Pi Network（PI）代币经济学

Overview

Pi Network is a decentralized cryptocurrency project enabling users to mine Pi tokens with minimal energy via mobile devices. The Open Network phase, active since February 20, 2025, has accelerated integration with other blockchains and external systems, pushing Pi's evolution from a closed ecosystem to a broader, utility-driven network.

1. Issuance Mechanism

• Mobile Mining: Pi's issuance is primarily based on a mobile “mining” process where users earn tokens through app engagement and network contributions.
• Time-Decay Issuance: The mining rate reduces periodically as key network milestones are reached, with higher rates in early network phases to encourage adoption and network security. As the user base expands and milestones are hit (such as phase transitions), the mining rate for all users decreases, following a pre-defined, gradually declining schedule.
• Recent Supply Data: As of late May 2025, the total supply is just over 11.16 billion Pi tokens (rising incrementally—see below for trend).

2. Allocation Mechanism

Pi's allocation is designed to balance network incentives, builder development, ecosystem resilience, and strategic reserves. The typical allocation breakdown (based on latest disclosed plans and analogous decentralized projects) follows four primary buckets:

• Pi Core Team: Reserved for development, maintenance, and future strategic operations.
• Pioneers (Users): The largest portion, allocated directly to mobile miners based on engagement, referrals, and network trust verification.
• Ecosystem and Developer Rewards: Set aside for app developers, dApp ecosystem growth, and community initiatives supporting ecosystem adoption.
• Reserves/Treasury: Allocated for future strategic partnerships, incentives, and network security.

Note: The Pi Network has not yet made public a detailed percentage breakdown, but the mechanics aim to mirror the philosophy above. No centralized pre-mine or private sale allocation is claimed by the team.

3. Usage and Incentive Mechanism

• Transactional Utility: Pi tokens can be used for payments, in-app/on-chain applications, and peer-to-peer transactions, especially since the Open Network phase allows external connectivity.
• Network Contribution: Users are incentivized to act as Validators, Ambassadors, or Contributors earning additional Pi for network security and expansion.
• Developer Incentives: App developers can earn Pi for building and maintaining dApps within the Pi ecosystem—rewarded from the developer allocation bucket.
• Ecosystem Building: Special programs grant seed capital to projects and community activities in Pi, paid out in Pi tokens.

4. Lock-Up Mechanism

• User Lockup Requirements: During Mainnet migration, users moving Pi from the app (testnet) to Mainnet are given options (and sometimes requirements) to voluntarily lock up a portion of their mined tokens. The lock-up rate can be user-selected, with a minimum and maximum time and percentage, contributing to network security and reduced immediate sell pressure.
• Developer/Team Vesting: Core Team and Ecosystem funds are subject to multi-year vesting schedules, gradually unlocking in line with network milestones to ensure alignment and minimize dumping risk.
• No Forced Early Unlocks: All major unlock events are either milestone/phase-triggered or based on defined vesting/lock-up terms, with no arbitrary or admin-triggered early unlocks.

5. Unlocking Schedule and Timing

• Supply Growth: The Pi total supply increases marginally, tracking new mining and unlock events. For instance, between May 22 and May 29, 2025, total supply rose from 11.10 billion to 11.16 billion Pi.
• User Token Unlock: Users’ voluntarily locked balances become available per their chosen schedules—typically ranging from 6 to 36 months. Network- or ecosystem-allocated tokens (Core Team, developer incentives) follow hard-coded vesting or milestone-based release schedules—annual or biannual in nature.
• Long-Term Approach: The unlock calendar is intentionally drawn out over several years, with large-scale unlock events usually tied to network maturity milestones.

6. Design Considerations and Implications

• The tokenomics strongly favor distribution to active participants, incentivizing long-term holding and contribution over short-term speculation.
• Voluntary lock-up options and slow multi-year unlocks help prevent supply shocks and maintain market stability as the Open Network grows.
• Lack of clear, publicly disclosed allocation percentages or unlock tables is a limitation compared to more transparent Web3 projects, but the model clearly prioritizes grassroots growth and usage.

7. Summary Table

8. Recent Supply Trend

The supply curve for Pi between May 22 and May 29, 2025, shows a steady increase, reflecting ongoing distribution through mining and scheduled unlocks:

• May 22, 2025: 11.10 billion
• May 29, 2025: 11.16 billion

This measured growth stresses the network’s focus on sustainable issuance, security, and healthy token circulation.

Final Thoughts

Pi Network’s tokenomics emphasize broad, inclusive participation, slow and predictable supply growth, and direct alignment between network success and stakeholder rewards. While not fully transparent on every granular detail (such as fixed percentage allocation per bucket), the core mechanisms are designed to ensure stability, encourage ecosystem development, and incentivize genuine commitment over speculation.