Pi Network's Open Network launched at 8:00 AM UTC on February 20, 2025. Before that date, PI could only move inside Pi's own firewalled blockchain. After it, PI could be sent to outside wallets and listed for trading. The newest development, as of October 25, 2026, is a mandatory Mainnet upgrade to Protocol 28, which Pi still lists as in progress. PI trades near $0.076, about 97% below its listed all-time high of $2.99 (CoinGecko, October 25, 2026).
Latest: Protocol 28, a stablecoin plan and a November summit (October 2026)
Protocol 28 upgrade
Pi's official node page carries this banner: "Pi Mainnet blockchain protocol is under upgrade," and "Every Mainnet node must upgrade to v28."
Crypto.news reported on October 23, 2026 that node operators had to update their software by October 13 and that Mainnet activation was planned for October 16. According to the same report, the upgrade improves the handling of delayed transaction data and lets developers update groups of smart contracts together. On October 23, Pi's node page still described the upgrade as "in progress."
Stablecoin approach (October 8, 2026)
On October 8, 2026, Pi said it is exploring a partnership with Open Standard, the company behind the OUSD stablecoin. Pi called the work exploratory. It gave no launch date or timeline, and it said PI should remain the network's primary cryptocurrency.
Ecosystem Summit (November 17–19, 2026)
On October 15, 2026, Pi announced its first Ecosystem Summit. It is a three-day online event on November 17–19, 2026, with platform releases, developer demos, app showcases and an upcoming hackathon. The same post gave these network figures:
- More than 60 million engaged Pioneers
- Over 300 Mainnet apps
- More than 420,000 nodes
- Over 18.1 million fully KYC'd users
KYC and migration fixes (September 17, 2026)
A September 17, 2026 update let more than 417,000 Pioneers move forward with KYC. Their accounts had been flagged as duplicates, but a review found they were not. The update also announced a fix, due within a week, to unblock 497,000 Pioneers whose Fast-Track wallets held too little Pi to pay gas fees. It also started a one-month palm-print authentication trial for some Pioneers who must complete multiple liveness checks.
The Pi Network launch timeline
Pi did not launch in a single event. Each date below marks a different stage.
| Date | Milestone | What it meant |
|---|---|---|
| March 14, 2019 | App launch (Pi Day) | Mobile app opened. Users began accruing Pi with no live blockchain. |
| December 2021 | Mainnet Phase 3, Enclosed Network period | A live blockchain behind a firewall. No outside connectivity. |
| March 2022 | Mining rewards formula introduced | Early in the Enclosed Network period. |
| December 2023 | Open Network conditions shared | Pi published the requirements for opening the network. |
| July 1, 2024 | Grace Period took effect | Part of the migration process. |
| February 20, 2025, 8:00 AM UTC | Open Network | Firewall removed. External transfers and trading became possible. |
| October 2026 | Protocol 28 upgrade | Mandatory for every Mainnet node. Still listed as in progress. |
Sources: Pi Network's About page and its Open Network launch post (published February 11, 2025, updated February 14, 2025).
Why the launch date confuses people
Search results quote 2019, 2021 and 2025 as the "launch," and all three are accurate for different things. In 2019 the app launched, but no blockchain was running. In December 2021 the Mainnet began, but it was enclosed, so PI could not leave the network. February 20, 2025 is when PI became transferable outside Pi's own system. For anyone asking when PI could first be traded, the answer is the February 2025 date.
How Pi's network works
Consensus
Pi's white paper says its consensus "is based on the Stellar Consensus Protocol (SCP) and an algorithm called Federated Byzantine Agreement (FBA)." Nodes do not compete through proof-of-work. Each node picks a set of other nodes it trusts, and agreement spreads through these overlapping sets.
Supply
The Mainnet chapters of the white paper set a maximum total supply of 100 billion Pi:
- 80 billion for the community: 65 billion for mining rewards, 10 billion for community organisation and ecosystem building, and 5 billion for liquidity pools
- 20 billion for the Pi Core Team, unlocking in step with community mining
On October 25, 2026, CoinGecko listed 11.293 billion PI as circulating and a total supply of 17.374 billion. At that point, about 11% of the maximum supply was circulating.
KYC and migration
To move mined Pi to the Mainnet, a user must pass KYC in the Pi app and then complete a migration checklist. Pi's February 2025 launch post said 19 million Pioneers had verified their identity and 10.14 million had migrated to Mainnet, above the original target of 10 million. The October 2026 summit post gives a lower figure: "over 18.1 million fully KYC'd users."
Which Pi launch date answers your question?
Step through each stage of Pi's launch to see what changed on each date and when PI could first leave the network.
- March 14, 2019App launch (Pi Day)done
The mobile app opened. Users began accruing Pi, but no live blockchain was running.
- December 2021Mainnet Phase 3, Enclosed Network perioddone
A live blockchain ran behind a firewall with no outside connectivity, so PI could not leave the network.
- March 2022Mining rewards formula introduceddone
Introduced early in the Enclosed Network period.
- December 2023Open Network conditions shareddone
Pi published the requirements for opening the network.
- July 1, 2024Grace Period took effectdone
A step in the migration process.
- February 20, 2025, 8:00 AM UTCOpen Networkdone
The firewall was removed. PI could be sent to outside wallets and listed for trading. This is the answer to when PI could first be traded.
- October 2026Protocol 28 upgradein-progress
Every Mainnet node must upgrade to v28. Pi's node page still lists the upgrade as in progress, and no network-wide completion report exists yet.
This timeline covers only the launch stages and the current upgrade. It does not show PI's price, supply or KYC figures, and it does not confirm the Protocol 28 deadline or activation dates, which come from a single secondary report.
PI market data (October 25, 2026)
| Metric | Value |
|---|---|
| Price | $0.07579 |
| Market cap | $855,945,012 |
| 24h volume | $3,795,250.91 |
| Circulating supply | 11.293B PI |
| All-time high | $2.99 |
| All-time low | $0.07059 |
Source: CoinGecko, October 25, 2026. CoinGecko's daily closes for the month show a slow decline: $0.080503 on October 16, the planned Protocol 28 activation date, and $0.077039 on October 24.
Supply matters when reading this price. At the 100 billion maximum supply, every $0.01 of price equals $1 billion of fully diluted value. At $0.076, fully diluted value is about $7.6 billion, against a market cap of about $0.86 billion on circulating supply.
Regulatory filing in the EU
FXStreet reported on November 20, 2025 that a MiCA (Markets in Crypto-Assets) white paper for Pi had been released, linked from Pi's official website, as a filing to request admission to trading in the EU and EEA. The same report said there had been "no clear announcement from the Pi core team or its founders."
Frequently asked questions
What is the official Pi Network launch date?
The Open Network launched on February 20, 2025, at 8:00 AM UTC. The app launched on March 14, 2019, and the Enclosed Mainnet began in December 2021.
Has Pi Network launched?
Yes. The Open Network has run since February 20, 2025. As of October 2026, the Mainnet is going through a mandatory upgrade to Protocol 28.
What is Protocol 28?
It is the protocol version every Mainnet node must now run, according to Pi's node page. Crypto.news reports that it improves handling of delayed transaction data and lets developers update groups of smart contracts together.
How many users have passed KYC?
Pi reported over 18.1 million fully KYC'd users on October 15, 2026.
Is Pi launching a stablecoin?
No launch has been announced. As of October 8, 2026, Pi described its partnership with Open Standard, the issuer of OUSD, as exploratory.
