Pi Network has announced its transition to the Open Network phase on February 20, 2025, marking a significant milestone in its decentralized ecosystem development and resulting in a notable increase in the Pi [IOU] price.
History of Pi Network Transition
Since December 2021, Pi Network operated within an Enclosed Network, allowing participants to complete KYC processes and develop decentralized applications in a secure environment. With the Open Mainnet, users can now interact with the network beyond the enclosed ecosystem.
Achievements and Open Network Preparation
Pi Network surpassed key milestones required for the transition, including successfully migrating over 10.14 million members to the Mainnet and completing KYC for 19 million users. These accomplishments affirm the network's readiness for the Open Network phase, supported by technical, product, and legal considerations.
Community Reaction and Financial Aspect
The announcement of the transition to Open Network led to an 85.47% surge in the Pi [IOU] price, reaching $99.96. Currently, the asset trades at approximately $90.31, accompanied by a 108% increase in daily trading volume, hitting $639K.
Pi Network's transition to the Open Network marks a new era in the platform's development, offering greater opportunities for its users and strengthening the Pi cryptocurrency's market position.
