- On February 20, the Pi Network officially launched its Open Mainnet, marking a big shift from the prior enclosed mainnet that had restricted external connectivity
- A new unlock of 276 million PI tokens is scheduled to happen this month, which constitutes about 3.5% of the circulating supply
- While the PI token is listed on OKX, Bitget, and others, no mainstream exchanges, such as Binance or Coinbase, have listed it yet
It’s no secret that Pi Network has often struggled and has been frequently a target of negative publicity due to its failure to fully deliver on its promises. However, in February, the Pi Network officially launched its Open Mainnet, marking a big shift from the prior enclosed mainnet that had restricted external connectivity.
This unlocked some noteworthy options, including cross-platform transactions, dApp deployment, exchange utility, and greater interoperability.
So far, more than 13 million people have moved their accounts to the mainnet. That said, a new event is scheduled for this month, and it could have a big impact on Pi Network. Namely, an unlock of 276 million PI tokens is about to take place, which constitutes about 3.5% of the circulating supply.
Based on past trends and historical data, such large-scale unlocks can increase market supply and have led to price declines, with one previous event seeing a 34% drop within two months.
However, things may be different this time around, considering the PI token has been doing well lately, registering a 10% boost in the last 7 days.
That 10% jump. Here was our full report on its recent 10% rally.
This is likely due to an increase in mobile mining and Pi Network’s mobile-first design, something that the company consistently highlights as a primary catalyst for driving widespread user adoption.
What the future holds
With Pi Network’s mobile-first approach and all the changes that happened in the last several months (from public nodes to DApp deployment potential), it (along with the PI token) could see some positives in the near future.
Although, the road to success is not going to be easy. One of the main issues is that no mainstream exchanges have listed PI yet. The token is listed on OKX, Bitget, and others, but big names like Binance or Coinbase still haven’t included it in their rosters due to concerns about governance centralization, token utility, and regulatory compliance.
The lack of major exchange listings limits PI’s liquidity and adoption, in spite of community interest and mid-tier exchange support remaining strong. If PI snags a listing in the near future, it’s likely going to have a significant effect on its price and popularity.
The Pi team has been steady with its upgrades. Here’s our past analysis on how Stellar’s update & integration could be a game-changer for Pi.
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