Pi Network Airdrop Breaks Record As it Surpasses Uniswap

Pi Network (PI) has become the largest and most valuable airdrop in crypto history, surpassing Uniswap’s (UNI) previous record.

This development follows the network’s mainnet launch and its token debut on popular exchanges.

Pi Network Surpasses Uniswap’s Milestone

A report from Bitget exchange revealed Uniswap’s position at the helm of crypto airdrops in the industry, recording up to $6.43 billion in value after its 2020 allocations. In the latest development, however, Pi Network has exceeded this record, effectively doubling Uniswap’s airdrop valuation.

With a total circulating supply of 6.3 billion PI tokens and a launch price of around $2, Pi Network’s total airdrop value reached $12.6 billion on Thursday.

“1 PI = 2$,” Pi Network shared on X.

Coinciding with its mainnet launch, Pi Network’s airdrop marked a historic moment for the crypto industry. Unlike traditional airdrops that primarily reward early adopters and investors, Pi Network’s approach emphasizes mass participation.

According to the team, millions of users have mined tokens using their mobile devices since 2019. The result was a vast and engaged community that contributed to the airdrop’s unprecedented scale.

Meanwhile, several cryptocurrency exchanges, including Bitget, offered Pi Network airdrops before the launch. Similarly, BitMart advertised USDT giveaways in anticipation of the open mainnet phase. This pre-mainnet enthusiasm from exchanges demonstrated the industry’s perceived confidence in Pi’s potential as a widely adopted digital currency.

Pi Network Team Speaks After Mainnet Launch

With the official launch of its Open phase, Pi Network is no longer confined to an enclosed ecosystem. The project’s team announced that external connectivity is now available, allowing seamless integration with other blockchains and financial systems.

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

The Pi Network team also emphasized that Open Network will enable their mission to create a “utility-driven and widely adopted cryptocurrency.” Specifically, pioneers could engage in transactions beyond Pi’s internal ecosystem.

However, despite its record-breaking airdrop, Pi Network faces challenges, including regulatory scrutiny and skepticism regarding its unique mining model. Critics argue that Pi Network’s pyramid-style user acquisition raises sustainability and legal compliance concerns. Additionally, market volatility is a pressing issue, with many of its users being first-time crypto participants.

However, the project’s leadership remains committed to building a decentralized and scalable ecosystem. BeInCrypto reported that project pioneers claim it is 120x faster than the Bitcoin network. Following its transition into a fully open network, the coming months will determine whether Pi Network can maintain its momentum and deliver on its ambitious vision.

Pi Network’s PI Coin was trading for $1.1984, representing a 37% drop from its launch price.