Pi Network (PI) has set a record with the largest and most valuable crypto airdrop following its mainnet launch and exchange listings. Pi Network has broken the record of Uniswap’s previous achievement.
A report from Bitget reveals that the Uniswap airdrop was valued at $6.43 billion in 2020. Pi Network has now doubled that, reaching $12.6 billion. It has set a new record with 6.3 billion PI tokens in circulation and an initial price of about $2.
Traditional airdrops reward early users, but Pi Network’s airdrop focuses on mass participation. Since 2019, millions of people have mined PI on their phones, contributing to its large and engaged community.
Before the launch, exchanges like Bitget and BitMart provided PI airdrops and giveaways. When the mainnet went up, leading exchanges like OKX and Bitget rapidly included PI for spot and futures trading, increasing its popularity.
Pi Network is now fully connected to external networks with its Open phase launch, allowing smooth integration with other blockchains and financial systems. The team stated that Open Network expands Pi’s ecosystem, enabling new applications and peer-to-peer transactions beyond its internal system.
This phase also supports connections with centralized exchanges (CEXs) and onramps, making it easier to acquire and use Pi. Additionally, it introduces more third-party services and Node updates.
Despite breaking records, Pi Network faces challenges like regulatory scrutiny and doubts about its mining model. Some fear it might struggle like Hamster Kombat, which also had high initial hype.
PI’s price started at around $1.3, and surged past $2, but has since dropped to $0.8783, falling over 40% in 24 hours. This decline is likely due to sell-offs by early miners and holders.
Pi Network’s future remains uncertain, but its team is committed to building a decentralized and scalable ecosystem. The coming months will show whether it can maintain its momentum.
