Pi Network’s Open Mainnet officially turns one year old today. Launched in February 2025, the transition allowed external connectivity and enabled exchanges such as OKX, Bitget, and MEXC to list PI for public trading.
The debut sparked strong demand, pushing PI from roughly $1.70 at launch to nearly $3 within days. Market capitalization briefly exceeded $18 billion, placing the token among the top cryptocurrencies at the time.
Twelve months later, the picture looks very different. PI now trades around $0.172, down 6% today following profit-taking after a recent rally. Despite gaining 16.3% over the past week and holding well above its recent all-time low near $0.13, the token remains roughly 94% below its peak.
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Milestones vs. Migration Gaps
Over the past year, the Core Team has rolled out multiple upgrades. More than 16 million users have migrated to Mainnet, several protocol updates have been completed, and new versions continue to roll out sequentially. The recent v19.6 upgrade was finalized on February 15, with v19.9 scheduled next, followed by further steps toward version 23.
However, not all Pioneers are fully onboarded. KYC bottlenecks and incomplete two-factor authentication continue to prevent some users from migrating their balances. For many, tokens remain locked despite years of mining.
This gap between announced progress and user-level access has remained a recurring theme throughout the first year of Open Network.
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Price Reaction Muted Despite Anniversary
Leading into the anniversary, PI rallied strongly, climbing nearly 40% within a week and briefly surpassing $0.20. That level, however, acted as resistance once again. Profit-taking followed, with more than 4 million PI reportedly deposited to centralized exchanges in the past 24 hours, signaling that some holders used the rally to exit positions.
Despite short bursts of recovery, the broader trend remains under pressure. Ongoing token unlocks, exchange limitations, and lingering skepticism continue to weigh on valuation.
Read also: Why Pi Network’s Price Isn’t Moving Despite Market Rally?
Looking Toward Year Two
The roadmap for the coming months includes additional protocol upgrades, continued node migration steps, and potential ecosystem expansions. Community attention is now shifting toward March 12, when another major technical milestone is expected, and March 14 (Pi Day), which has historically been associated with ecosystem announcements.
After one full year of Open Mainnet, Pi Network has demonstrated infrastructure progress and ecosystem growth. However, at the same time, price performance tells a more cautious story.
