Pi Network officially opened to external trading on Thursday, February 20. This comes after years of anticipation.

Pi Coin is a cryptocurrency that uses the Web3 ecosystem and allows the registered members of its network to mine coins for free without the energy-intensive methods that other cryptocurrencies use.

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As of now, it claims a network of over 60 million members worldwide and was founded in 2019 by Nicolas Kokkalis and Chengdiao Fan, both Stanford Ph. Ds.

Multiple centralised exchanges have confirmed their support for Pi Coin, including OKX, Bitget, Bitrue, HTX, and BitMart. All of them will list the token at launch.

On top of this, Bitget has also announced a $60,000 Pi airdrop pool for eligible users, which will go on until March 3 and BitMart will offer a $3,000 USDT Pi giveaway to 300 selected users.

The Open Mainnet will go live at 8 am UTC, which translates to 1:30 pm IST in India.

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This will end the enclosed mainnet phase which began in December 2021, allowing the coin to be traded on major exchanges.

However, crypto exchange Binance took a different approach to the other exchanges by holding a rare community vote to determine if Pi Network should be listed. The results of this are expected on February 27, 2025.

Some exchanges like HTX have also recently delisted Pi Network’s IoU (I owe You) token, resulting in a price drop of over 50%. This token was used by traders to speculate on Pi’s value before its official launch.

Despite all this, Pi Network has surpassed 110 million installations, with an average of 110,000 new downloads per day. It currently ranks number 4 in the Social category on the Google Play Store.

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Pi Coin, which recently surged to $92, has plummeted by 55%, now trading around $30, according to a Fortune report.