The Pi Network, a mobile-first cryptocurrency project that started with huge grassroots enthusiasm, remains in its Enclosed Mainnet phase as of June 2025. While early expectations were set for an open mainnet launch sometime between March and June 2024, that milestone has yet to be reached. The delay has led to mounting curiosity — and some skepticism — within the global crypto community.
So where exactly does Pi Network stand in 2025? Let’s break it down.
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What Is Pi Network and Why Has It Gained So Much Attention?
Pi Network launched in 2019 with a bold vision: to make cryptocurrency mining accessible to everyone through a mobile app. Unlike Bitcoin or Ethereum, which require high-powered hardware and significant energy, Pi allows users (called “Pioneers”) to mine tokens simply by logging in daily on their phones and validating their identity.
Built by a group of Stanford graduates, the project attracted tens of millions of users across the globe — over 35 million by mid-2024. Its appeal lies in its simplicity, energy efficiency, and community-driven approach. With no upfront investment required and minimal technical barriers, Pi quickly became one of the most talked-about pre-launch crypto assets in recent years.
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Enclosed Mainnet: What It Means and Why It Still Matters
Pi’s current phase — the Enclosed Mainnet — is essentially a beta version of its future open blockchain. Users can access and use Pi within the ecosystem, but they cannot transfer the token to external wallets or exchanges. This sandbox approach allows developers and users to build trust, test applications, and complete KYC (Know Your Customer) processes.
While this model does offer certain protections and helps avoid premature speculation, many in the community have grown restless as the open launch continues to be pushed back.
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Why the Open Mainnet Is Still Delayed
The Pi Core Team has cited several reasons for the ongoing delay, including:
KYC Processing: Verifying millions of users around the world is a massive undertaking. The team insists that full KYC is necessary before launch to ensure security and compliance.
Ecosystem Development: The team wants the open mainnet to launch with a robust Web3 ecosystem, including dApps, marketplaces, and utility-based apps that make Pi actually usable rather than just speculative.
Security and Infrastructure: As the network prepares for a broader rollout, the focus remains on strengthening its technical architecture and testing consensus mechanisms at scale.
Despite these reasons, the lack of transparency around deadlines and updates has fueled community doubts. Some wonder whether the project is stalling or if it will ever fully launch.
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What Happens After the Open Mainnet Launches?
Once the Open Mainnet is live, users will finally be able to:
Transfer Pi coins freely between wallets.
Trade Pi on centralized and decentralized exchanges.
Use Pi for real-world transactions in P2P marketplaces.
Participate in more complex smart contracts and decentralized applications.
This launch will also determine the real market value of Pi, which currently remains speculative. Any price references available today — often seen on platforms like CoinMarketCap — are not official and are typically based on IOUs, not actual liquidity.
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What’s the Current Value of Pi?
As of June 2025, Pi is still unlisted on any major cryptocurrency exchange. The token technically holds no official market value. While platforms occasionally display a price (sometimes between $20 and $40), these numbers reflect speculative IOU contracts and not true market behavior.
Until Pi is listed on a major exchange and allowed to trade openly, its valuation will remain undefined.
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Is Pi Network Still Legit in 2025?
This question is more common than ever. With millions of users and years of development, the Pi Network looks far more credible than the average “pump-and-dump” or rug-pull scheme. The project has never taken direct monetary investments from users, reducing the chances of a typical scam structure.
However, the lack of concrete updates, ever-shifting roadmaps, and long wait times have caused skepticism to grow. Critics point out that Pi could be using its massive user base for data harvesting or in-app ad revenue while indefinitely delaying monetization through token listing.
Still, Pi’s continued developer activity, hackathons, ecosystem tools (like Pi Chat and Fireside Forum), and real-world community meetups suggest that the team is genuinely building toward a long-term vision — albeit slower than expected.
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What to Expect Going Forward
While an exact timeline for the Open Mainnet remains unclear, here are a few possible scenarios for what could happen in the coming months:
Mainnet Goes Live: If KYC processing and ecosystem goals are met, the Pi team may surprise the community with a full launch in the second half of 2025.
Exchange Listings Begin: If exchanges like Binance or Coinbase agree to list Pi, it could instantly boost the token's visibility and kick-start its market activity.
Continued Delay: If core issues persist, Pi could remain in beta for another year, risking further loss of trust.
Community Forks or Moves On: In the worst-case scenario, some early users may leave or push for a decentralized fork, especially if confidence continues to wane.