, it’s deployed as a mainnet, where actual coins are traded, and smart contracts go live.

Benefits and Risks of Mainnets

Now, launching a mainnet takes a project from concept to live execution. But along with the freedom to build and scale, it also brings exposure to market forces, technical issues, and community pressure.

Benefits

• Enables real crypto transactions
  Users can send, receive, and validate real assets on a live blockchain.
• Runs on its own native token
  Mainnets no longer rely on testnet coins like ERC-20 tokens.
• Allows independent upgrades and control
  Projects are no longer limited by host chains like Ethereum.
• Hosts real dApps and smart contracts
  Developers can launch working apps that users interact with daily.

Risks

• Early user sell-offs can crash prices
  Pi Coin dropped after its surge when early users cashed out.
• Technical errors delay migrations
  Pi users reported KYC bugs, stuck wallets, and missing funds.
• Core teams often keep full control
  Users may not have real ownership or trading freedom at first.
• Exchange listings can remain uncertain
  Major platforms like Binance may delay or skip listings.

What Drives Mainnet Volatility?

Mainnet launches often bring major price swings. These fluctuations are driven by hype, liquidity, technical delays, and investor psychology. Projects that can’t manage expectations or technology may face quick crashes after explosive starts.

 Price Surges from Hype and Listings

• Launch events generate heavy speculation and rapid buying.
• Pi Coin surged 35% within the first hour of its mainnet going live.

Early Sell-Offs from Long-Term Holders

• OG users often sell immediately, taking profits before others join.
• Pi Coin saw price dips soon after listing as early adopters offloaded.

Technical Failures and User Frustration

• Bugs, missing funds, and delayed KYC increase panic and exits.
• Pi’s migration caused widespread wallet and balance issues.

Lack of Transparency from Core Teams

• Silence from developers reduces investor confidence.
• Pi users criticized the core team’s failure to communicate during migration.

Final Words

A mainnet marks the moment a blockchain project gets real. It’s where ideas meet execution, and real value enters the ecosystem.

But with that spotlight comes pressure. As seen with Pi and Plume, a strong launch can boost credibility, or expose cracks. Either way, mainnets test codes and they test trust.