Pi Network Announces DEX Launch for March 12

The Pi Network project, founded by Stanford PhDs in 2019, was designed to allow cryptocurrency mining on mobile phones without significant battery drain, leading to a massive user base. The project utilizes a version of the Stellar Consensus Protocol (SCP) rather than more energy-intensive Proof-of-Work systems. Since December 2021, the network has operated in an "Enclosed Mainnet" phase. This means the main blockchain is live but firewalled, preventing any connectivity with external blockchains or exchanges, making the trading of Pi tokens for other currencies technically impossible. This period was intended to focus on mass user identity verification and internal utility creation. The launch of a decentralized exchange (DEX) represents a pivotal step towards opening up the ecosystem. It will facilitate the first peer-to-peer trading of Pi tokens within this firewalled environment, exclusively for users who have completed the mandatory Know Your Customer (KYC) process. As of late 2025, reports indicated that over 19 million users had completed this KYC verification. The project has faced persistent controversy, with critics questioning its legitimacy and comparing its referral-based growth model to multi-level marketing. Concerns have also been raised about the project's centralized control over its nodes, a lack of transparency, and potential privacy issues related to the KYC data collection process. The simultaneous v20.2 node upgrade is a mandatory update for all network operators. This technical step is crucial for enhancing network security, improving transaction processing, and ensuring all nodes are synchronized, thereby providing the stable infrastructure required for features like the new DEX.