Pi Network Becomes Largest Crypto Airdrop at $12.6B, But Challenges Remain

Pi Network (PI) has just made history, shattering records to become the largest and most valuable airdrop in crypto. It has now overtaken Uniswap’s (UNI) previous milestone, setting a new benchmark for the industry. With its mainnet launch and listings on major exchanges, Pi Network has quickly become one of the most talked-about projects in crypto.

A report from Bitget highlights that Uniswap previously held the record for the largest airdrop, reaching a $6.43 billion valuation after its 2020 token distribution. However, Pi Network has now doubled that figure. With 6.3 billion PI tokens in circulation and a launch price of around $2, Pi’s airdrop value hit a massive $12.6 billion on Thursday.

With billions of tokens now in circulation and millions of users involved, the project has entered a crucial phase – one that could define its long-term success.

Pi Network’s Airdrop: A Huge Success

Unlike traditional airdrops that reward early adopters, Pi Network focuses on mass participation. Since 2019, millions of users have mined PI tokens on their mobile phones, forming a large and active community. The team credits this broad user base for the airdrop’s success.

Ahead of the mainnet launch, several exchanges, including Bitget, offered Pi Network airdrops. BitMart also held USDT giveaways to build anticipation for the open mainnet phase. Major exchanges backed the token’s launch—MEXC introduced pre-listing trading, while OKX and Bitget soon followed with PI/USDT spot and futures trading pairs.

Pi Network’s Open Phase: What’s Next?

With its Open Network launch, Pi Network is no longer restricted to a closed ecosystem. The team announced that it is now fully connected to external networks, allowing easier integration with other blockchains and financial systems.

According to a blog post, Open Network also enables support for centralized exchanges (CEXs) and new onramps, making it easier for users to acquire and use PI tokens. Additionally, the network is rolling out third-party services, node updates, and other ecosystem improvements.

To celebrate this milestone, Pi Network will launch the Open Network Challenge next week. This event will allow users—known as Pioneers—to explore the ecosystem through interactive tasks and rewards.

Challenges and Uncertainties Ahead

Despite its record-breaking airdrop, Pi Network faces several challenges. Regulatory scrutiny, skepticism about its mining model, and concerns over market volatility could impact its future. Comparisons to Hamster Kombat—a project that gained similar hype but later collapsed—have also raised questions about Pi’s long-term sustainability.

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Can Pi Network Maintain Its Momentum?

Pi Network’s leadership remains committed to building a decentralized and scalable ecosystem. With the network now fully open, the next few months will determine whether it can sustain its momentum and fulfill its ambitious vision.

Initially, Pi Network’s price surged from $1.30 to over $2, reflecting strong investor interest. However, it is currently trading at $0.8783, down over 30% in the past 24 hours. This drop is likely due to early holders and miners selling off their tokens now that trading is open.

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Breaking records is one thing—staying relevant in the volatile world of crypto is another. The coming months will reveal which path Pi Network takes.