Pi Network (PI) broke a record with its largest and most valuable crypto airdrop following its mainnet launch and exchange listing. Pi Network broke Uniswap's previous record.
A report from Bitget reveals that the Uniswap airdrop was valued at $6.43 billion in 2020. Pi Network has now doubled that to $12.6 billion. It set a new record with 6.3 billion PI tokens in circulation and a starting price of around $2.
Traditional airdrops reward early adopters, but Pi Network’s airdrop focuses on mass participation. Since 2019, millions of people have contributed to its large and engaged community by mining PI on their phones.
Prior to launch, exchanges like Bitget and BitMart provided PI airdrops and giveaways. Once the mainnet was established, leading exchanges like OKX and Bitget quickly added PI for spot and futures trading, increasing its popularity.
With the Open phase launch, Pi Network is now fully connected to external networks, allowing for seamless integration with other blockchains and financial systems. The team noted that the Open Network expands Pi’s ecosystem, enabling new applications and peer-to-peer transactions beyond its internal system.
This phase also supports connections to centralized exchanges (CEXs) and on-ramps, making it easier to acquire and use Pi. Additionally, it offers more third-party services and node upgrades.
Despite breaking records, Pi Network faces challenges such as regulatory scrutiny and doubts about its mining model. Some fear that it could face challenges like Hamster Kombat, which saw high initial interest.
PI’s price started at around $1.3 and passed $2, but has since fallen by more than 40% in 24 hours to $0.8783. This decline is likely due to sales by early miners and owners.
The future of the Pi Network remains uncertain, but its team is committed to building a decentralized and scalable ecosystem. The coming months will tell if it can maintain its momentum.