Pi Network enters 2026 with mixed sentiment. February 20, 2025, marked one year since Open Mainnet began, enabling external connectivity and broader token transfers. Many see this as progress after long delays.
Frustration remains over migration timelines, KYC bottlenecks, exchange access, decentralization concerns, and debates over supply unlocks. Ongoing node upgrades show the network is still evolving.
This article provides a grounded assessment of what changed during the first Open Mainnet year, where real utility exists, and how users can engage during a bear market. It also explains perpetual futures, their impact on visibility and liquidity, and who should avoid them.
One Year of Open Mainnet — What Actually Changed
Pi Network entered its Open Mainnet phase on February 20, 2025, when the firewall isolating the blockchain was removed, making PI transferable and tradable on exchanges, marking a shift from an enclosed environment to an operational public network.
More than 16 million pioneers had migrated their balances to Mainnet wallets by early 2026, according to official updates. The core team introduced a structured protocol upgrade to improve performance and stability, and node operators were required to update their software by February 15, 2026, to remain connected. Developer tools and ecosystem support have also expanded.
However, major exchanges such as Binance and Coinbase have not confirmed spot listings, and concerns around governance structure and token unlock schedules continue to shape sentiment. Supply releases increase circulating PI, which can pressurize market perception.
Overall, Pi is showing progress but with constraints. It has moved beyond the concept stage, but decentralization, transparency, and broader access continue to exist as challenges.
The 215+ Apps Ecosystem — Where Pi Has Real Utility Today
As of early 2026, the Pi core team reports that more than 215 Mainnet-ready applications exist inside the Pi Browser environment, spanning finance, gaming, marketplaces, and service platforms. This ecosystem expansion has been highlighted in official Pi updates throughout 2025 as part of its utility-focused strategy.
In a bear market, usage tends to matter more than price momentum. Tokens that rely only on speculation often see activity collapse when sentiment turns negative. Networks with active applications, even if early-stage, retain user engagement because participation is tied to functionality rather than short-term price moves. Pi apps operate as engagement tools, not guaranteed income streams.
Financial style applications include basic swap interfaces, wallet tools, and experimental lending concepts built within Pi’s enclosed economy. These remain at an early stage and are positioned as functional tests rather than yield engines. Gaming and engagement apps use reward mechanics to encourage daily participation, with small token incentives designed to increase retention, not replace wages.
Commerce apps focus on peer-to-peer payments and merchant experiments, particularly relevant in emerging markets where mobile-first payments are common. Long-term miners, builders testing ideas, and casual users who prefer activity over trading benefit most.
| Category | What It Does | User Effort Level | Risk Level |
| Finance Apps | Swaps and wallet tools | Medium | Medium |
| Games | Reward-based participation | Low | Low |
| Commerce | Payments and merchant use | Medium | Medium |
How Pioneers Can Participate or Earn Without Selling PI
Many pioneers want to stay active without selling or trading PI coin. Participation today focuses on using apps, supporting development, assisting with network processes, and preparing infrastructure roles, such as nodes. The focus is engagement and contribution, not short-term income.
Migration and KYC remain essential. As of early 2026, around 16 million users have migrated their balances on-chain after completing verification. Enabling security features and finishing the Mainnet checklist keep accounts eligible for future updates.
All of these options require compliance with migration and identity verification rules. Staying up to date with KYC requirements and completing the mainnet checklist is essential for full participation.
This approach is practical and calm, focused on participation and contribution rather than on daily earnings or guaranteed returns.
Pi Network and Perpetual Futures — What This Means (and Who It’s For)
Perpetual futures are derivative contracts that allow traders to speculate on the price of an asset without owning it. Instead of holding PI in a wallet, a trader opens a contract that tracks PI’s price and can profit or lose based on price movement. There is no expiry date, and many platforms allow leverage, which amplifies both gains and losses.
In 2025 and into 2026, several global exchanges introduced perpetual futures products tied to PI, expanding access beyond spot trading. On platforms such as Kraken and other derivatives-focused exchanges, these contracts increased daily trading volume and improved price discovery.
Futures markets often attract professional traders and market makers, which can deepen liquidity and tighten spreads. This is market infrastructure, not endorsement of value.
Futures trading is suited for experienced traders who understand leverage, liquidation risk, and funding rates. It is not designed for newcomers or long-term holders who simply want to accumulate and participate in the ecosystem. For those users, direct network participation remains the lower-risk path.
Navigating Pi Network During a Crypto Bear Market
Bear markets can make progress look slower than it is, and they can stretch expected timelines into public frustration. Bitcoin and the wider market fell sharply from mid 2025 peaks, creating a tougher backdrop for new networks and reducing appetite for speculative token bids.
Token unlock schedules amplify negative sentiment by increasing circulating supply and creating selling pressure. Recent Pi Network token unlock events and scheduled releases have drawn specific attention from traders and analysts.
That said, ecosystem signals matter more than short-term price moves. Active app usage, developer activity, and successful infrastructure upgrades provide stronger evidence of resilience than single-day price swings.
Market infrastructure, such as futures and exchange listings, changes visibility and liquidity, but it is not the same as product market fit. The key test in a bear market is whether Pi can convert experiments into repeatable use cases while managing supply mechanics and transparency.
What to Watch Next for Pi Network
Going forward, the focus should shift from headlines to measurable signals. The first signal is app ecosystem quality, not just total count. The Core team has repeatedly highlighted more than 200 Mainnet-ready apps inside the Pi Browser, but what matters now is usage depth, repeat transactions, and whether any app becomes a consistent daily tool rather than a trial experiment. Growth in active usage would carry more weight than adding new listings.
The second signal is the clarity of the migration policy. As of early 2026, millions of pioneers have completed KYC and migrated their balances, yet questions remain about timelines for the remaining users and lockup structures. Clear communication on unlock schedules and Mainnet checklist requirements will directly affect sentiment and perceived fairness.
Infrastructure upgrades are another area to monitor. Recent node software updates and performance optimizations show ongoing technical iteration. Stability, validator distribution, and transparency around governance will shape the credibility of decentralization.
Regulatory signals also matter. Any formal guidance affecting token classification or exchange compliance could influence broader access. Movement toward additional major exchange listings or deeper derivatives liquidity would improve market access, but that alone does not equal ecosystem maturity.
These are signals to monitor, not predictions. As Pi Network evolves, this assessment will require updates to reflect verified developments rather than expectations.
Conclusion
- Pi Network is seen as an active Open Mainnet since February 20, 2025, with roughly 16 million migrated pioneers and more than 215 Mainnet apps, showing real but early-stage utility.
- Not fully decentralized, not broadly available on every major exchange, and not free of supply unlock and governance concerns.
- Complete migration and KYC, test and use apps, contribute feedback, run or support nodes if technically able, and avoid relying on short-term price moves.
- Bear markets expose structural weaknesses; successful ecosystems survive by building useful products and clear processes.
Over the past year, Pi Network has evolved into something that users can trust. However, it’s still in a growing stage, so it’s best to have a measured outlook for the time being.
