Here is a summary of the latest developments of Pi Network up to now:

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Summary of Pi Network Development

1. Launch of Open Mainnet (Open Network)

The Pi Network officially entered the Open Network stage (Open Mainnet) on February 20, 2025, at 08:00 UTC.
This stage opens external connectivity on the Pi blockchain—Pioneers can now make outbound transactions, connect with external wallets, and the potential for listing on cryptocurrency exchanges begins to open up.

2. KYC and Migration Process

The deadline for KYC and migration has been continuously extended: initially until January 31, 2025, then extended to February 28, and finally to March 14, 2025.

More than 10.14 million Pioneers have migrated to Mainnet, surpassing the initial target of 10 million, and over 19 million Pioneers have verified their identity (KYC).

3. Application Ecosystem (dApps)

At the launch of Open Network, more than 100 Mainnet-ready applications are already available for use through the Pi Browser.
Previously, Node v0.5.0 has been rolled out to prepare for the transition to Mainnet.

4. Launch on the Exchange & Market Activity

After the launch of Open Mainnet, Pi coins began trading on various platforms, although most are still in the form of IOU (IOweYou), meaning they do not yet reflect the official value.

Cryptocurrency exchanges like Bitget, OKX, and MEXC are ready to list Pi Coin.

Binance recently conducted a community vote: 86% of users agreed to have Pi listed on their platform, although there has not yet been any official confirmation.

5. Price Volatility & Community Reaction

The price of IOU Pi briefly soared to $200 at the end of January, then dropped to the range of $70.

After being officially traded, the price fluctuated: it reached nearly $3 ( at the end of February ), then stabilized around $1.80.

However, there was also a sharp crash of more than 80% post-launch due to massive sell-offs and KYC issues for some users.

A user emphasizes that Pi is now truly being traded and Binance may not have rejected it yet:

> "Pi is trading, Binance never rejected it…".

6. Risks & Controversies

Some parties are concerned about the PI structure resembling a pyramid scheme due to the referral system and smartphone mining incentives.

Legal experts warn of potential regulatory issues, as the distribution model and KYC requirements could raise legal questions in some regions.

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Summary Table of Key Developments

Phase / Period Main Development

Pre-Feb 2025 KYC & migration extended; dApps development & Node v0.5.0
February 20, 2025 The official Mainnet is launched, external connectivity and listings begin to open.
Feb–Mar 2025 High price movements followed by stabilization; listing on several exchanges
Post-launch High market volatility; criticism and concerns about regulation are increasing.

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Brief Conclusion
Pi Network has officially completed the Open Mainnet phase since February 20, 2025. The community and dApps ecosystem are growing rapidly, while integration with exchanges shows growth potential. However, price volatility and regulatory controversy remain important concerns to watch out for in the future.