Pi Network is a mobile-first cryptocurrency project. It allows users to mine coins directly from their smartphones. The app is free to use and claims to be energy-efficient.
More importantly, the project uses a unique consensus mechanism. Instead of proof-of-work, it relies on the Stellar Consensus Protocol (SCP). So, this eliminates the need for energy-intensive computing. Pi is built to be secure, scalable, and user-friendly. It promotes accessibility for everyday users through a simple mobile interface.
Now, the PU network operates in a closed mainnet phase. Tokens mined inside the app are not yet available for open trading. Anyhow, still, Pi positions itself as a decentralized, planet-friendly solution. It aims to bring people into crypto who were previously left out.
Who Created the Pi Network?
Pi Network was created by a team of Stanford graduates in March 2019. The founding team includes Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillip.
Dr. Kokkalis, a computer scientist, leads the technical vision. Dr. Fan, a social computing expert, focuses on user behavior and adoption. McPhillip, who initially handled community growth, exited the project in 2021.
The team launched Pi Network with one core mission—to make cryptocurrency accessible to everyday people. They wanted to remove the barriers of traditional mining, which requires costly equipment and high energy consumption.
So, by enabling mining through a mobile app, Pi aimed to democratize crypto participation. The goal was to build a secure, decentralized, and eco-friendly digital currency that anyone could earn without technical expertise.
How Does Pi Network Work?
Pi Network functions through a mobile-first ecosystem that enables users to mine cryptocurrency without heavy computational power. According to Pi Network’s official site and Bitget’s beginner guide, the mining process is simplified into daily participation via a mobile app.
Here’s how it works in simple steps:
- You join the app. Once you sign up, you press a button every 24 hours to “mine” Pi. This signals you are active.
- You build a security circle. You add trusted contacts to your network. This forms a web of users that helps secure the system instead of machines doing it.
- You don’t use phone power. The app doesn’t mine like Bitcoin. It records participation. This makes the process energy-light and phone-friendly.
- You earn based on your role. You can be a Pioneer (taps to mine), Contributor (adds trust contacts), Ambassador (refers others), or Node (helps run the network from a computer).
According to Pi Network’s official whitepaper, mining rewards decrease as more users join, ensuring scarcity. The mobile app does not perform actual blockchain mining but simulates mining activity as a placeholder until full mainnet integration.
The app records user activity while the underlying infrastructure prepares for open mainnet, which will enable real transactions using Pi.
Can You Mine Pi on Your Phone?
Yes, Pi Network allows mobile-based mining. The process does not require high-end hardware. Instead, you tap the “Mine” button once every 24 hours inside the Pi app. This action confirms your activity and earns you Pi coins.
Unlike Bitcoin, Pi does not use heavy computations. It relies on a lightweight consensus model called federated Byzantine Fault Tolerance (fBFT). You help secure the network simply by verifying your presence—not by solving complex puzzles. You also get to build a Security Circle by inviting trusted people. This boosts your mining speed and supports the network’s trust graph.
Remember that Pi mining is free but not passive. You need to stay engaged—log in daily, manage your circle, and contribute feedback to the testnet.
Is Pi Network a Real Cryptocurrency?
Yes, Pi Network qualifies as a real cryptocurrency. It runs on its own blockchain, uses a modified version of the Stellar Consensus Protocol (fBFT), and has launched an Open Mainnet (Brave New Coin, 2025). The network allows users to mine tokens through a mobile app without high-end hardware, using identity verification and participation in “security circles” to validate transactions (Binance Square, RemoteCrypto).
The project has over 60 million users and supports its own wallet, browser, and node software. Several exchanges like HTX and BitMart have listed Pi, although most tokens remain locked. Migration issues and limited decentralization remain concerns (Crypto Times, Brave New Coin).
So, while Pi has the structure of a real cryptocurrency—blockchain, native token, active user base—its limited utility and liquidity will keep raising ongoing doubts.
How Pi Network Positions Itself in the Web3 Ecosystem?
Pi Network describes itself as a Web3-ready, utilities-driven platform focused on accessibility and human validation. Instead of relying solely on infrastructure or technical scalability, Pi anchors its model in identity-verified participation. The network claims its crowd-scaled KYC system and decentralized mining via mobile form a foundation for trust and fairness—two pillars often missing in early Web3 adoption.
Its roadmap centers around building a peer-to-peer ecosystem where developers can create apps for a crypto-enabled social economy.
It should be clear that Pi Network grows through a verified global community. The platform offers tools to develop decentralized apps within its ecosystem. Each feature builds toward utility over speculation. The network centers on trust, identity, and active participation. Every user action shapes its role in a broader Web3 shift—one focused on inclusion, access, and meaningful use.
Why is Pi Network Controversial?
According to a wide range of sources, including Binance Square, Cointelegraph, Brave New Coin, and the CoinMarketCap Community, Pi Network is controversial because it:
- Uses a video KYC system, raising concerns over data privacy and centralized identity control. (Binance Square)
- Operates with centralized validator control, limiting true blockchain decentralization. (Cointelegraph)
- Relies on referral-based mining, resembling multi-level marketing or pyramid schemes. (Binance Square)
- Experienced a 12 million PI token dump from a Core Team-linked wallet during a crash, sparking trust issues. (Brave New Coin)
- Supports a community-led GCV (Global Consensus Value) of $314,159 per PI, widely criticized as economically implausible. (Brave New Coin)
- Reports 47 million users, yet only 1.5 million active wallets exist on-chain, creating doubts about actual adoption. (CoinMarketCap Community)
Is Pi Network a Pyramid Scheme or Scam?
Pi Network has drawn criticism for mimicking pyramid-like structures.
According to CCN and Binance Square, users earn more Pi tokens by inviting others, which creates a referral-based hierarchy that incentivizes growth through recruitment rather than utility. Mining, in this way, involves tapping a button daily—without any real blockchain validation. Therefore, critics argue this process is symbolic of a pyramid scheme—serving more as user engagement than technical contribution.
Moreover, the app collects personal data through KYC, including government IDs and facial recognition, while monetizing via ads. Brave New Coin notes this raises privacy concerns, especially given the lack of detailed technical documentation and centralized control. Despite claiming decentralization, the Pi Core Team retains full authority over timelines, migration, and token policies.
It is also worth noting that Pi tokens remain locked in an enclosed mainnet, with no trading on public exchanges. Repeated delays in launching the open mainnet have fueled skepticism. While no direct financial investment is required, users contribute time and data—assets with real-world value.
Supporters cite the project’s large user base and academic founding team as signs of credibility. Yet, the absence of liquidity, unclear governance, and overreliance on referrals leave Pi Network in a grey zone—not a proven scam, but structurally comparable to pyramid models with unresolved legitimacy risks.
What Are the Risks of Pi Network?
- Sharing personal ID and facial data raises serious privacy concerns
- Delays in mainnet launch create ongoing uncertainty
- Pi tokens have no confirmed exchange listing or market value
- Mining process is symbolic and not based on real blockchain validation
- Centralized control contradicts claims of decentralization
- Referral-based structure closely resembles a pyramid model
- Pi token prices seen online are unofficial and highly volatile
- App relies on advertising, monetizing user time and attention
- Grace period extensions signal weak project execution
- Lack of real-world utility limits token adoption and use
Can You Trade or Sell Pi Coin?
You can trade or sell Pi Coin, but only after meeting specific conditions. According to official Pi Network sources and listings on centralized exchanges like Bitget, MEXC, HTX, Gate.io, and OKX, users must first complete KYC (Know Your Customer) and successfully migrate their Pi tokens to the open mainnet. Without this migration, any tokens in the enclosed phase remain non-transferable and cannot be traded publicly.
Once migration is complete, Pi holders can deposit their tokens into participating exchanges that support the official PI/USDT trading pair. From there, they can place a market or limit sell orders. After selling, users may withdraw proceeds in USDT or other available options, depending on the exchange’s withdrawal methods.
Remember that Pi is not available on decentralized exchanges like Uniswap or PancakeSwap. Moreover, peer-to-peer selling may occur informally, but it carries higher risks, especially if done outside verified platforms.
The trading process also depends on liquidity and exchange-specific limits. Some platforms may restrict large-volume trades due to order book depth or low circulating supply. In short, Pi Coin is tradable—but only for users who complete the official steps and use supported, regulated channels.
What is Pi Coin’s Current Value and Market Status?
As of June 2025, Pi Coin is valued at $0.6123 USD, with a 24-hour trading volume of approximately $4.57 million, according to Crypto.com. The token has gained nearly +4.87% in the past 24 hours, which shows short-term volatility but no confirmed on-chain liquidity.
Despite appearing on some exchange listings, Pi is still in its enclosed mainnet phase. This means the Pi you mine or hold in the official Pi app cannot be traded or withdrawn yet. The Core Team has not authorized any public exchange activity. Most of the visible price action comes from IOU listings, where people speculate on Pi’s future value—but no real token transfers take place.
Pi’s market cap and circulating supply are still untracked, making its current price purely speculative. Until the open mainnet launches and tokens are freely tradeable, Pi’s actual market status remains unofficial and unverified.
Why Has Pi Coin Crashed Recently?
Pi Coin has experienced a sharp drop in value due to a combination of external market shocks and internal ecosystem issues. According to Crypto Times and Brave New Coin, the recent crash was triggered by geopolitical tensions—specifically, military strikes between Israel and Iran. This conflict caused panic across the crypto market, leading to a massive sell-off in altcoins, including Pi.
At the same time, Pi Network faced internal pressures:
- Token Unlock Schedule: Over 340 million PI are being unlocked in phases, increasing token supply with little utility. This added to sell pressure (Brave New Coin, June 2025).
- Migration Problems: Users have struggled with wallet access issues, failed KYC checks, and missing token balances after the recent Horizon update, which aimed to decentralize the system.
- Delayed Mainnet Launch: Uncertainty around the open mainnet date has shaken investor confidence, especially since the project has stayed in an enclosed phase for years (Crypto News, June 2025).
- Speculative Listings: Most price crashes stem from IOU tokens on unauthorized exchanges. These do not reflect actual on-chain trades, creating volatility based on sentiment rather than supply-demand mechanics.
All these factors have led to a sharp decline, with Pi losing over 35% in minutes before mildly recovering—which highlights the fragility of speculative interest in an asset still not fully live or tradable.
Is Pi Getting Listed on Binance or Other Major Exchanges?
At this time, Pi Network is not officially listed on Binance or any major centralized exchange. However, credible signals from Binance’s own infrastructure and on-chain tracking tools suggest preparations may already be underway behind the scenes.
Moreover, according to Reddit’s real-time thread discussion, Pi’s blockchain address was recently added to Binance’s Stellar wallet infrastructure. This means Binance has technically enabled the ability to deposit and withdraw PI via its wallet system, an early but meaningful step toward listing. Pi also briefly appeared in Binance’s backend code, API schema, and mobile interface—although these elements were quickly removed or hidden.
In fact, a community poll launched by Binance itself showed over 86% support for listing PI, reflecting strong user demand. Further, platforms like Gate.io and HTX have already offered Pi trading in the form of IOU-based speculative listings, although these do not involve actual mined PI tokens from the main Pi Network app.
Despite the surrounding hype, the Pi Core Team has not approved external trading. They have stated clearly that all real Pi remains locked inside the enclosed mainnet until the network fully opens. Any tokens being traded elsewhere are not transferable, and Binance has echoed this with public disclaimers, cautioning users against premature expectations.
Still, the technical integration, blockchain test transactions, and backend clues are not random. Exchanges do not build out token infrastructure unless they are seriously considering listing. And Binance has a history of listing community-backed projects after ensuring liquidity, demand, and regulatory safety.
Final Words: Analysts Offer Mixed Predictions on Pi Price
Pi Network’s future remains uncertain after a sharp 35% crash and growing user frustration. Brave New Coin reported the crash was triggered by geopolitical tensions and worsened by token unlocks and migration delays. 99Bitcoins highlighted further damage from a 200 million PI transfer and the network’s poor execution in China. Analysts like Moon Jeff and Weslad offer mixed outlooks—some see recovery if support holds, while others expect further decline.
Community optimism now centers on the June 28 Pi2Day event and a possible Binance listing. Until the Core Team delivers real progress, Pi’s market position stays fragile.
