Pi Network’s $12.6 Billion Airdrop Breaks Crypto Records

YEREVAN (CoinChapter.com) — Pi Network’s airdrop is now the most valuable in cryptocurrency history, surpassing Uniswap’s (UNI) previous record. Following the Pi Network mainnet launch, its token debuted on multiple exchanges, setting a new industry benchmark.

Pi Network’s airdrop reached $12.6 billion, doubling Uniswap’s $6.43 billion record from 2020. Unlike traditional airdrops that primarily reward early adopters, Pi Network’s mining model allowed millions of users to mine tokens on mobile devices since 2019.

Pi Network Airdrop Value More Than Doubles Uniswap’s Record

A report from Bitget highlighted that Uniswap’s airdrop in 2020 was the largest in the industry before Pi Network. Uniswap allocated UNI tokens worth $6.43 billion, a milestone that remained unbeaten for nearly five years.

Pi Network now exceeds this figure, with a circulating supply of 6.3 billion PI tokens at a launch price of $2.

Pi Network confirmed the token price, posting on X:

“1 PI = 2$.”

Mobile Mining Model and Widespread Adoption

Pi Network introduced a different approach to cryptocurrency mining. Unlike traditional proof-of-work models, Pi Network mining allows users to earn tokens using mobile devices. Since 2019, millions have joined the project, leading to a broad community base.

Several cryptocurrency exchanges, including Bitget, offered Pi Network airdrops before the Pi Network mainnet launch. Similarly, BitMart promoted USDT giveaways, anticipating the project’s open phase.

Pi Network Open Network Expands Blockchain Integration

The Pi Network Open Network phase has now enabled external integrations. Previously, Pi Network operated in a closed ecosystem, but with this update, connectivity with other blockchains and financial systems is now possible.

The team stated:

“Open Network has unlocked Pi’s thriving ecosystem, innovative applications, and extensive peer-to-peer network for integration with the broader blockchain world.”

Regulatory Concerns and Market Challenges

Despite setting a record, Pi Network’s mining model has raised concerns. Some critics have questioned its structure, arguing that the Pi Network airdrop relied on mass user acquisition. Regulatory authorities have yet to determine whether Pi Network’s model meets compliance standards.

Market volatility also remains a factor. Many Pi Network token holders are first-time crypto participants, leading to uncertainty about long-term adoption.

Pi Network Price Drops 37% After Exchange Listings

Following its listing, Pi Network price dropped from $2 to $1.1984, marking a 37% decline. As of the latest data, the price further declined to $0.9761, reflecting ongoing market volatility. Market data suggests that early holders may have sold tokens after the Pi Network airdrop, affecting price stability.

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