The first quarter of 2025 was significant for Pi Network, presenting many new opportunities and challenges. The project concluded its preparatory phase and began full-fledged operation in a new decentralized format.
Open Network Launch
On February 20, 2025, Pi Network officially launched its Open Network, marking a historic milestone for the project. The transition to a fully decentralized system lifted the restrictions of the previous enclosed mainnet, where users could only mine Pi coins on their mobile devices. According to project updates, over 9 million users had migrated to the mainnet by early January, exceeding 10 million by mid-February. The launch was celebrated with an online event where co-founders Nicolas Kokkalis and Chengdiao Fan discussed their goals for making Pi a currency for everyday use.
Pi Coin Launch
Pi Coin officially launched alongside the Open Network on February 20, 2025. During the enclosed mainnet phase, mined coins had no trading value, but this changed for verified users after the launch. Participation in trading was only available to those who completed KYC and migrated their balances. The project extended the KYC and migration Grace Period several times, allowing an increasing number of users to join. However, unverified balances before the six-month migration window were forfeited, which stirred some discussion among users.
Challenges and Future Outlook
The quarter also faced several hurdles. The repeated Grace Period extensions received mixed reactions from users, with some expressing frustration, while others supported the move as it facilitated wider participation. Technical issues, including KYC delays and migration bottlenecks, were also reported. Despite market uncertainty and price fluctuations following the launch, the community remains optimistic about the project's future.
As Q1 2025 comes to a close, Pi Network finds itself at a pivotal stage in its development. The launch of the Open Network and Pi Coin has laid the groundwork for future growth, but technical and market challenges remain. The project aims to expand app integrations and partnerships to enhance Pi's utility. The future of this currency will depend on its ongoing success and adaptation within the market.
