Pi Network（PI）代币经济学

Pi Network’s token economics are designed to foster a large, engaged user base and support a decentralized, utility-driven ecosystem. Below is a comprehensive breakdown of the PI token’s economic model, including issuance, allocation, usage, incentives, locking, and unlocking mechanisms, with relevant data and context as of August 2025.

1. Issuance Mechanism

• Total Supply: 100,000,000,000 PI (100 billion PI)
• Issuance Model: PI tokens are primarily issued through a mobile mining mechanism. Users mine PI by contributing to network security and growth, such as running nodes, referring new users, and engaging with the app.
• Mining Rewards: Mining rates decrease over time and as the network grows, following a halving-like schedule to control inflation and incentivize early participation.
• Open Network Transition: As of February 2025, Pi Network entered its Open Network phase, enabling external connectivity and broader utility.

2. Allocation Mechanism

• Note: The above allocation is based on the whitepaper and public disclosures. The majority is reserved for community mining, with the remainder split between the core team and ecosystem development.

3. Usage and Incentive Mechanism

• Utility: PI is used for peer-to-peer payments, in-app purchases, and as gas for decentralized applications (dApps) within the Pi ecosystem.
• Ecosystem Growth: The Open Network phase allows integration with external blockchains and systems, expanding PI’s use cases.
• Incentives: Users are rewarded for:
  • Mining (contributing to network security)
  • Referrals (growing the user base)
  • Running nodes (decentralizing the network)
  • Participating in ecosystem dApps and services

4. Locking Mechanism

• User Lockups: During the Enclosed Mainnet phase (prior to Open Network), users who migrated their mined PI to Mainnet could voluntarily lock up a portion of their tokens for a set period (e.g., 6 months, 1 year, 3 years) in exchange for higher mining rates.
• Team and Ecosystem Lockups: Core team and ecosystem allocations are subject to vesting and lockup schedules to align incentives and prevent immediate large-scale selling.

5. Unlocking Time and Schedule

• User Unlocks: As of August 2025, over 7.4 billion PI have been migrated to Mainnet, with 5.2 billion locked and 2.2 billion unlocked. Lockups are gradually expiring, increasing circulating supply.
• Ongoing Unlocks:
  • Daily unlocks of 1.5–5.6 million PI are common, with larger scheduled unlocks (e.g., 13.3 million on July 11, 2025; 19.2 million on July 4, 2025).
  • Monthly unlocks average 134.39 million PI, with peaks up to 432.3 million in December 2027.
• Team/Ecosystem Unlocks: These follow multi-year vesting schedules, details of which are not fully public but are designed to prevent sudden supply shocks.

6. Circulating Supply and Market Data

7. Key Observations and Implications

• Inflation and Unlocks: The steady release of locked tokens increases circulating supply, which can exert downward pressure on price, especially during large unlock events.
• Incentive Alignment: Voluntary user lockups and team vesting aim to align long-term incentives and reduce immediate sell pressure.
• Transparency Concerns: Some community members have raised concerns about the clarity of the lockup and unlock mechanisms, as well as the absence of a token burn mechanism.
• Ecosystem Growth: The launch of Pi Network Ventures and new dApps (e.g., Pi Ad Network, Pi Domains Auction) are intended to drive real-world utility and adoption.

8. Summary Table: Pi Network Tokenomics

9. Risks and Limitations

• Supply Overhang: Large scheduled unlocks may increase sell pressure and volatility.
• Centralization: Concerns remain about the distribution and control of tokens, especially with team and ecosystem allocations.
• Lack of Burn Mechanism: No current mechanism to reduce supply, raising inflation concerns.
• Transparency: Ongoing community calls for clearer disclosure of lockup and unlock schedules.

10. Future Outlook

• Unlock Schedule: Significant unlocks are scheduled through 2027, with the largest monthly releases in late 2027.
• Ecosystem Expansion: The Open Network phase and new developer tools are expected to drive further adoption and utility.
• Market Dynamics: Price and adoption will be influenced by unlock events, ecosystem growth, and broader crypto market trends.

This analysis synthesizes the latest available data and public disclosures as of August 2025, providing a detailed, source-backed overview of Pi Network’s token economics.