Pi Network One Year Later: From $2 Launch Spike to Deep Reset

Pi Network marks its first anniversary since the Open Mainnet launch with a dramatically different price environment and a significantly more developed ecosystem.

On February 20, 2025, the project removed its firewall and transitioned into full external connectivity, allowing PI to trade freely on exchanges such as OKX, Bitget, MEXC, and HTX. What followed was one of the most volatile post-launch price discovery phases in recent crypto history.

A Year of Infrastructure and Expansion

Pi Network has spent the past twelve months evolving from a closed mobile mining ecosystem into a functioning, exchange-listed blockchain network with expanding technical capabilities.

• Open Mainnet Launch – February 20, 2025
  The network officially opened to external connectivity. PI surged to approximately $2.10 on launch day before entering a sharp correction.
• Pi2Day – June 28, 2025
  The project reported 13 million successful migrations and pushed forward “Pi Commerce,” encouraging real-world merchant adoption.
• Q4 2025 – Infrastructure and DeFi Preparation
  Testnet 23 was deployed to support smart contract compatibility. The Stellar–Pi Bridge launched, enabling liquidity movement between ecosystems.
• Late 2025 – Regulatory Progress
  Pi Network filed its MiCA whitepaper, positioning itself for regulatory passporting across the European Union.
• January 2026 – User Unblocking & Developer SDK
  A technical patch resolved KYC bottlenecks affecting 2.5 million users. The Developer SDK enabled third-party apps to settle PI payments in under 10 minutes.
• February 2026 – Protocol 23 Rollout Begins
  Pi Network Node operators upgraded to version 19.6, initiating the first phase of the broader Protocol 23 upgrade focused on security and DeFi capabilities.

Price Action: A Full Cycle in One Year

After analyzing the latest price chart, it is visible that PI experienced an explosive launch phase followed by a prolonged structural decline. The price spiked aggressively in late February 2025, briefly trading above $2, before heavy selling pressure emerged.

Throughout March and April 2025, the chart shows sharp downward movements accompanied by elevated volume, indicating strong early distribution. Several relief rallies appeared mid-year, particularly around May and November, but each formed lower highs and failed to reverse the broader downtrend.

By early 2026, price action stabilized in the $0.17–$0.20 range. The volatility that characterized the first months gradually compressed, forming a flatter base structure compared to the earlier aggressive declines.

Currently, PI trades around $0.18, approximately 93% below its post-launch peak.

One-Year Snapshot

• Current Price: ~$0.18
• Mainnet Migrations: 16+ million users
• Next Milestone: KYC Validator rewards distribution by March 31, 2026

One year after Open Mainnet, Pi Network presents a contrast between market valuation and ecosystem development. While the token’s price reflects a deep reset from speculative highs, the network’s infrastructure, regulatory positioning, and migration growth suggest that the project has moved beyond its experimental phase and into long-term structural building.

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