Open Mainnet của Pi Network: Từ Phòng Thí Nghiệm Đóng đến Nền Kinh Tế Web3 Sống Động

The Headline

Pi Network just hit a major inflection point. After years of being the “crypto project everyone talks about but can’t actually use,” it’s now a functioning blockchain with real transactions, real apps, and real users actually doing stuff on it. On February 20, 2025, Pi flipped the switch from Enclosed Mainnet (basically a walled garden for testing) to Open Mainnet—meaning the firewall came down, external wallets connected, and exchanges started moving coins.

The numbers: 13+ million users migrated, 7.4 billion Pi tokens converted to mainnet, 2.2 billion circulating unlocked. OKX processed over 100 million Pi withdrawals in 72 hours post-launch. That’s not hype—that’s latent demand finally getting an outlet.

What Actually Changed (And Why It Matters)

Before: Closed Loop, No Exit

For years, Pi was stuck in a hermetically sealed ecosystem. You could mine on your phone, but you couldn’t do anything with it. No exchanges, no external wallets, no real-world use cases. It was like having money in a video game that only worked inside the game.

Now: Network Opened, Apps Live, Liquidity Flowing

1. External connectivity – Firewall removed, so Pi can now talk to the outside world. Users can move coins to external wallets, dApps can deploy on mainnet, potential exchange listings aren’t just speculation anymore.

2. On-chain transactions – Low fees (some as cheap as 0.01 Pi), and the volume spike tells the story: within days of launch, trading volume on secondary platforms hit $30 million/day. That’s retail energy.

3. Wallet activation decoupled from full migration – This is the smart move. You don’t need to complete full KYC and migrate all your tokens to start using apps and transacting. Lowers the friction significantly.

4. dApp ecosystem exploding – 80+ decentralized apps now live (Piketplace for commerce, Brainstorm for collaboration, etc.). Pi went from theoretical to “you can actually buy and sell stuff using this token.”

The Real Test: Can Pi Actually Become a Currency?

Here’s where it gets interesting. Pi’s price on IOU platforms briefly spiked above $0.80 right after launch, but without major exchange listings (Binance, Coinbase still haven’t touched it), those prices are mostly air. OKX is the only tier-1 exchange supporting transfers, which is progress but not the flood gates opening.

The blockers:

• Regulatory clarity – Securities classification questions linger. Is Pi a commodity? A security? Until that’s resolved, major exchanges stay cautious.
• Transparency gaps – Early adopter wallets and core team holdings haven’t been fully audited publicly. The community is watching for insider dumps, and rightly so.
• Centralization concerns – For a project claiming to be decentralized, governance still feels top-down. Token distribution hasn’t been fully verified.

The Mining Reward Model Shift

Unlike traditional PoW/PoS chains, Pi miners don’t compete for hashes or lock up capital. Instead, you earn by:

• Contributing to security circles (reputation-based validation)
• Engaging with apps
• Passing KYC

As the network grows, mining rewards halve—incentivizing early migration but also creating sell pressure as rewards dry up. That tension is real and could affect long-term price stability if the ecosystem doesn’t provide enough utility to justify holding.

What’s Next (2025+)?

Ecosystem expansion – More dApps, more merchant adoption (PiFest model rolling out globally), KYB tools for businesses.

Exchange pathway – Pi’s betting on improved compliance + tokenomics transparency to unlock major listings. It’s the critical next step.

Infrastructure hardening – 2FA, wallet recovery, node upgrades, public ranking metrics. They’re building the rails for scale.

The Real Question

Pi has solved the infrastructure problem (live mainnet ✓), cleared the user activation problem (13M+ migrated ✓), and proven there’s demand (trading volume + app usage ✓).

But can it become a useful currency rather than a speculative asset? That depends on:

1. Merchant adoption velocity (PiFest is a start, but needs scale)
2. Exchange listing breakthroughs (OKX is validation, but not enough)
3. Solving the “why should I spend this instead of hold it” problem

The project’s no longer vaporware. It’s live. Whether it becomes the next major Web3 economy or stays a niche ecosystem with engaged users and limited liquidity? That’s the 2025 story to watch.

Worth noting: Pi’s progress is real, but so are the risks. Regulatory uncertainty, centralized governance, and unproven merchant traction are legit concerns. Don’t FOMO—but don’t dismiss it as dead either.