Pi Network (PI)
Pi Network ranks #29 of 484 cryptocurrencies. On a list that also counts tokens, memecoins, wrapped coins, staked derivatives and stablecoins it appears at #82: 53 of the 81 assets ahead of it are not native coins but tokens or claims. A token is issued on a host blockchain rather than running its own; a claim stands for an asset already counted. Of the 69 non-native assets CoinSpectrum lists above it by market cap, about 55% are claims on other assets, 39% are tokens and 6% are memecoins.
| CoinSpectrum Grade | B · 55/100 · provisional, C to A |
|---|---|
| Rank among cryptocurrencies | #29 |
| Rank counting claims | #82 |
| Market capitalisation | $797M |
| Price | $0.0701 |
| Circulating supply | 11,365,683,776 PI |
| Maximum supply | 100,000,000,000 PI |
| Consensus family | Federated |
| Consensus mechanism | SCP (Stellar-based) |
| Ledger type | Single-asset ledger |
| Launch distribution | Premine |
Market figures from the 10 November 2026 build. Open the live view for every exchange's price, and charts.
CoinSpectrum Grade (Source)
B — 55 out of 100, provisional (from 9 of 10 sections, 10 November 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 44 to 65 (C to A).
| Section and criteria | Score | Basis |
|---|---|---|
| Consensus | 8.2 | average of 2 criteria |
| By leader (its largest chain's market cap) (Source) | 8.2 | Federated: 8.2 of 10 on the ladder of consensus families ranked by their largest chain's market cap |
| By family (all its chains' market cap) (Source) | 8.2 | Federated: 8.2 of 10 on the ladder of families ranked by the combined market cap of their chains |
| Supply | 6 | the supply scale times 0.9, and a point for a fixed cap that holds |
| Supply (21 million scores 10) | 5.6 | fixed maximum supply of 100 billion |
| Distribution | 6.7 | average of 3 parts |
| Holder concentration (Source) | – | Not yet measured |
| Active addresses | – | Not yet measured |
| Premine (allocated at launch) | 0 | 100% of today's supply allocated at launch to founders, a company, a foundation or investors. There is no open minting: every PI on the ledger is issued by the Pi Core Team, either as off-chain app 'mining' rewards migrated after KYC or as the paired allocations (65B community mining, 10B foundation, 5B liquidity, 20B Core Team of a 100B max, released pro rata with migrations). Migrated supply was about 60.41B in May 2026. source |
| Fundraising (share sold) (Source) | 10 | No sale of the coin source |
| Developer share (after launch) | 10 | No developer share: every new coin goes to the miners or validators who produce blocks. Pi has no protocol issuance: all 100B PI were created at mainnet genesis and the SCP validators earn nothing from minting. The Core Team (20B), Foundation reserve (10B) and liquidity pool (5B) unlock pro rata with migrated 'mining' rewards, but they are genesis allocations already inside the 100% premine. Counted as a cut instead, they would be 35% of every release. source |
| Decentralisation | 0.7 | average of 3 parts |
| Governance (Source) | 0 | An authority can halt the chain or freeze funds: The Core Team controls mainnet validation and the KYC gate on migrating balances, and withholds Pioneers' balances that fail its checks. source |
| No central team (Source) | 0 | A central team directs it: The Pi Core Team (SocialChain Inc.) ships the node software and protocol upgrades; the modified node code is distributed as binaries, not published as open releases. source |
| Who can mint (Source) | 2 | Gated by registration: producers admitted by name, licence or company registration: an allow list, federation, council or proof of authority |
| Nodes (Source) | – | Not yet counted |
| Security | 5.6 | 3.4 of 6 points, 2 not yet measured source |
| Pool diversity (Largest pool 50% 0 to 20% 10, largest three 90% 0 to 50% 10; 2 points) | – | |
| Network activity (Transactions a day, 250 0, 500,000 or more 10; 2 points) | 7.9 | about 102,243 transactions a day |
| Hashrate (Own work 5, its power 1 kW 0 to 10 GW 5; 1 point) | 1 | not mined: another consensus, 1 |
| Clients (Separate code and teams 10, separate code or teams 9, a fork by the same team or a stale second 8; one client: a new version within 12 months 7, 24 months 6, none in 24 months 5, none in 48 months 3; a second in development +0.5, a second seen running +1, 8 at most with one client; chain ended 0; 1 point) | 7 | one client, latest version Aug 2026 |
| Open source (Node software) | ✗ | |
| No 51% attack (Nor a deep reorganisation, five years) | ✓ | |
| Scalability | 6.7 | average of 5 parts source |
| Fees ($0.001 or less 10, $1 or more 0) | 10 | typical fee $0.00077 |
| Throughput (2,478 a second, the busiest network's peak day, 10; 121, the median of the ten busiest, 5) | 5.8 | about 200 simple transactions a second |
| Block time (10 minutes 10, less either side) | 2.5 | a block every 5 seconds |
| Block space per 10 minutes (24 MB or more 10: the ten busiest networks' median demand, 16.4 MB, and half again for growth) | 10 | 2.1 MB limit, 252 MB per 10 minutes |
| Features (3 checks) | 5 | 1 of 2 passed, 1 not yet researched |
| Fast payments (Safe to accept within seconds · Whitepaper abstract, §1, §2 and §11) | ✓ | Stellar-derived SCP closes a ledger with deterministic finality about every 5 seconds. |
| Pruned nodes (Old history dropped, every rule checked · Whitepaper §7) | – | Pi node software is distributed as a binary/container; pruning behaviour not documented. |
| Light clients (Payments verified from headers · Whitepaper §8) | ✗ | No light-client protocol; wallets trust Pi's API servers. |
| Privacy | 3.5 | 3.5 of 10: whitepaper privacy 3.5 of 7, extra features 0 of 3, 1 not yet researched source |
| Protocol level privacy (Keys not tied to an identity · Whitepaper §10) | 10 | Since the Open Network (20 Feb 2025) Pi can be sent to any wallet, exchanges included; KYC gates the Pi Core Team migration of mined app balances, not ledger transfers. |
| UTXO ledger (Separate outputs, change to a new address · Whitepaper §2, §9) | 0 | An account ledger: one running balance for each address, so the remainder stays at the sending address and its payments share one public history. |
| HD addresses (A new address for each payment, unlinked · Whitepaper §10) | – | |
| Hidden amounts (Amounts confidential) | 0 | No confidential transactions. |
| Hidden parties (Sender and receiver hidden) | 0 | No sender or receiver hiding. |
| Network privacy (Origin hidden by default) | 0 | Stellar-core-derived node floods transactions directly. |
| Programmability | — | 0 of 5 points, 4 not yet researched |
| Token issuance | 0 | No token issuance on the chain itself |
| Smart contracts | – | Protocol 23 (Stellar Core v23-derived) reportedly enabled Soroban-style contracts on mainnet in May 2026, but no primary source confirms who may deploy them or that applications run on mainnet. |
| Multisig and time locks (Without a third party) | – | The Stellar-derived core carries multisig and time bounds, but no Pi source confirms they are available on Pi Mainnet. |
| Atomic swaps (With other chains) | – | No source shows hash-locked swaps or any working cross-chain swap on Pi Mainnet. |
| Native DEX (Trades the coin itself, not a claim) | ✗ | The DEX and AMM run on Testnet only; Mainnet stays restricted until further notice (October 2025), with no confirmed launch since. |
| Cross-chain messaging (Verified by the chain itself) | ✗ | No protocol messaging to other chains. |
| NFTs (Carried by the chain's rules) | ✗ | Mainnet token creation is reserved for a vetted framework tied to approved apps. |
| Demand | 5.8 | average of 7 measures |
| Exchanges (10 or more: 10) | 10 | 15 exchanges |
| Daily volume ($10K 0, $1B or more 10) | 4.7 | $6,309,522 traded in 24 hours; #372 by volume on the exchanges the site reads (scored on the median day of the last 30, $2,297,462) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 3.3 | 0.27% of its market cap a day, median of the last 30 days |
| Order-book depth (±2% of the price ÷ market cap, 1%: 10) | 5.9 | $474,707 within 2% of the price on 5 exchanges, 0.06% of its market cap, median of the last 15 days |
| Market cap ($1M 0, $10B or more 10) | 7.3 | $797M, 7.3 on a scale of 2.5 points per tenfold |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | 8.7 | futures, options and margin positions 1.7% of its market cap |
| Wallet support (wallets that hold it, 10 or more: 10) | 1 | its own node and wallet, counted as 1: no wallet in the site's directory lists it yet |
| Record | 6 | average of 3 criteria |
| Age (years since genesis) (Source) | 1 | 1 full year since 2025-02-20, the first day with a recorded price (genesis not yet researched, so the age can only be understated). |
| Development (work, fixes, vulnerabilities) | 7 | 2 positive, 0 negative, 3 not yet researched source |
| Positive | ||
| Steady work, 6 of 6 | ✓ | Pi node software is not published as open releases; the Core Team shipped protocol upgrades through 2026 (Protocol v26 node deadline 11 Aug 2026). |
| Shipped a security fix in two years, +1 | ✓ | Mainnet upgraded through protocol 28 in 2026, which includes the Stellar Protocol 24 fix for the Protocol 23 state-corruption bug (inferred from protocol version; Pi publishes no advisories). |
| Not yet researched | ||
| Shipped a scaling upgrade in two years | – | |
| Shipped a new capability for users in two years | – | |
| Unfixed vulnerabilities and exploits | – | |
| Conduct (origin, claims, halts) | 10 | 3 positive, 0 negative source |
| Positive record | ||
| Launched with a stated purpose, not as a joke | ✓ | |
| No claims by its founders that contradict its own design | ✓ | |
| No halt, freeze or reversal in five years | ✓ | |
Ten sections, weighted equally, each 0 to 10: consensus (the two ladders), supply (the supply scale and a fixed cap that holds), distribution (premine, fundraising, developer share, holders), decentralisation (governance, no central team, who can mint, nodes), security, scalability, privacy, programmability (what the scripting layer can do beyond the whitepaper's payment system), demand, and record (age, development, conduct). They are built from the criteria in the second table: privacy, scalability, security and decentralisation are the Cryptocurrency Standards among them, as follows: privacy (the whitepaper's three checks a base of 7 of 10, three extra features up to 3 more), scalability (four measures and three features), security (pool diversity, network activity, hashrate, clients and two checks) and decentralisation (governance, no central team, who can mint, nodes, holders, premine, fundraising and developer share); programmability (token issuance, smart contracts and five checks) follows them, and supply and demand are two: the supply, scored against 21 million, and demand, the average of seven measures of the market and the wallets. Provisional: parts marked — are not yet measured and are left out of the average. A rating of structure and market depth, not a price forecast or investment advice. How the grade is built · Highest-graded cryptocurrencies.
Federated coins
XRP XRPA
Stellar XLMA
Canton CCA
MobileCoin MOBB
GUNZ GUNB
Obyte GBYTEA
XDB CHAIN XDBAll Federated chains →Proof of Work coins
Bitcoin BTCA+
Zcash ZECA+
Dogecoin DOGEA+
Monero XMRA+
Bitcoin Cash BCHA++
Litecoin LTCA+
Ethereum Classic ETCAAll Proof of Work chains →Supply
11,365,683,776 of a maximum 100,000,000,000 PI are in circulation — 11.4% of the total that will ever exist.
Launch and allocation
| Premine (allocated at launch) | 100% of today's supply |
|---|---|
| Sold by the issuer or insiders | 0% of today's supply |
| Developer share received since launch | 0% of today's supply |
| Developer share of new coins today | 0% |
| Fundraising | No sale and no investor round |
There is no open minting: every PI on the ledger is issued by the Pi Core Team, either as off-chain app 'mining' rewards migrated after KYC or as the paired allocations (65B community mining, 10B foundation, 5B liquidity, 20B Core Team of a 100B max, released pro rata with migrations). Migrated supply was about 60.41B in May 2026.
No sale of PI. The company's SAFE rounds bought equity and delivered no PI, and the whitepaper rules out an ICO or crowdsale.
No ICO, token sale or SAFT for PI is documented. The reported 2019-2020 seed money (~$800k) came through SAFE agreements in the company, which are equity-style instruments with no PI delivered. No disclosed Pi Foundation/Core Team market or OTC sales were found, though Core Team and foundation wallets are not independently audited.
Pi has no protocol issuance: all 100B PI were created at mainnet genesis and the SCP validators earn nothing from minting. The Core Team (20B), Foundation reserve (10B) and liquidity pool (5B) unlock pro rata with migrated 'mining' rewards, but they are genesis allocations already inside the 100% premine. Counted as a cut instead, they would be 35% of every release.
Sources: minepi.com · pinetwork.atlassian.net · minepi.com · coinmarketcap.com · bingx.com · cointelegraph.com. Researched 2026-10-24, medium confidence.
What a regulator has said
No SEC/CFTC determination — unclassified.
The regulator's position, reported as stated, not CoinSpectrum's. Assets nobody has ruled on are left unclassified rather than sorted by a guess.
How CoinSpectrum ranks Pi Network
Pi Network is #29 among cryptocurrencies and #82 in the market ranking, which lists wrapped coins, staked derivatives, stablecoins and tokens alongside them. CoinSpectrum counts an asset once, and counts only cryptocurrencies: assets with their own blockchain and their own consensus. A wrapped coin, a staked derivative or a stablecoin is a claim on something already counted; a token, memecoin or otherwise, runs on another chain's blocks. All of them are listed, each in its own section, and none is added to the total. The 53 places between Pi Network's two ranks are held by claims and tokens, not by other networks. The methodology sets out the rule and the counting rule argues for it.
The price above is the median of the exchanges the site reads live, checked every minute and cross-checked against a market snapshot (how market data is gathered). The grade is scored on published criteria, each with its source (the method). The site is independent, nothing on it is a paid placement, and its statements are signed (about CoinSpectrum, the manifesto).