Pi Network white paper hides a code! 2 billion liquidity hints at a mainnet explosion in December

Pi Network community is revisiting the early 2019 white paper, which reveals clues about liquidity at a time when Bitcoin was priced at around $3,500. Many supporters claim these initial documents concealed hints of the economic structure that has since developed. Pi’s liquidity is currently strong, with an estimated market cap of $2 billion, and rumors suggest the mainnet could officially launch on December 10.

Forward-Looking Economic Design in the 2019 White Paper

(Source: MinePi)

Pi Network’s 2019 white paper was written when Bitcoin was trading around $3,500, shaping the project’s long-term economic design. Looking back to that point in time, the crypto market was at the end of the 2018 bear market, with Bitcoin plunging from its late 2017 high near $20,000 down to around $3,000. Market confidence was extremely low, and many analysts questioned the long-term viability of cryptocurrencies. It was against this backdrop that the Pi Network founding team wrote their white paper.

The core logic of this white paper is lowering the entry barrier for cryptocurrency. Mining Bitcoin and Ethereum requires specialized hardware and high electricity costs, making participation difficult for ordinary people. Pi Network proposed a lightweight mobile mining mechanism, where users could start mining by simply tapping a button on their phone, without consuming large amounts of electricity or buying expensive equipment. This design was quite innovative at the time and attracted tens of millions of user registrations.

The white paper highlighted Pi’s mining pool structure, supply emission model, and phased development strategy. The supply emission model uses a decreasing issuance, where early participants receive higher mining rewards, and as the user base grows, the output per unit time gradually declines. This design is similar to Bitcoin’s halving mechanism, aiming to create scarcity and incentivize early adoption. The phased development strategy divides the project into testnet, closed mainnet, and open mainnet. It is currently at the critical stage of transitioning from closed to open mainnet.

Many supporters now claim that the white paper concealed hints of the economic structure that has since emerged. While this retrospective interpretation may be somewhat subjective, it’s undeniable that the current $2 billion market cap and $77 million daily trading volume indicate Pi Network has established a sizeable economic system. The key question is whether this system can continue to operate and create real value after the open mainnet launches.

Dual Validation: $2 Billion Market Cap and $77 Million Daily Volume

Pi Network enthusiasts often point out that the project currently has very high liquidity, with an estimated market cap of $2 billion and daily trading volume of about $77 million, meaning more people are entering the market and more have confidence in the project. These two figures play a central role in Pi Network’s value narrative.

A $2 billion market cap puts Pi Network in the global top 100 cryptocurrencies by market cap. This scale surpasses many established projects, showing that market recognition for Pi is not insignificant. However, it’s important to note that this market cap is based on OTC (over-the-counter) trading and a few exchanges listing Pi, not full price discovery. During the closed mainnet phase, Pi’s circulation is restricted, and many tokens remain locked in user accounts, unable to be freely traded.

The $77 million daily trading volume is even more noteworthy. This number shows that Pi already has an active trading market. By comparison, many cryptocurrencies with similar market caps only see daily trading volumes in the several million to tens of millions. High trading volume usually means better liquidity and narrower bid-ask spreads, which is a positive signal for investors. However, the authenticity of the trading volume must also be questioned, as some exchanges may engage in wash trading.

Pi Network Current Market Data

Market Cap: $2 billion (based on OTC and partial exchange prices)

Daily Trading Volume: $77 million (shows active trading activity)

Holder Addresses: Tens of millions (based on official user numbers)

Liquidity Characteristics: Closed mainnet restricts full circulation; open mainnet will release more supply

Ample liquidity indicates increasing trust in the ecosystem. When more people are willing to buy and hold Pi at current price levels, it shows confidence in the project’s long-term prospects. However, whether this trust can withstand the test after the open mainnet goes live remains unknown. If many early miners choose to sell immediately after the mainnet opens, it could trigger significant price volatility.

Video Analyzes Hidden Economic Clues in the White Paper

The video circulating in the post is narrated by a Chinese commentator, who scrolls through sections of the white paper highlighting Pi’s mining pool structure, supply emission model, and phased development strategy, explaining how the ecosystem will ultimately transition from a closed network operation to an open network economy. The commentator points out that several recent official blog posts indirectly mention the building of technical infrastructure, which many users interpret as signs that Pi’s internal ecosystem is about to see greater development.

Such videos are extremely popular in the Pi Network community, often garnering hundreds of thousands or even millions of views. Commentators tend to use motivational language, stressing Pi’s potential value and upcoming breakthroughs. While these materials lack official endorsement, they create strong narrative momentum in the community, maintaining user engagement and anticipation.

Official blog posts have indeed been updated frequently in recent times, covering topics such as technical upgrades, ecosystem partnerships, and user education. For example, announcements about the decentralized exchange (DEX) testnet, investments in OpenMind and CiDi Games, and progress on MiCA compliance applications. These moves show that the Pi Network team is actively advancing the project rather than stalling.

However, the path from white paper to reality is not smooth. Many promised early features have yet to be fully realized, and the mainnet launch timeline has been delayed multiple times. There are two voices within the community: supporters believe the team is acting cautiously, ensuring stability before opening up the system; critics question the project’s authenticity and transparency. Such division is common in crypto projects and can only be resolved with real, tangible results.

December 10 Mainnet Rumors and Market Expectations

The author links these economic hints with the current circulating rumors, which speculate that Pi may officially launch on December 10, along with the release of nearly 190 million tokens. Many believe this will trigger a surge in trading activity and increase market volatility. The author also claims that Pi could use this momentum to boost its price into the expected $0.26 range during positive market sentiment, to maintain miner activity and encourage buyers to accumulate tokens when prices dip.

The December 10 date is not officially confirmed but comes from community speculation and rumors. Such unverified news is common in the Pi Network community; similar mainnet launch predictions have appeared in the past but have never materialized. Investors should treat these rumors with caution and rely on official announcements.

The unlock of 190 million tokens matches the previously mentioned December token unlock plan. This scale of unlock will significantly increase the circulating supply in the market, possibly creating short-term price pressure. If the mainnet really opens at the same time as the unlock, it will create a dual supply and demand shock: on one hand, a large influx of new supply, and on the other, new demand potentially brought by the open mainnet. The contest between these forces will determine the short-term price trend.

The $0.26 price target similarly lacks clear foundation. The current OTC price for Pi is about $0.23, so $0.26 represents roughly a 13% increase. Whether this target is reasonable depends on actual supply and demand after the open mainnet. If new demand is strong and early miners hold rather than sell, the price may exceed this target. Conversely, if there is heavy selling pressure, the price may fall below current levels.

Maintaining miner activity and encouraging buyers to accumulate are real challenges for Pi Network. After years of waiting, the patience of many early miners is running thin. If the price performs poorly after the mainnet opens, it may lead to significant user attrition. Therefore, the Pi Network team needs to balance technical readiness with market timing, choosing the most favorable window to launch the open mainnet.

From an investment perspective, Pi Network is still in a highly speculative phase. While the $2 billion market cap and $77 million daily trading volume show a degree of market recognition, the project’s long-term sustainability is yet to be proven. Investors should be fully aware of the risks, only commit funds they can afford to lose, and pay close attention to official announcements rather than community rumors.