Pi Network officially launched its Open Mainnet on February 20, 2025, marking a significant milestone after six years of development. The launch enabled over 57 million registered users, known as "Pioneers," to transfer their mined Pi Coins externally and use them for transactions. citeturn0search8

The launch was accompanied by significant price volatility. Pi Coin's value surged by 80%, reaching $92 within hours of the announcement. citeturn0search7 However, this was followed by a sharp decline, with the coin's value plummeting by 98% shortly after the Open Mainnet launch. citeturn0search8

Despite the price fluctuations, Pi Network has made notable progress in user verification and ecosystem development. Over 19 million users have completed KYC verification, and more than 10 million have migrated to the Mainnet. The network also boasts over 100 Mainnet-ready applications, indicating a growing ecosystem. citeturn0search1

While the Open Mainnet launch represents a significant step forward, the Pi Network faces challenges in achieving broader market acceptance and stability. Investors and users are advised to exercise caution and closely monitor the project's ongoing developments.