Since the birth of blockchain technology, numerous projects have tried to solve the trilemma of decentralization, security, and scalability. Among them, Pi Network occupies a unique position by transforming the existing hardware-centered mining paradigm into a user-centered social trust-based model. Founded in 2018 by Stanford University graduates Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, the project's vision is to build an inclusive, utility-driven Web3 ecosystem accessible to anyone around the world.1 As of 2026, Pi Network will be more than just a mobile mining app, it will become a massive layer-1 blockchain with over 420,000 active nodes and over 18...
Investment View
The $100 million Pi Network Ventures fund is supporting these utility-focused startups to accelerate the growth of the ecosystem.20 With the official launch of the Open Network on February 20, 2025, Pi removed the ‘firewall’ of its closed mainnet and began connecting with external exchanges and blockchains.16 This means that Pi has become a digital asset that has an actual market price and can be transferred externally. The submission of a white paper for compliance with the European Union's Crypto Asset Marketplace Act (MiCA) at the end of 2025 is a strategic move to ensure legal transactions within the system.37...
The evaluation structure was applied based on the uploaded “Crypto Economy Maturity Assessment and Narrative Evolution Analysis System”. Pi Network started with a mass adoption narrative of “digital currency mined and used by everyday users,” and in its official white paper, it presents its vision as a cryptocurrency and smart contract platform for “everyday people,” the most comprehensive P2P ecosystem. Technically, it is based on the SCP/FBA series agreement, and both the official and MiCA documents explain that Pi is its own Layer 1 chain and that the Pi token is aimed at payment and marketplace use within the ecosystem.
Investment View
Model 3: Potential supply overhang ratio $$ Overhang \= 1 - \frac{Circulating\ Supply}{Max\ Supply} $$ $$ Overhang \= 1 - \frac{10.499B}{100B} \approx 89.5% $$ Interpretation: This means that it is not immediate circulating inflation, but future migration, unlock release, mining, and team unlock policies may affect market liquidity. Will 100M Pi Ventures lead to actual investment in utility companies and on-chain usage? However, in order to be evaluated as a mature crypto economy, payment volume by app, protocol revenue, validator decentralization, core code transparency, and on-chain financial data must be made more public.