Pi Network (PI) Surpasses Uniswap (UNI) to Become the Largest and Most Valuable Airdrop in Crypto History

This development follows the network's mainnet launch and its token debut on popular exchanges.

Crypto airdrops have become a common strategy for blockchain projects to distribute their native tokens to early adopters and drive mass adoption. Among the most valuable airdrops in crypto history is Pi Network (PI), which has surpassed Uniswap’s (UNI) previous record following the network’s mainnet launch and token debut on popular exchanges.

A report from Bitget exchange reveals Uniswap’s standing at the helm of crypto airdrops in the industry, with up to $6.43 billion in value following its 2020 allocations. However, in a recent development, Pi Network has exceeded this record, effectively doubling the airdrop valuation to new heights.

With a total circulating supply of 6.3 billion PI tokens and a launch price of around $2, Pi Network’s total airdrop value reached an impressive $12.6 billion on Thursday, according to the latest updates.

“1 PI = 2$,” Pi Network shared on X.

This airdrop coincides with Pi Network’s mainnet launch, marking a historic moment for the crypto industry. Unlike traditional airdrops that primarily reward early adopters and investors, Pi Network’s approach emphasizes mass participation.

The team claims that millions of users have mined tokens using their mobile devices since 2019, creating a vast and engaged community that contributes to the airdrop’s unprecedented scale.

Several cryptocurrency exchanges, like Bitget, offered Pi Network airdrops ahead of the launch. For instance, BitMart announced USDT giveaways in anticipation of the open mainnet phase. This pre-mainnet enthusiasm from exchanges showcases the industry’s perceived confidence in Pi’s potential as a widely adopted digital currency.

Pi Network Team Speaks After Mainnet Launch

With the official launch of its Open phase, Pi Network is no longer confined to an enclosed ecosystem. The project’s team announced that external connectivity is now available, allowing seamless integration with other blockchains and financial systems.

“Open Network has unlocked Pi’s thriving ecosystem, innovative applications, and extensive peer-to-peer network for integration with the broader blockchain world,” the team announced.

The Pi Network team also highlighted that Open Network will bolster their mission to create a “utility-driven and widely adopted cryptocurrency.” Specifically, pioneers could engage in transactions beyond Pi’s internal ecosystem.

However, despite its record-breaking airdrop, Pi Network faces several challenges, including regulatory scrutiny and skepticism regarding its unique mining model. Critics argue that Pi Network’s pyramid-style user acquisition raises sustainability and legal compliance concerns. Additionally, market volatility is a pressing issue, considering many of its users are first-time crypto participants.

Nevertheless, the project’s leadership is committed to building a decentralized and scalable ecosystem. BeInCrypto reported that project pioneers claim it is 120x faster than the Bitcoin network. Following its transition into a fully open network, the coming months will determine whether Pi Network can maintain its momentum and deliver on its ambitious vision.

Pi Network’s PI Coin was trading at $1.1984, down 37% from its launch price at the time of writing.