As of July 2025, the simulated trading price range of Pi Coin, the native token of Pi Network, in a closed mainnet environment is 28 to 35, but it has not been officially traded on an exchange. Its value support is highly dependent on the progress of the ecosystem: Currently, there are over 35 million active users worldwide, among whom only 40% have completed KYC identity verification, and the mainnet migration progress lags behind the planning in the white paper by approximately 14 months. The core technology adopts the consensus mechanism of the Federal Byzantine Protocol (FBA), with a TPS design upper limit of 5,000 transactions. The energy consumption is only 0.03% of that of Bitcoin mining – each transaction consumes approximately 0.001 kilowatt-hours of electricity. However, the actual network load rate has long been below 15%, and the average daily on-chain interaction volume is only 1.2 million times, equivalent to 1/190 of the data volume of Ethereum during the same period.
In terms of ecological construction, Pi Network has integrated approximately 230,000 merchant nodes, mainly distributed in the retail market of Southeast Asia. For instance, 1,600 convenience stores in Jakarta, Indonesia, support Pi payment. On average, users spend approximately 3.5 tokens per order, and the median monthly transaction frequency is only 1.7 times. Although the team claimed to have reached a technical cooperation intention with Visa, in reality, no payment channel system has been launched. The 2024 Stanford Blockchain Lab report indicates that the current total value of pi coin’s circulating tokens is approximately 9.8 billion US dollars (based on simulated prices), but the on-chain DeFi application value locked (TVL) is only 31 million, and the liquidity depth is less than 0.005% of that of ETH 2.0.
Regulatory risk has become a key variable. In March 2025, the US SEC filed a lawsuit against the similar mobile phone mining project TentaCoin, accusing it of violating Section 5 of the Securities Act, which caused the token to depreciate by 72% in a single day. Although Pi Network delayed the mainnet launch to avoid review, the geographical distribution of KYC users shows that 32% are located in high-risk regulatory areas (including the European Union and the United States), and the potential compliance cost accounts for 35% of the project budget. It is worth noting that the Monetary Authority of Singapore (MAS) has requested it to submit an audit report on its anti-money laundering system, involving a retrospective review of 310 million wallet transactions awaiting migration.
Long-term value forecasts show a polarization. The optimistic model refers to the historical data of Binance Launchpool. Assuming that the circulation of pi coin reaches 5 billion after its launch, if its market capitalization enters the top 30 (equivalent to the threshold of 12 billion), the price may reach 240, and the early miner’s return rate exceeds 8,000%. However, in a pessimistic scenario, PWC’s Q2 2025 risk analysis indicates that the actual application conversion rate is less than 8%, and over 68% of the sell orders in the simulated transactions are concentrated in the $30 price range. After the mainnet opens, it may trigger selling pressure. Based on the consensus layer vulnerabilities identified in the technical audit report (affecting the stability of 13% of nodes), the market generally recommends that the configuration ratio should not exceed 5% of the crypto asset portfolio.
The true value can only be verified six months after the mainnet is opened. At present, the frequency of developers submitting code has dropped by 42% year-on-year, and the approval rate of community governance proposals is only 17%, both indicating that the ecological construction has hit a bottleneck. For ordinary investors, the average daily electricity cost for mining over three consecutive years is approximately 5.6, equivalent to an invisible cost of 0.019 per Pi. If the final circulating price drops below $1, it will essentially result in a negative return situation.