Pi Network's Open Mainnet is Live, Allowing External Trading of Pi Coin; Major Exchanges Are Listing It, but Skepticism Persists Due to Transparency Issues.

After years of anticipation and a fair share of delays, Pi Network (site) finally transitioned from its Enclosed Mainnet phase to an Open Mainnet as of February 20, 2025.

Pi Network has officially transitioned to an Open Mainnet, allowing external trading of its cryptocurrency, Pi Coin, for the first time. The move opens up new possibilities for the coin, which has been highly anticipated by the crypto community.

Major crypto exchanges, including OKX and Bitget, have already listed Pi Coin and are offering incentives to attract traders. For example, Bitget has announced a $60,000 Pi airdrop pool that will run until March 3 to reward active users and boost trading activity on the platform.

Meanwhile, Binance is taking a different approach by holding a community vote to decide on whether to list Pi Coin on its exchange. The results of the vote are expected to be announced on February 27.

The launch of the Open Mainnet is a crucial step for Pi Network, which has been in development for several years and has managed to amass a large following of dedicated users. However, the project has also faced its fair share of skepticism, with some questioning its fundamentals and long-term viability.

Pi Coin has had a turbulent debut, entering the market at $1.70 and quickly surging to $2.00 before experiencing a sharp decline that saw it lose 50% of its value within hours. This volatility led to a fully diluted valuation of around $195 billion, putting it on par with some of the largest cryptocurrencies in the world. At the time of writing, Pi Coin is trading at $0.66.

Another point of scrutiny has been the lack of liquidity, especially on OKX, where the 2% market depth didn't even reach $100,000. This raises questions about the coin's real-world utility and demand, as the high theoretical valuation on paper doesn't seem to be translating into substantial trading activity.

Interestingly, the Pi Network community has always advocated for a "closed economy" model to avoid speculation. However, with the Open Mainnet now active, it will be intriguing to see how the market reacts to freely tradable Pi Coins, especially considering the cautious stance of some major exchanges.

Pi Network's unique approach to mining has been a key talking point. Instead of using power-intensive rigs and complex algorithms, Pi offers a mobile app that allows users to "mine" the coin by simply tapping a button on their phone once a day. This gamified experience has proven to be highly effective, attracting a massive user base for the network.

According to the latest statistics, Pi Network boasts over 60 million users, with 10.14 million having migrated to the Mainnet and 19 million completing the KYC process. However, some critics argue that this tap-to-mine model is more about habitual conditioning than genuine blockchain innovation.

The lack of transparency regarding the core team's operations and the absence of smart contracts even after six years of development have further fueled skepticism.

Moreover, Pi Network has faced strong opposition from some exchanges, such as Bybit, whose CEO, Ben Zhou, has flatly rejected the listing of Pi Coin, labeling it a "scam".

This stance follows a 2023 warning from Chinese police classifying Pi Network as fraudulent. In response, backlash from Pi supporters included claims that Bybit had applied for a listing and was subsequently denied. However, Zhou has denied these allegations, urging the Pi team to address scam concerns rather than attacking critics.

Despite the excitement and anticipation surrounding the launch of the Open Mainnet, a chorus of critics remains skeptical, highlighting several نقاط الخلاف.

The project's reluctance to fully disclose its blockchain technology and the control retained by the core team over active mainnet nodes have led some to question Pi Network's claims of decentralization.

Furthermore, there are ongoing concerns about the real utility of Pi Coin. Many projects have launched with great fanfare, only to struggle in delivering real-world applications beyond speculative trading. The fact that Pi Coin has such a high theoretical valuation without corresponding liquidity raises concerns that its price may not be sustainable in the long run.

As Pi Coin steps into the spotlight and begins trading on external exchanges, potential investors are advised to proceed with caution, armed with a healthy dose of skepticism and the results of their own thorough due diligence.

While the project has certainly captured the imagination of millions, only time will tell whether it can transition from an ambitious experiment to a legitimate force in the crypto world.