Pi Network ranks #30 of 508 cryptocurrencies. On a list that also counts tokens, memecoins, wrapped coins, staked derivatives and stablecoins it appears at #81: 51 of the 80 assets ahead of it are not native coins but tokens or claims. A token is issued on a host blockchain rather than running its own; a claim stands for an asset already counted. Of the 68 non-native assets CoinSpectrum lists above it by market cap, about 56% are claims on other assets, 38% are tokens and 6% are memecoins.
| CoinSpectrum Grade | C · 55/100 · provisional |
|---|---|
| Rank among cryptocurrencies | #30 |
| Rank counting claims | #81 |
| Market capitalisation | $864M |
| Price | $0.0765 |
| Circulating supply | 11,295,917,769 PI |
| Maximum supply | 100,000,000,000 PI |
| Consensus family | Federated |
| Consensus mechanism | SCP (Stellar-based) |
| Ledger type | Single-asset ledger |
| Launch distribution | Premine |
Market figures from the 28 October 2026 build. Open the live view for every exchange's price, and charts.
C — 55 out of 100, provisional (from 15 of 17 criteria, 28 October 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 48 to 63 (D to C).
| Criterion | Score | Basis |
|---|---|---|
| Leading Consensus Mechanisms (Source) | 8.2 | group average |
| Consensus: leader ladder | 8.2 | Federated: 8.2 of 10 on the ladder of consensus families ranked by their largest chain's market cap |
| Consensus: family ladder | 8.2 | Federated: 8.2 of 10 on the ladder of families ranked by the combined market cap of their chains |
| Cryptocurrency Standards | 5 | group average, 4 of 6 measured |
| Properties (10 whitepaper checks) (Source) | 4 | 4 of 10 passed source |
| Anyone can mint (permissionless) | ✗ | SCP (Stellar-based) |
| Limited supply | ✓ | fixed maximum of 100,000,000,000 |
| No pre-issuance or developer mint | ✗ | |
| No developer tax | ✓ | |
| No authority that can halt the chain or freeze funds | ✗ | The Core Team controls mainnet validation and the KYC gate on migrating balances, and withholds Pioneers' balances that fail its checks. |
| No central team | ✗ | The Pi Core Team (SocialChain Inc.) ships the node software and protocol upgrades; the modified node code is distributed as binaries, not published as open releases. |
| Fees under one cent | ✓ | typical fee $0.00077 |
| Payments safe to accept within seconds | ✓ | Stellar-derived SCP closes a ledger with deterministic finality about every 5 seconds. |
| UTXO ledger | ✗ | |
| Privacy built into the protocol | ✗ | |
| Scalability (fees, throughput, block time, block space) | 7.6 | average of 4 measures source |
| Fees ($0.001 or less 10, $1 or more 0) | 10 | typical fee $0.00077 |
| Throughput (1,000 transactions a second or more 10) | 7.7 | about 200 simple transactions a second |
| Block time (10 minutes 10, less either side) | 2.5 | a block every 5 seconds |
| Block space per 10 minutes (32 MB or more 10) | 10 | 2.1 MB limit, 252 MB per 10 minutes |
| Security (9 checks) | 2.6 | 2 of 9 passed, 2 not yet measured source |
| Miners paid over $1 million a day | ✗ | not mined |
| Miners paid over $100,000 a day | ✗ | |
| Its own hashrate: at least half its algorithm's largest, not merge-mined | ✗ | not mined |
| Largest pool or validator under 50% | – | |
| Largest three under 75% | – | |
| More than one maintained client | ✗ | 1 |
| Node software is open source | ✗ | The Pi Core Team (SocialChain Inc.) ships the node software and protocol upgrades; the modified node code is distributed as binaries, not published as open releases. |
| Real on-chain use: 1,000+ transactions a day | ✓ | about 102,243 a day |
| No 51% attack or deep reorganisation in five years | ✓ | |
| Decentralisation: who can mint (Source) | 5.7 | Federated: 5.7 of 10 on the ladder of who produces blocks |
| Decentralisation: nodes (Source) | — | Not yet counted |
| Decentralisation: holder concentration (Source) | — | Not yet measured |
| Capabilities (protocol features) | 0 | 0 of 6 passed, 1 not yet measured source |
| Decentralisation | ||
| Network-level privacy: the node hides where a transaction came from (Dandelion++, Tor or I2P, on by default) | ✗ | Stellar-core-derived node floods transactions directly. |
| Light clients verify payments from headers or proofs, without a trusted server | ✗ | No light-client protocol; wallets trust Pi's API servers. |
| Scalability | ||
| Pruned nodes: a full node can validate and drop old history | – | Pi node software is distributed as a binary/container; pruning behaviour not documented. |
| Native payment channels or instant payments | ✗ | No payment channels. |
| Security | ||
| Hidden amounts (confidential transactions, RingCT, shielded pools, Mimblewimble) | ✗ | No confidential transactions. |
| Hidden sender and receiver (ring signatures or zero-knowledge proofs, one-time or stealth addresses) | ✗ | No sender or receiver hiding. |
| Issuance | 6.7 | group average |
| Premine (allocated at launch) | 0 | 100% of today's supply allocated at launch to founders, a company, a foundation or investors. There is no open minting: every PI on the ledger is issued by the Pi Core Team, either as off-chain app 'mining' rewards migrated after KYC or as the paired allocations (65B community mining, 10B foundation, 5B liquidity, 20B Core Team of a 100B max, released pro rata with migrations). Migrated supply was about 60.41B in May 2026. source |
| Fundraising | 10 | No sale of the coin source |
| Developer share (after launch) | 10 | No developer share: every new coin goes to the miners or validators who produce blocks. Pi has no protocol issuance: all 100B PI were created at mainnet genesis and the SCP validators earn nothing from minting. The Core Team (20B), Foundation reserve (10B) and liquidity pool (5B) unlock pro rata with migrated 'mining' rewards, but they are genesis allocations already inside the 100% premine. Counted as a cut instead, they would be 35% of every release. source |
| Supply & Demand | 4 | group average |
| Supply & Demand (Source) | 5.8 | average of 6 measures |
| Exchanges (10 or more: 10) | 10 | 16 exchanges |
| Volume rank among the top 200 | 0 | $1,539,666 traded in 24 hours; #379 by volume on the exchanges the site reads (ranked on the median day of the last 30, $2,656,015) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 3.5 | 0.29% of its market cap a day, median of the last 30 days |
| Order-book depth (bids and asks within 2% ÷ market cap, 1%: 10) | 6 | $537,204 within 2% of the price on 5 exchanges, 0.06% of its market cap, median of the last 2 days |
| Market cap ($1M 0, $10B or more 10) | 7.3 | $864M, 7.3 on a scale of 2.5 points per tenfold |
| Futures exposure (open interest ÷ market cap, less is better) | 8 | perpetual open interest 1.5% of its market cap |
| Supply (smaller is better) | 2.1 | fixed maximum supply of 100 billion |
| Record | 6 | group average |
| Record (origin, claims, halts) | 10 | 3 positive, 0 negative source |
| Positive record | ||
| Launched with a stated purpose, not as a joke | ✓ | |
| No claims by its founders that contradict its own design | ✓ | |
| No halt, freeze or reversal in five years | ✓ | |
| Age (years since genesis) (Source) | 1 | 1 full year since 2025-02-20, the first day with a recorded price (genesis not yet researched, so the age can only be understated). |
| Development (work, improvements, unfixed issues) | 7 | 2 positive, 0 negative, 3 not yet researched source |
| Positive | ||
| Steady work, 6 of 6 | ✓ | Pi node software is not published as open releases; the Core Team shipped protocol upgrades through 2026 (Protocol v26 node deadline 11 Aug 2026). |
| Shipped a security fix in two years, +1 | ✓ | Mainnet upgraded through protocol 28 in 2026, which includes the Stellar Protocol 24 fix for the Protocol 23 state-corruption bug (inferred from protocol version; Pi publishes no advisories). |
| Not yet researched | ||
| Shipped a scaling upgrade in two years | – | |
| Shipped a new capability for users in two years | – | |
| Unfixed vulnerabilities and exploits | – | |
Seventeen criteria, weighted equally. The Cryptocurrency Standards group four parts: properties (ten checks drawn from the Bitcoin whitepaper), scalability (four measures), security (nine checks) and decentralisation (three scales). Provisional: criteria marked — are not yet measured and are left out of the average. A rating of structure and market depth, not a price forecast or investment advice. How the grade is built · Highest-graded cryptocurrencies.
11,295,917,769 of a maximum 100,000,000,000 PI are in circulation — 11.3% of the total that will ever exist.
| Premine (allocated at launch) | 100% of today's supply |
|---|---|
| Sold by the issuer or insiders | 0% of today's supply |
| Developer share received since launch | 0% of today's supply |
| Developer share of new coins today | 0% |
| Fundraising | No sale and no investor round |
There is no open minting: every PI on the ledger is issued by the Pi Core Team, either as off-chain app 'mining' rewards migrated after KYC or as the paired allocations (65B community mining, 10B foundation, 5B liquidity, 20B Core Team of a 100B max, released pro rata with migrations). Migrated supply was about 60.41B in May 2026.
No sale of PI. The company's SAFE rounds bought equity and delivered no PI, and the whitepaper rules out an ICO or crowdsale.
No ICO, token sale or SAFT for PI is documented. The reported 2019-2020 seed money (~$800k) came through SAFE agreements in the company, which are equity-style instruments with no PI delivered. No disclosed Pi Foundation/Core Team market or OTC sales were found, though Core Team and foundation wallets are not independently audited.
Pi has no protocol issuance: all 100B PI were created at mainnet genesis and the SCP validators earn nothing from minting. The Core Team (20B), Foundation reserve (10B) and liquidity pool (5B) unlock pro rata with migrated 'mining' rewards, but they are genesis allocations already inside the 100% premine. Counted as a cut instead, they would be 35% of every release.
Sources: minepi.com · pinetwork.atlassian.net · minepi.com · coinmarketcap.com · bingx.com · cointelegraph.com. Researched 2026-10-24, medium confidence.
No SEC/CFTC determination — unclassified.
The regulator's position, reported as stated, not CoinSpectrum's. Assets nobody has ruled on are left unclassified rather than sorted by a guess.
Pi Network is #30 among cryptocurrencies and #81 in the market ranking, which lists wrapped coins, staked derivatives, stablecoins and tokens alongside them. CoinSpectrum counts an asset once, and counts only cryptocurrencies: assets with their own blockchain and their own consensus. A wrapped coin, a staked derivative or a stablecoin is a claim on something already counted; a token, memecoin or otherwise, runs on another chain's blocks. All of them are listed, each in its own section, and none is added to the total. The 51 places between Pi Network's two ranks are held by claims and tokens, not by other networks. The methodology sets out the rule and the counting rule argues for it.
The price above is the median of the exchanges the site reads live, checked every minute and cross-checked against a market snapshot (how market data is gathered). The grade is scored on published criteria, each with its source (the method). The site is independent, nothing on it is a paid placement, and its statements are signed (about CoinSpectrum, the manifesto).