Pi Network Announces Launch Date, Pi IOU Price Jumps 60%

The Pi Network team has announced that the Open Network will launch on February 20, 2025 at 8:00 AM UTC. 

Pioneers, Open Network will launch at 8am UTC on February 20, 2025! With millions of KYC-verified Pioneers and a thriving utilities-driven ecosystem, Open Network expands available opportunities, which allows Pioneers to connect Pi with external systems for use in real-world… pic.twitter.com/AdpXNhpcUD

— Pi Network (@PiCoreTeam) February 11, 2025

In addition, multiple cryptocurrency exchanges have already listed PI in preparation to offer trading on the Pi Network launch date. OKX, MEXC and Bitget are currently the most notable exchanges to list Pi Network, although we expect more exchanges to follow shortly. 

Cryptocurrency exchanges that have listed Pi Network will enable PI spot trading once the Open Network launch is completed on February 20. Once trading is enabled, users will be able to sell the PI coins they’ve mined on the Pi Network app or purchase additional PI.

Pi Network is a digital currency platform that allows users to mine PI coins through a mobile app. The mainnet is presently in its enclosed phase, functioning within a restricted environment that blocks external connections. However, this will change on February 20 with the official launch of the Open Network.

According to the Pi Network project, the ecosystem has reached all of the milestones required for the Open Network to go live. Per the team, 19 million users completed KYC (know your customer) verification, 10.14 million users migrated to the mainnet, and more than 100 apps have launched on the Pi mainnet.

Pi IOUs surge 60% – Traders should exercise caution

Some cryptocurrency exchanges have been offering PI trading through IOUs since the beginning of 2023, allowing users to speculate on Pi price prior to the launch of the Open Network. 

At the time of publication, PI IOUs are trading at roughly $77.3 and are up over 60% in the last 24 hours thanks to the Open Network launch announcement.

However, it’s important to understand that the price of PI could be significantly lower than the current price of the IOUs once real PI coins start trading one exchanges. 

The circulating supply of PI at launch will be 6.041 billion tokens. At a price of $77.3 per PI, this would result in a market capitalization of $467 billion, which would be roughly equivalent to the market capitalizations of Ethereum and XRP combined.

The IOUs start to appear even more overvalued if we consider the fact that PI has a total supply of 100 billion coins. A price of $77.3 per PI coin would imply a fully diluted valuation of $7.7 trillion, which would be roughly 4 times the size of Bitcoin.

Needless to say, such valuations seem out of the question for a newly-launched crypto asset. Users should be extremely careful when trading Pi Network IOUs because there is a strong chance PI coins will be only worth a fraction of the current IOU price once large amounts of PI start flooding cryptocurrency exchanges.