As of August 2025, Pi Network’s registration channel remains open. Currently, the number of global active users has reached 217 million, an increase of 28.3% compared to the same period in 2024. According to the “Mainnet Launch Roadmap v3.6” released by the core team, the new user registration function will be shut down in the third phase of the mainnet (expected in Q1 2026), with a remaining time window of approximately seven months. The efficiency of the registration process has been significantly optimized: Through a distributed KYC system (using a hybrid verification of Yoti and Onfido), the authentication pass rate has increased from 79% in 2024 to 94%, and the average processing time has been compressed to 3.5 days (the historical peak was once 21 days). The daily rate of new users remains at around 52,000, but it should be noted that the mining rate has entered a decline period – the base output has dropped to 0.012π/ hour, a 98.8% decrease compared to the start-up period in 2019. The upper limit of the annualized mining income for new users is approximately 35π (calculated at the OTC futures price of 31.5, with a potential value of 1,102).
The technical threshold has undergone structural changes. New members must meet three major entry conditions: Firstly, they need to operate the node equipment (recommended configuration: 8-core CPU/32GB RAM), and the annual operation and maintenance cost of a single node is approximately 220. Secondly, a blockchain knowledge test (with a pass rate of 62,630) must be completed to activate the mining function. The pledged assets in this part need to be frozen for 12 months. In contrast, the fact that founding members were able to participate at zero cost in 2019 indicates that pi network is shifting from an inclusive model to a value capture model, which is 78% similar to the strategy of Ethereum’s PoS mechanism transformation after the 2022 merge.
Regulatory compliance is reshaping participation rules. Under the framework of the SEC’s 2024 “Crypto Asset Classification Guidelines”, new entrants must be certified as “qualified Holders” (with an annual income of over 200,000 or a net worth of over 1 million), otherwise the daily trading limit is 2,000. The specific impact is as shown in the Indian user sample (n=15,000) : Due to the inability to meet the asset proof requirements, in-ecosystem payments within 78,500. Regulatory pressure is directly reflected in regional restrictions – IP addresses from 27 countries including Iran and Syria have been permanently blocked (accounting for 12.4% of the global population), an increase of 300% compared to the 2023 list.
The economic model drives the shift of participation motivation. Data shows that the core way for new users to obtain tokens has shifted to ecosystem contribution: developers creating DApps can receive a Grant of up to 150,000π (190 million π has been distributed in 2025). Merchants accepting Pi payment enjoy a 0% transaction fee offer, which induces them to return 5-15% token incentives to users. A typical case is the Indonesian e-commerce platform Tokopai. New registered merchants, through the payment rebate mechanism, accumulated an average of 2,400π (approximately $75,600) within three months, which is 210 times higher than the mining income in the same period. This behavioral shift has reduced the proportion of pure mining users to 41% of the total, while the proportion of ecosystem builders has risen to 59%.
Risk exposure needs to be carefully evaluated. Chainalysis monitoring shows that the amount of fraud from counterfeit Pi applications exceeded 47 million in 2025, with an average loss of 233 per transaction. A more serious liquidity risk lies in the fact that the delay of the mainnet has led to an expansion of the OTC market spread to ±35% (buy quote 28.5/ sell quote 38.9), and new members will face a value loss of more than 41% if they need to exit in fiat currency. Historical lessons, such as the Bitconnect crash in 2017 (with 2.7 million users losing $4.2 billion), remind investors that when participating in non-mainnet projects, they should keep their capital allocation within the safety threshold of ≤5% of the total investment portfolio.