Pi Network’s Stunning Growth: 16.2M Users and 148K Merchants One Year After Mainnet Launch

Global, April 2025: The Pi Network, a mobile-first cryptocurrency project, has demonstrated remarkable expansion in the twelve months following the launch of its open mainnet. New data reveals the network now boasts 16.2 million active mainnet users, with Know Your Customer (KYC) verifications surpassing 17.4 million. Furthermore, merchant adoption has surged to 148,000, creating a burgeoning ecosystem for its native Pi Coin, which currently trades near $0.16 after reaching a peak of $0.20. This comprehensive growth across fundamental metrics signals a significant maturation phase for the project, moving from a conceptual mining app to a functional blockchain network with real-world utility ambitions.

Pi Network’s Mainnet Milestone: A Year of Quantifiable Expansion

The transition to an open mainnet in 2024 represented a critical technical and philosophical shift for Pi Network. It moved the project from a centralized, app-based mining simulation to a decentralized blockchain where users could migrate their previously mined Pi to a non-custodial wallet. The first-year data provides a clear, quantitative snapshot of this transition’s success. The core user base has remained highly engaged, with millions completing the necessary steps to access their holdings on the live blockchain. This process, which includes passing KYC checks to comply with global regulations, shows a committed community willing to navigate identity verification for network participation. The 17.4 million KYC completions, exceeding the mainnet user count, indicate a pipeline of users preparing for future migration or awaiting verification, underscoring the scale of the project’s community.

Analyzing the Key Growth Metrics and Ecosystem Development

The project’s growth is not monolithic but spans several interdependent areas that collectively strengthen the network. Breaking down the figures provides deeper insight into Pi Network’s current state.

• User and Verification Scale: With 16.2 million mainnet users, Pi Network operates at a user base scale comparable to mid-tier, established blockchain networks. The high KYC completion rate is notable in the cryptocurrency space, where anonymity is often prized, suggesting a community focused on long-term, compliant utility.
• Merchant Adoption as a Utility Driver: The onboarding of 148,000 merchants is arguably the most critical metric for assessing real-world utility. This figure represents businesses and individuals willing to accept Pi Coin for goods and services, forming the foundational layer of an internal economy. This merchant network, while still nascent compared to traditional payment systems, provides a tangible use case beyond speculative trading.
• Node Infrastructure and Decentralization: While not specified in the latest snippet, historical updates have emphasized the growth of Pi Nodes. These user-run nodes contribute to network security and consensus. A growing node count enhances decentralization and resilience, a key tenet of blockchain philosophy.

Pi Coin’s Market Position and Trading Context

The trading value of Pi Coin, reported near $0.16, requires careful contextualization. It is crucial to note that Pi Coin is not listed on major global cryptocurrency exchanges like Binance or Coinbase. Its trading occurs on smaller, decentralized exchanges (DEXs) and peer-to-peer (P2P) platforms, often facilitated by the project’s own ecosystem apps. The $0.20 peak and subsequent settling reflect the limited, early-stage liquidity and discovery process typical of an asset in this phase. The price is primarily driven by direct transactions within the Pi community and on select supporting platforms, rather than by broad market speculation. This creates a distinct and insulated economic environment as the network builds its foundational utility.

The Road to Mainnet and the Challenge of Utility Creation

Pi Network’s journey began years prior with its innovative, low-energy mobile mining approach, which amassed a vast pre-mainnet community. The open mainnet launch was the culmination of that phase, unlocking the potential for real transactions. However, the primary challenge post-launch shifts from user acquisition to utility creation. A cryptocurrency’s long-term value is derived from its usefulness. The network’s current focus, evidenced by the merchant push, is on fostering a circular economy where Pi can be earned, spent, and circulated internally. This “utility-first” model aims to establish inherent value before seeking wider exchange listings, a strategy that diverges from the typical launch path of many cryptocurrencies.

Regulatory Considerations and the KYC Imperative

The emphasis on KYC completion is a direct response to the evolving global regulatory landscape for digital assets. By mandating identity verification for mainnet migration and future transactions, the Pi Core Team is proactively implementing compliance measures. This approach seeks to mitigate risks related to money laundering and fraud, potentially smoothing the path for future integration with regulated financial services. While some in the crypto community resist such measures, Pi Network’s model embraces them as a necessary step for mainstream legitimacy and sustainable, large-scale adoption.

Conclusion: Assessing Pi Network’s Trajectory After One Year

The first anniversary of Pi Network’s open mainnet presents a picture of substantial, metrics-driven growth. The project has successfully migrated millions of users to a functional blockchain, verified their identities for compliance, and seeded an initial economy with hundreds of thousands of merchants. The current trading value of Pi Coin reflects these early-stage, ecosystem-specific dynamics. The critical test ahead lies in deepening the utility within this massive user base, increasing the velocity and diversity of Pi Coin transactions, and navigating the path toward broader market integration. The foundational work of the past year has positioned Pi Network with a unique asset: a vast, verified, and engaged community. How this community builds and utilizes the network’s economy will ultimately define the long-term significance of this ambitious cryptocurrency project.

FAQs

Q1: What does “open mainnet” mean for Pi Network?
The open mainnet is the live, fully functional Pi blockchain. It marked the transition from a test environment where Pi was mined on phones to a real network where Pi Coin exists as a transferable digital asset on user-controlled wallets.

Q2: Can I sell my Pi Coin on major exchanges like Coinbase?
As of April 2025, Pi Coin is not listed on major global centralized exchanges (CEXs). Trading primarily occurs on smaller decentralized exchanges (DEXs) and within the Pi ecosystem’s peer-to-peer marketplace.

Q3: Why is KYC (Know Your Customer) required?
KYC is an identity verification process required to migrate Pi to the mainnet wallet. It is a compliance measure to prevent fraud and money laundering, aligning the project with global financial regulations as it builds its economy.

Q4: What is the significance of 148,000 merchants?
Merchants are businesses or individuals who agree to accept Pi Coin as payment. This number indicates the growth of Pi’s utility ecosystem, providing real-world use cases for the currency beyond holding or trading.

Q5: How is the value of Pi Coin determined currently?
Its value is determined by supply and demand on the limited platforms where it is traded, primarily driven by transactions within the Pi Network community. It is not yet influenced by the broader, global cryptocurrency market.

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