What is pi?

A definitive guide to Pi (PI), the native token of Pi Network. Learn its origin, technology, tokenomics, use cases, milestones, and the critical status of trading and market data with sources from the official site, CoinGecko, CoinMarketCap, and Wikipedia.

What is pi? A definitive guide to Pi (PI), the native token of Pi Network. Learn its origin, technology, tokenomics, use cases, milestones, and the critical status of trading and market data with sources from the official site, CoinGecko, CoinMarketCap, and Wikipedia.

Introduction

If you are wondering what is pi and how it fits into the broader cryptocurrency landscape, this guide provides a clear, research-grounded answer. Pi, often written as Pi (PI), is the native token of the Pi Network, a mobile-first blockchain project that aims to make cryptocurrency accessible by enabling users to mine new units from their phones without intensive energy consumption. Unlike many cryptocurrencies that debuted with open trading on exchanges, Pi (PI) has followed an unusual path with an extended Enclosed Mainnet phase and limited external connectivity. This has direct implications for tokenomics, price discovery, and market cap metrics that traders and researchers normally rely on.

From an educational perspective, Pi (PI) touches on many foundational concepts in blockchain and Web3: it proposes a consensus approach rooted in Federated Byzantine Agreement, prioritizes an accessible user experience, and fosters an application ecosystem via the Pi Browser. In this article, we distill what is known from Tier 1 sources including the official Pi Network site and whitepaper, CoinGecko, CoinMarketCap, and Wikipedia, and we separate verified facts from speculation. Throughout, we reference core crypto concepts such as Blockchain, Consensus Algorithm, BFT Consensus, and the difference between Centralized Exchange and Decentralized Exchange environments to put Pi (PI) in context.

History and origin of the Pi Network

Pi (PI) is a cryptocurrency associated with the Pi Network, a project founded by a team including Dr. Nicolas Kokkalis and Dr. Chengdiao Fan. The initiative launched publicly in 2019 with a mobile app that allowed users, known as Pioneers, to participate in a form of social mining on their phones. The early positioning emphasized ease of access and educational outreach: the idea was to onboard users into crypto gradually, lowering barriers around energy consumption, hardware cost, and technical complexity compared with proof-of-work mining.

A key aspect of the origin story is the project’s focus on an iterative network rollout with phases. Pi’s whitepaper describes a path from a testnet to an Enclosed Mainnet and, eventually, an Open Mainnet with broader connectivity. This staged model has influenced how Pi (PI) is perceived and discussed, because the token’s availability on external exchanges, as well as standard market metrics, has remained limited during the Enclosed period. The whitepaper itself has been updated since inception, including significant clarifications around supply issuance and the Enclosed Mainnet model in late 2021.

As a result, when someone asks what is pi or what is Pi (PI), a complete answer requires not only a description of the token and blockchain, but also an understanding of the project’s phased approach to launching, onboarding, and enabling external connectivity.

Technology and consensus mechanism

Pi (PI) is issued on the Pi Network blockchain, which, according to the official whitepaper and related materials, is architected around an adaptation of Federated Byzantine Agreement (FBA) through the Stellar Consensus Protocol (SCP). FBA systems rely on overlapping trust quorums rather than a single global validator set; nodes choose whom they trust, forming a network of quorum slices that reach agreement when sufficient overlap is achieved.

In practice, the Pi Network introduced social trust circles in its mobile app design. Users form security circles by connecting with known and trusted individuals. The project’s literature describes how these personalized trust links can bootstrap a quorum structure consistent with SCP’s FBA model. Because the model does not require proof-of-work, participation is intended to be far less energy-intensive than traditional mining. This aligns with the broader migration of Web3 systems towards more efficient and inclusive consensus approaches.

Some additional architectural elements that are relevant when understanding what is pi:

  • Nodes and clients: Users can run nodes, while mobile clients participate in social mining and account activity. See Blockchain Node and Full Node for general concepts.
  • Deterministic state updates: Like other blockchains, Pi aims to apply transactions in a deterministic way to maintain consistent state across nodes. See Deterministic Execution and Virtual Machine to understand how blockchains enforce state rules.
  • Finality assumptions: BFT-style consensus aims for safety and liveness guarantees; learn about Finality and the trade-offs with Liveness and Safety (Consensus).

As Pi (PI) moves from Enclosed Mainnet toward broader interoperability, the network’s consensus and its implications for validator behavior, security, and performance will remain pivotal. For readers exploring whether Pi might host DeFi or other applications in the future, it is worth noting general scaling and interoperability topics like Cross-chain Interoperability, Execution Layer, and Consensus Layer as broader context, even though Pi’s current external bridging posture is restricted during the Enclosed phase.

Pi (PI) at its core is an experiment in adapting FBA consensus to a mobile-first, socially bootstrapped network. It therefore sits at the intersection of blockchain engineering and user-centric onboarding, a combination that helps explain both its popularity and the unique path it has taken compared with typical crypto launches.

Tokenomics: issuance, supply, and availability

Tokenomics for Pi (PI) differ markedly from many Layer 1 cryptocurrencies. Rather than launching through an open, tradable mainnet from day one, the project has used a prolonged Enclosed Mainnet to migrate balances, encourage KYC, and build an application ecosystem.

Key elements, as described by the whitepaper and official communications:

  • Issuance via mobile mining: Users accrue Pi balances through periodic engagement in the app and participation in social trust circles. This is not proof-of-work; instead, issuance is coordinated by the network’s rules and later migration to mainnet accounts.
  • Halving or rate reductions based on network size: The project literature describes decreasing base mining rates as network participation thresholds are met. Earlier documentation and community materials refer to reductions at various user milestones (for example, thresholds at thousands to millions of users), but the important verifiable principle is that issuance tapers as adoption grows, aiming to bound long-term inflation. See the whitepaper for the mechanism and rationale: Pi Network Whitepaper.
  • KYC and mainnet migration: To move balances from mobile app accounts to mainnet addresses, users undergo KYC checks and migration steps as described by the project. This process has been gradual and remains central to the Enclosed Mainnet design.

Crucially for any discussion of what is pi from an investment or trading standpoint, there is no officially verified circulating supply or market cap figure available from Tier 1 crypto data aggregators at the time of writing. Both CoinGecko and CoinMarketCap display caution banners regarding the trading status of Pi (PI) on external exchanges:

  • CoinGecko: Pi on CoinGecko shows warnings that certain markets represent IOUs or otherwise unverified representations of the token.
  • CoinMarketCap: Pi on CoinMarketCap includes notice that the network is in an Enclosed Mainnet phase and that external trading may represent IOUs rather than transferable mainnet tokens.

Because Pi (PI) is not broadly available for on-chain transfer on open networks during this Enclosed phase, traditional measurements such as circulating supply, market cap in USD, and 24-hour trading volume cannot be treated as reliable signals in the same way they would be for openly tradable assets. Any figures you might see on third-party venues or social media should be treated cautiously and cross-checked against official statements and Tier 1 data sources.

For readers who want a primer on token design and supply dynamics more generally, see Tokenomics concepts and how they interface with Staking Rewards or other distribution models in different ecosystems. While Pi (PI) currently emphasizes mobile mining and social trust rather than proof-of-stake, those background topics help illuminate trade-offs common to Layer 1 token distributions.

Use cases and ecosystem initiatives

Within the Enclosed Mainnet, Pi (PI) is focused on building internal utility. The project encourages developers to create applications that run in the Pi Browser and to accept Pi as a medium of exchange within the closed ecosystem. The official site highlights the Pi Browser and developer documentation for creating decentralized applications for Pi (PI) users.

Examples of intended or observed use within the Pi ecosystem include:

  • P2P marketplaces and services that accept Pi balances within the Enclosed Mainnet.
  • Community-built apps launched via hackathons hosted by the project, using Pi (PI) for in-app activity.
  • Identity and KYC services for account migration.

It is important to distinguish between activity inside the Enclosed Mainnet and broader DeFi or Web3 interoperability. Within the Enclosed network, Pi apps can function with Pi (PI) as a unit of account. In contrast, typical open DeFi involves composability across multiple protocols, oracle networks, AMMs, and bridges. If you are new to DeFi components and want to understand how an open ecosystem might work once connectivity is permitted, explore topics such as Decentralized Exchange, Automated Market Maker, Liquidity Pool, Price Oracle, and Cross-chain Bridge. While Pi (PI) does not presently interface with these at scale due to the Enclosed phase, these concepts frame how utility and liquidity could evolve in the future.

From a user experience standpoint, Pi’s emphasis on mobile onboarding and social trust circles differentiates it from many Layer 1 projects. For users who first encounter crypto through Pi (PI), the project doubles as a gateway into broader blockchain literacy — introducing ideas like blocks, nodes, and transactions. If you want to deepen your fundamentals, see Block, Transaction, Merkle Tree, and Merkle Root.

Advantages: accessibility and energy efficiency

When evaluating what is pi and how it compares to other cryptocurrencies, several advantages stand out:

  • Accessibility: The mobile-first approach allows participation without specialized hardware. This feature lowers the barrier to entry for users worldwide. Pi (PI) can therefore reach demographics that might be excluded by capital-intensive mining.
  • Energy efficiency: By using a consensus model related to FBA and SCP, Pi (PI) avoids proof-of-work’s energy costs. This aligns with environmental goals and reduces friction for mobile users.
  • Onboarding and education: The app introduces people to cryptocurrency concepts in a gradual and familiar mobile format. For many users, Pi (PI) represents their first hands-on experience with a crypto wallet and basic app ecosystem.
  • Social trust model: Security circles encourage users to build trust-based links. Whether this model proves as resilient as more traditional validator sets over time remains to be seen, but the design is innovative in its attempt to bootstrap consensus from social graphs.

These strengths help explain the project’s global user interest and why Pi (PI) continues to be discussed even as the network remains in the Enclosed Mainnet phase.

Limitations and risks: trading status, IOUs, and uncertainty

Balanced due diligence requires acknowledging significant limitations and risks that are also central to any answer to what is pi:

  • Enclosed Mainnet and external trading: According to the whitepaper and official messaging, Pi (PI) remains in an Enclosed Mainnet. External transferability and exchange listings are restricted during this phase. As a result, conventional token research signals like circulating supply, market cap in USD, and off-chain liquidity are not verifiable in the usual way.
  • IOU markets and price signals: Both CoinGecko and CoinMarketCap include cautionary notices that some venues list Pi (PI) as IOUs or otherwise unofficial representations. These prices do not reflect freely transferable mainnet balances and should not be treated as reliable indicators of value. See CoinGecko page and CoinMarketCap page.
  • Unclear timeframe for open connectivity: While the whitepaper outlines a path toward an Open Mainnet, specific timelines are subject to change and depend on factors like KYC progress and ecosystem readiness. Readers should avoid assuming dates or milestones beyond what the official site and documents confirm.
  • Regulatory and compliance considerations: As with any digital asset project, regulatory landscapes differ by jurisdiction. Depending on local laws, on-ramps, listings, and app functionality could face additional requirements or constraints.
  • Security and social-engineering risks: A large user base that is new to crypto can be targeted by phishing and social-engineering attacks. Users should learn best practices such as using a Hardware Wallet where applicable, understanding Seed Phrase security, enabling 2FA (Two-Factor Authentication), and recognizing Phishing attempts.

For potential traders and researchers evaluating Pi (PI), these limitations underscore the importance of source validation and skepticism toward unofficial market data. If and when the network transitions to broader connectivity, the risk profile and available metrics would change materially.

Notable milestones and timeline highlights

The following milestones are drawn from the project’s official materials and broadly documented sources:

  • 2019: Public debut of the Pi Network app with mobile mining. Founding team includes Nicolas Kokkalis and Chengdiao Fan. Source: Pi Network official site and Wikipedia.
  • 2021: Announcement and rollout of the Enclosed Mainnet phase, alongside updated whitepaper details clarifying the phased approach to migration and connectivity. Source: Whitepaper and Wikipedia.
  • 2022 onward: Data aggregators place warnings about exchange listings representing IOUs or unverified markets because the network remains Enclosed. Sources: CoinGecko and CoinMarketCap.
  • 2023–2025: Continued emphasis on KYC, ecosystem building via the Pi Browser, and progress toward conditions required for an eventual Open Mainnet, per official communications. Sources: Official site and Whitepaper.

While the exact dates for each step toward open connectivity are not specified in public Tier 1 documents, this sequence illustrates the project’s cautious rollout and its design priority: user onboarding and ecosystem development before external trading.

Market performance and data caveats

Traders often ask what is pi worth or what the market cap of Pi (PI) might be. The most important point is that, due to the Enclosed Mainnet status, traditional market performance metrics are not reliably available:

  • Circulating supply: Not officially verifiable from Tier 1 sources at the time of writing. The process of KYC and mainnet migration means balances are not universally liquid or transferable.
  • Market cap: Not verifiable without a reliable circulating supply and an open market price derived from transferable tokens.
  • 24-hour trading volume: Any reported volume on third-party listings may reflect IOU instruments or unofficial markets and should not be considered reliable indicators of on-chain liquidity for Pi (PI).

This stance is supported by prominent data platforms that typically report such metrics for other assets but here include warnings for Pi (PI):

  • CoinGecko notes that several listings are IOUs and do not represent transferable mainnet tokens: Pi on CoinGecko.
  • CoinMarketCap similarly cautions that certain listings are unofficial and that the network is in an Enclosed Mainnet phase: Pi on CoinMarketCap.

If you are learning how market data works more generally, it helps to understand mechanics like Order Book, Best Bid and Offer (BBO), Spread, and Slippage. For assets that are fully listed on exchanges, these concepts shape price discovery and liquidity. In the case of Pi (PI), those dynamics remain mostly theoretical until the network opens to external transfers and verified exchange listings.

To explore trading interfaces and liquidity concepts in practice, see the educational token page at Cube.Exchange: What is PI. When PI markets are available, you could also review the trading pair page PI/USDT and on-ramp or off-ramp interfaces such as buy PI and sell PI. Always verify listing status and read exchange disclosures carefully, especially for assets with nonstandard launch phases like Pi (PI).

Future outlook: conditions for open connectivity

The future of Pi (PI) depends heavily on the project’s ability to transition from Enclosed to Open Mainnet. Based on official materials and high-level commentary available from Tier 1 sources, the following conditions are often mentioned as part of the project’s goals or implied prerequisites:

  • KYC completion at scale to ensure that mainnet balances are tied to verified identities as intended by the project’s design.
  • Ecosystem readiness, including app quality, security, and user utility within the Pi Browser and related tooling.
  • Compliance readiness, meaning that any external integrations or listings, if pursued, align with regulatory environments in various jurisdictions.
  • Technical maturity around nodes, consensus stability, and performance characteristics consistent with the network’s FBA approach.

It is prudent to avoid predictions or dates beyond the official site and whitepaper statements. That said, if these conditions are met, an Open Mainnet could enable more typical crypto activities for Pi (PI), including on-chain transfers to external wallets, integration with DEXs or CEXs, and participation in broader Web3 ecosystems. Readers who are new to these concepts can explore topics like Cross-chain Interoperability, Oracle Network, and Liquidity Pool to understand the building blocks of an open crypto economy.

Practical guidance for researchers and prospective users

For anyone analyzing what is pi or considering participation in the Pi Network ecosystem, consider the following best practices:

  • Rely on primary sources: The official site and whitepaper are the definitive references for how the network plans to operate and evolve. Start here: Official site and Whitepaper.
  • Triangulate data: If you see price charts or market cap claims for Pi (PI), cross-check against CoinGecko and CoinMarketCap. Treat IOU market data with caution.
  • Understand exchange disclosures: Be wary of unofficial listings or instruments that are not redeemable for mainnet tokens. Review the mechanics of Centralized Exchange vs Decentralized Exchange venues.
  • Practice wallet hygiene: Safeguard credentials and avoid phishing by following standard security practices. Learn about Seed Phrase, Passphrase, Anti-Phishing Code, and 2FA.
  • Set expectations: Recognize that Pi (PI) is still in a phase that limits external tradability and conventional metrics. This is not necessarily negative, but it changes what can be measured and how risks should be evaluated.

Frequently asked questions

Below are concise answers grounded in Tier 1 sources to the most common questions about Pi (PI):

  • What blockchain model does Pi use? The project describes an FBA approach using the Stellar Consensus Protocol. See Whitepaper and Wikipedia. Learn the background in Federated Consensus and BFT Consensus.
  • Is Pi tradable on exchanges? The project has an Enclosed Mainnet. Data aggregators flag that external trading may represent IOUs that are not mainnet-transferable. See CoinGecko and CoinMarketCap.
  • What is the circulating supply and market cap? There is no verified figure available from Tier 1 sources at the time of writing. Without open transferability and official supply data, market cap cannot be reliably calculated.
  • What are Pi’s use cases? Within the Enclosed Mainnet, Pi (PI) is used in app experiences in the Pi Browser and community marketplaces. See Official site.
  • When will Open Mainnet launch? The project has not published a specific date on Tier 1 public channels. Progress depends on KYC scale, ecosystem readiness, and other factors. Monitor the official site and whitepaper for updates.

For trading education and market structure fundamentals relevant to future availability, see Cube.Exchange: What is PI and the pair page PI/USDT. If listings become available, on-ramp and off-ramp links such as buy PI and sell PI will provide practical access subject to exchange policies and local regulations.

How Pi compares to other cryptocurrencies

When comparing Pi (PI) to other assets, it helps to map differences across a few dimensions:

  • Launch strategy: Many Layer 1s launched with publicly tradable tokens and published circulating supplies, while Pi (PI) uses a staged path with an Enclosed Mainnet first.
  • Consensus: Pi’s FBA lineage stands apart from proof-of-work chains and also differs from typical Proof of Stake designs, though it shares the broad goal of energy efficiency.
  • Token issuance: Pi employs mobile mining and social trust circles rather than mining with hardware or staking capital. Rate reductions aim to moderate issuance as adoption rises, per the whitepaper.
  • Ecosystem and composability: Until open connectivity is enabled, Pi (PI) apps are largely contained within its own browser and tools, whereas open ecosystems rely on oracles, AMMs, bridges, and cross-chain infrastructure.

These differences do not imply superiority or inferiority; they simply reflect the project’s unique goals and constraints. For users and researchers, the key is to track how these dimensions evolve if Pi (PI) progresses toward broader interoperability.

Responsible research and security tips for Pi users

Whether you are a new Pioneer or a crypto analyst, consider the following practices when engaging with Pi (PI):

If and when Pi (PI) becomes widely tradable, you will also want to understand order types like Limit Order, Market Order, and Stop Order, and liquidity concepts such as Depth of Market.

Conclusion

Pi (PI) is a distinctive cryptocurrency project that set out to democratize access to blockchain participation through mobile mining and a social trust model rooted in Federated Byzantine Agreement and the Stellar Consensus Protocol. The question what is pi cannot be completely answered without acknowledging the project’s phased rollout: the Enclosed Mainnet has limited external trading and prevented the publication of standard metrics like circulating supply and market cap by Tier 1 aggregators. Official sources, including the Pi Network site and whitepaper, are clear about the phased design, while data platforms like CoinGecko and CoinMarketCap prominently caution that many exchange listings represent IOUs.

From a technology standpoint, Pi (PI) is notable for its attempt to bootstrap consensus via a mobile-first user base and social trust circles, emphasizing energy efficiency and inclusivity. From a market standpoint, the absence of open transferability means traders must be extra cautious: treat third-party price claims skeptically, verify information against Tier 1 sources, and understand that commonly used crypto metrics may not apply yet.

For continuing education and to monitor potential future availability, consult Cube.Exchange: What is PI for a structured overview, and keep an eye on practical pages like PI/USDT, buy PI, and sell PI. If and when Pi (PI) transitions to an open network with verified listings, these resources will help you apply trading fundamentals and risk management to this unusual, much-discussed cryptocurrency.

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