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.

Yerevan (CoinChapter.com) — Pi Network’s airdrop has become 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.

According to Bitget, Pi Network’s airdrop reached a staggering $12.6 billion, easily surpassing Uniswap’s record of $6.43 billion set in 2020. While typical airdrops mainly benefit early adopters, Pi Network’s unique mining model allowed millions of users to mine tokens on their mobile devices since 2019.

Pi Network Mainnet Metrics: Circulating Supply, Locked Rewards, and Total Supply Breakdown. Source: Pi Network blockexplorer

Pi Network Airdrop Value More Than Doubles Uniswap’s Record

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

Top 50 Crypto Airdrops by All-Time High Value: Uniswap, ApeCoin, and Others Ranked. Source: Bitget

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$.”

Pi Network Token (PI) Listed on OKX at $2: Price Surge and Market Activity. Source: Pi Network Community 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 their mobile devices. Since 2019, millions have joined the project, creating a broad community base.

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

Pi Network Open Network Expands Blockchain Integration

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

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

Pi Network Open Network Launch: External Connectivity and KYB Verification for Businesses. Source: Pi Network WEB Regulatory Concerns and Market Challenges

Despite setting a record, Pi Network’s mining model has raised concerns. Some critics have highlighted its structure, arguing that the Pi Network airdrop was dependent on mass user acquisition. Moreover, regulatory authorities are yet to determine whether Pi Network’s model adheres to compliance standards.

Criticism of Pi Network’s Mining Model and Closed Ecosystem Raises Concerns. Source: Talos

Moreover, 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. However, as the latest data shows, the price further declined to $0.9761, reflecting ongoing market volatility. According to market data, early holders may have sold tokens after the Pi Network airdrop, impacting the price stability.

Pi Network (PI) Price Drops to $0.9761 .  Source: TradingView

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