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$PI As of January 5, 2026, Pi Network is in the transition phase from closed mainnet to open mainnet, with core progress and risks as follows:
1. Core Status
• Price and Circulation: Real-time price around $0.209, market cap approximately $1.75 billion, and small 24-hour fluctuations. Circulating supply is 8.38B, maximum supply is 100B, and most tokens are still locked.
• Users and KYC: Over 60 million registered users and about 20 million KYC-verified users. Approximately 134 million tokens are planned to be unlocked in January 2026.
• Technology and Ecosystem: Completed V23 upgrade to support Linux nodes and smart contracts. The ecosystem has 200+ applications, slow dApp growth, and around 180,000 daily active addresses.
• Compliance and Security: Submit EU MiCA compliance application with relevant ETP; by the end of 2025, wallet payment request functions will be temporarily frozen due to fraud.
2. Major Progress
1. Mainnet Transition: Continue promoting mainnet launch, emphasizing regular liquidity releases to avoid market shocks.
2. Token Unlocking: Large-scale unlocking in January to test new ecological supply capacity.
3. Ecosystem Development: Launch KYB company certification, enhance KYC, support real-world payments, and expand applications.
4. Security Optimization: Upgrade email 2FA to review payment requests and prevent fraud.
3. Risk Warning
• Liquidity and Valuation: Insufficient trading depth, price manipulation, and lack of authoritative pricing.
• Compliance and Regulation: Varying global regulatory attitudes, and uncertainty about mainnet launch and exchange listings.
• Application Deployment: Slow dApp user growth, and technological progress has not translated into widespread usage.
• Market Risks: Token unlocking may trigger selling pressure, and short-term prices could decline.
4. Outlook
• If the mainnet opens smoothly, applications are implemented, and compliance is promoted, liquidity and valuation are expected to improve.
• If ecological development falls short of expectations and oversight becomes stricter, fluctuations at low levels may persist for a long time.
Do I need to condense the above points into 3 main conclusions and 1 30-day monitoring list (5 tracking indicators for price, unlocking, security, compliance, and ecology) so you can follow up quickly?