XRP market depth on Binance has dropped to its weakest level since January 2020, according to CryptoQuant analyst Arab Chain. 

The analyst said XRP’s 30-day liquidity index on Binance fell to about 0.043 while the token traded near $1.34.

The reading points to a sharp fall in available liquidity compared with earlier market phases. Arab Chain said the index had previously reached readings above 3 and 4 points between 2022 and 2024, when XRP saw stronger trading activity and higher volatility.

XRP Binance liquidity falls to a six-year low

Low liquidity does not give a direct bullish or bearish signal on its own. However, thinner market depth can make XRP more sensitive to large orders because fewer bids and asks sit near the current price.

That means sudden buying or selling can move price faster than usual. For traders, the current setup creates a market where volatility can rise even if daily volume remains modest.

The drop also signals weaker speculative activity on Binance. Arab Chain said the decline may show reduced new liquidity inflows and a more cautious market structure.

The update comes as XRP remains stuck near the same range it has traded around for months. The $1.35–$1.40 area now carries added focus because it connects thin liquidity with repeated whale activity.

Binance whales withdraw XRP near $1.35

CryptoQuant analyst Amr Taha reported that XRP whales withdrew $49.2 million from Binance on May 22 while the token traded below $1.35. In exchange-flow terms, negative whale netflow means large holders moved more XRP away from Binance than they sent in.

That move matters because it happened during price weakness, not after a strong rally. Whale withdrawals during weakness can show that some large holders are reducing available exchange supply instead of preparing to sell.

The May 22 reading also followed similar whale behavior earlier this year. Taha cited negative Binance whale netflows of $60.7 million on Feb. 27, $35.5 million on March 6, and $37 million on March 26.

All four signals appeared near the $1.35–$1.40 range. That makes the zone one of the clearest recent areas of repeated Binance whale withdrawals.

Still, whale withdrawals do not confirm an immediate rebound. They can reduce potential sell-side supply, but price still needs stronger demand and a clean technical breakout.

XRP price stays below key moving averages

XRP traded at $1.36 on May 25, 2026, according to crypto.news price data. The token was up 0.23% over 24 hours, while its 24-hour trading volume stood at about $1.35 billion.

The same data showed XRP trading between $1.34 and $1.37 over the past 24 hours. XRP ranked fifth by market cap, with a market value of about $84.23 billion.

The short-term chart remains weak. XRP traded near $1.3584, below the 9-day moving average at $1.3663 and the 21-day moving average at $1.4051.

That structure keeps pressure on buyers unless XRP reclaims the $1.36–$1.40 area. The shorter moving average also remains below the longer one, which keeps the near-term trend neutral-to-bearish.

Immediate support sits near $1.3435, close to the daily low. Resistance stands near $1.3663, followed by the larger $1.4051–$1.4060 zone.

Volume near 29.06 million XRP remains low compared with earlier selloff spikes. That shows the latest bounce has not yet drawn strong market participation.

The MACD also remains below the zero line. The MACD reading near -0.0150, signal line near -0.0066, and negative histogram near -0.0084 show weak bearish momentum.

Traders watch $1.40 and $1.50 resistance

Related crypto.news coverage said XRP recently traded near $1.37 as exchange-flow data showed cooling deposit pressure. The same report said Binance and Coinbase had shifted toward withdrawal-led transactions, which may show easing exchange selling pressure. XRP stayed within a range, with support near $1.29–$1.35 and resistance near $1.50.

Separate crypto.news coverage showed a large XRP options trader collected $224,500 in premiums by betting XRP would stay near $1.40 through June 26. The trader sold 1.5 million contracts each of the $1.40 call and put options on Deribit.

That options trade fits the wider range-bound setup. Crypto.news noted that XRP had traded between $1.30 and $1.50 for roughly 60% of 2026, making the $1.40 area a key short-term price zone.

Crypto Patel also cautioned against aggressive upside targets without enough liquidity, structure, or a clear catalyst map. The analyst said $10 remains a long-run target, while the best accumulation area sits between $1 and $0.70.

CRYPTOWZRD said XRP closed indecisively and continued to hold a range. The analyst said a move above $1.40 could open upside, while a rejection near that level could set up a move back toward $1.32.

• The malware spread through npm, PyPI, and Rust packages in coordinated waves.
• It steals crypto wallets, SSH keys, and cloud developer credentials.
• AI coding tools were also targeted through malicious config files.

A coordinated malware campaign known as TrapDoor has hit software ecosystems widely used by crypto and blockchain developers.

Security researchers identified dozens of malicious packages spread across major open-source repositories, all designed to steal sensitive developer data such as wallet keys, cloud credentials, and source code access tokens.

Instead of a single malicious upload, attackers deployed multiple packages in waves using different accounts.

This approach made the activity harder to detect at the early stages and allowed the malware to blend into routine dependency updates.

Coordinated attack across major developer ecosystems

The TrapDoor operation affected at least three major package ecosystems: npm, PyPI, and Crates.io.

Together, researchers identified more than 30 malicious packages and over 300 affected versions distributed within a short window.

The activity reportedly began around May 22, 2026, although GitHub reported unauthorized access to internal repositories on May 20. It then escalated quickly over the following days.

The packages were not isolated incidents. Instead, they appeared to be part of a coordinated release strategy involving multiple developer accounts.

This structure suggests planning rather than opportunistic abuse. Each package carried similar behavior patterns and pointed to a shared malicious framework used by the attackers.

How the TrapDoor malware operates inside developer systems

Once installed, TrapDoor packages execute automatically through standard build and installation processes used in modern development environments.

In JavaScript packages, malicious code is triggered through post-install scripts, which run immediately after a dependency is added.

In Python packages, the malware can activate during import, allowing it to execute without any explicit function call.

Rust packages use build scripts to achieve the same result during compilation.

After execution, the malware scans local systems for valuable data. This includes SSH keys, API tokens, and configuration files commonly used in cloud and blockchain development workflows.

It also targets browser-stored credentials and environment variables, which often contain sensitive authentication data.

Stolen information is then sent to external servers controlled by the attackers.

In some cases, the malware attempts to maintain persistence by modifying startup processes or inserting malicious hooks into development tools.

Crypto-focused targeting and high-value data theft

What makes this campaign particularly concerning is its focus on crypto-related development environments.

The malware specifically searches for crypto wallet-related files and credentials linked to platforms such as Coinbase, MetaMask, Binance, and Solana-based tools.

It also targets cloud infrastructure credentials from providers like AWS and GitHub access tokens.

These are especially valuable because they can provide attackers with direct access to private repositories, deployment pipelines, and backend systems.

In addition, the malware attempts to collect SSH keys that could allow remote access to developer machines or production servers.

This combination of targets gives attackers a wide range of entry points into both personal and enterprise systems.

AI development tools also under pressure

One of the more unusual elements of the TrapDoor campaign is its interaction with AI-assisted development environments.

Some malicious packages include configuration files designed to influence coding assistants and automated development tools.

Files such as .cursorrules and CLAUDE.md were reportedly used to manipulate AI coding assistants into performing actions that could expose sensitive information.

Instead of directly hacking systems, the attackers attempted to exploit how AI tools interpret project instructions.

This approach reflects a shift in attack methods.

Rather than targeting only code execution, the campaign also attempts to influence developer workflows that rely on AI-generated suggestions and automated analysis.

An active supply chain attack is targeting crypto and artificial intelligence developers in a bid to steal crypto, data or credentials, says the developer platform Socket.

Socket said in a report on Sunday that it discovered the malware campaign, which it dubbed “TrapDoor,” on Friday, and the campaign has deployed more than 34 malicious packages and 384 related versions, with attackers repeatedly pushing new releases across ecosystems.

TrapDoor targets crypto, decentralized finance, AI, and security developers, stealing wallet data, Secure Shell, or SSH keys, cloud credentials, GitHub tokens, browser extension data and API keys, Socket said.

The malware also targets popular crypto wallets, including Coinbase, Binance, Solana, Sui, Aptos, and MetaMask in addition to the Brave internet browser, Socket chief technology officer Ahmad Nassri said on Sunday. 

Nassri said the malware injects hidden instructions to “hijack your AI coding assistant,” targeting Claude and Cursor. “The goal appears to be to trick AI assistants into running a ‘security scan’ or similar workflow that causes secret discovery and exfiltration,” Socket said.

Source: Socket

Crypto and AI developers have increasingly become targets as malicious actors have been loading poisoned packages into “app stores” for developers, knowing they will install them as part of their normal workflow, often without checking. 

TrapDoor specifically targets popular developer resources such as npm (node package manager), the package store for JavaScript/Node.js developers, the language behind most websites and web apps.

It was also found in PyPI, the equivalent for Python developers, which is widely used in data science, AI, and automation, and Crates, the same thing for Rust developers.

Related: GitHub investigates unauthorized access to internal repositories 

The malicious package names are crafted to look like “development helpers, project setup tools, model routing utilities, prompt engineering packages, Solidity tooling, and Sui or Move build helpers,” Socket said. 

“This gives the campaign broad reach across adjacent developer communities where crypto wallets, cloud credentials, GitHub tokens, and SSH keys are likely to be present,” it added.

Developer platform GitHub has been used to disseminate the malicious packages, Socket said, adding the attack appeared to be AI-assisted.

“The GitHub activity shows signs of rapid, AI-assisted-style iteration: broad security-themed scaffolding, generic lure repositories, prompt-injection documentation, and partially implemented extraction concepts mixed with working malware components.”

GitHub itself was compromised on May 20 when it reported unauthorized access to its internal repositories following the compromise of an employee’s device. 

Magazine: Polymarket seeks Japan entry, Harvard dumps entire ETH position: Hodler’s Digest

Crypto has never been just about money. It’s about moments—short-lived bursts of coordination where attention, incentives, and speculation collide to create what can only be described as temporary economies.

These economies don’t behave like traditional markets. They emerge fast, scale brutally, and often dissolve just as quickly. Yet in their brief existence, they move billions, shape narratives, and test the limits of human behavior at internet speed.

Let’s break down what they are, why they exist, and what they’re quietly teaching us about the future of digital finance. ⚡

What Are “Temporary Economies”?

A temporary economy in crypto is a short-lived financial ecosystem built around incentives designed to expire or decay rapidly.

They typically form around:

• Token launches or airdrops
• Liquidity mining programs
• GameFi reward cycles
• NFT mints and hype windows
• Points systems and “seasonal” campaigns
• Viral DeFi incentive loops

At their core, they are coordination machines powered by incentives, not long-term productive structures.

Unlike traditional economies, they don’t assume permanence. They assume velocity.

Why Crypto Keeps Creating Them

Crypto is uniquely suited to temporary economies for a few structural reasons:

1. Incentives Are Programmable

Smart contracts allow projects to write behavior into existence literally. Reward trading? Done. Reward liquidity? Easy. Reward attention? Increasingly common.

This makes experimentation cheap—and failure fast.

2. Capital Is Highly Mobile

In traditional finance, capital moves slowly through regulation, friction, and trust barriers.

In crypto, capital moves like water on a hot pan.

If yields appear somewhere else, liquidity evaporates instantly.

3. Attention Is the Real Currency

Many crypto ecosystems are not competing for users—they’re competing for attention cycles.

Temporary economies are often just sophisticated attention traps wrapped in financial incentives.

4. Speculation Is the Default Behavior

Let’s be honest: most participants aren’t farming “protocol growth.” They’re farming asymmetry—the chance that early entry beats later exit.

That expectation alone creates the conditions for short-lived economies.

The Anatomy of a Temporary Economy

Most of these systems follow a predictable lifecycle:

Phase 1: Spark 🔥

A new incentive is introduced:

• Airdrop rumors
• Yield opportunity
• NFT mint
• Points system

Attention floods in.

Phase 2: Acceleration 🚀

Participants rush to:

• Maximize rewards
• Loop capital
• Optimize strategies
• Spread alpha on social platforms

This phase feels like innovation—but it’s usually optimization.

Phase 3: Saturation 🧨

Returns start compressing:

• Too much capital enters
• Rewards dilute
• Fees rise, or benefits decrease

Smart money begins exiting.

Phase 4: Dissipation 🌫️

The incentive ends or loses meaning.

Liquidity leaves.
Attention moves on.
The economy collapses or becomes a shadow of itself.

Why People Keep Coming Back

Despite the predictable lifecycle, participation never slows. Why?

Because temporary economies offer something powerful:

1. Speed of Wealth Discovery

Traditional systems reward patience. Crypto rewards timing.

2. Psychological Engagement

Every cycle feels like:

“This time, I might be early.”

That belief alone is enough to sustain participation.

3. Community Momentum

Temporary economies create intense social bonding:

• Telegram groups
• Twitter threads
• Strategy sharing
• Competitive farming culture

People aren’t just chasing yield—they’re participating in a game of collective timing

The Dark Side: Inevitability of Extraction

Here’s the uncomfortable truth:

Most temporary economies extract more value in attention and capital than they distribute in rewards.

Not always maliciously—but structurally.

Common outcomes include:

• Late entrants subsidizing early exits
• Reward dilution through over-participation
• Token inflation without sustainable demand
• Short-term hype replacing long-term utility

The system doesn’t need to “scam” anyone. It just needs to cycle faster than participants adapt.

Are They All Bad? Not at All.

Temporary economies are not inherently destructive. In fact, they serve important roles:

1. Bootstrapping Liquidity

No liquidity → no network.
Temporary incentives solve the cold-start problem.

2. Market Discovery Mechanisms

They help identify:

• Demand for new primitives
• User behavior patterns
• Product-market fit signals

3. Innovation Stress Testing

They force protocols to prove resilience under:

• Extreme usage spikes
• Arbitrage pressure
• Behavioral chaos

The Evolution: From Temporary to Sustainable

The real challenge in crypto today is not creating temporary economies—it’s graduating from them.

The next generation of protocols will need to:

• Convert attention into retention
• Convert incentives into utility
• Convert speculation into participation
• Replace “yield loops” with “value loops.”

We are slowly moving from:

“Farm and exit” systems
to
“Engage and persist” systems

But the transition is far from complete.

Final Thoughts

Temporary economies are not bugs in crypto—they are features of an experimental financial internet.

They represent:

• Speed over stability
• Incentives over institutions
• Behavior over belief

And while they can feel chaotic, even extractive, they are also the raw material from which more durable systems will eventually emerge.

The real question is not whether temporary economies will disappear.

It’s whether we will learn fast enough to build something that lasts beyond them. 🧠⚡

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GBP/USD is showing positive signs above 1.3440 and 1.3460. EUR/GBP declined and is now consolidating losses below 0.8680.

Important Takeaways for GBP/USD and EUR/GBP Analysis Today

· The British Pound started a fresh increase above 1.3420 to enter a positive zone.

· There is a bullish trend line forming with support at 1.3450 on the hourly chart of GBP/USD at FXOpen.

· EUR/GBP is trading in a bearish zone below the 0.8660 pivot level.

· There is a connecting bearish trend line forming with resistance near 0.8650 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair remained well-bid above 1.3350. The British Pound started a decent increase above 1.3400 against the US Dollar.

The bulls were able to push the pair above the 50-hour simple moving average and 1.3440. The pair even climbed above 1.3480. A high was formed at 1.3490, and the pair is now consolidating gains above the 23.6% Fib retracement level of the upward move from the 1.3395 swing low to the 1.3490 high.

On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.3490. The next hurdle for the bulls could be 1.3500. A close above 1.3500 could open the doors for a move toward 1.3550. Any more gains might send GBP/USD toward 1.3600.

On the downside, the bulls might remain active near 1.3450. There is also a bullish trend line forming with support at 1.3450. If there is a downside break below 1.3450, the pair could accelerate lower.

The first major support could be at 1.3430 and the 61.8% Fib retracement, below which the pair could test 1.3470. The next key area for the bulls could be 1.3415, below which the pair could test 1.3395. Any more losses could lead the pair toward 1.3350.

EUR/GBP Technical Analysis

On the hourly chart of EUR/GBP at FXOpen, the pair started a steady decline from well above 0.8700. The Euro traded below 0.8680 against the British Pound.

The EUR/GBP chart suggests that the pair even declined below 0.8660 and the 50-hour simple moving average. A low was formed at 0.8630, and the pair is now consolidating losses below the 23.6% Fib retracement level of the downward move from the 0.8730 swing high to the 0.8630 low.

The pair is now facing resistance near a connecting bearish trend line at 0.8650. The next major barrier for the bulls could be 0.8665 and the 38.2% Fib retracement.

A close above 0.8665 might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8670. Any more gains might send the pair toward the 0.8730 pivot. The main hurdle for the bulls might be at 0.8780.

Immediate support could sit near 0.8630. The first key zone migbt be at 0.8600. A downside break below 0.8600 might call for more downsides. In the stated case, the pair could drop toward 0.8565.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Someone told you about Pi Network. Maybe a friend, a relative, a coworker. They said you can mine cryptocurrency on your phone by tapping a button once a day. You looked it up and ended up more confused than when you started. There are 60 million users, a price chart, a 24-word recovery phrase, something called KYC, and a long list of words you do not recognize. This guide explains, in plain English, what Pi Network actually is, how it works, what you do with the app, what happens when you actually own PI, and what the honest tradeoffs look like before you decide whether to bother.

What Pi Network is, in one paragraph

Pi Network is a cryptocurrency project built around a mobile app. You install the app, open it once a day, and tap a button. The app says you are “mining” PI (PI) tokens. After enough days of doing this, and after you complete identity verification, those tokens become real and can be moved off the app to a wallet or sold on certain exchanges. The project has been running since 2019, claims around 60 million users, and as of mid-2026, one PI trades at about $0.15. It is one of the most-downloaded crypto apps in the world and also one of the most debated. This guide will explain why both of those things are true.

Why does Pi Network exist?

Most cryptocurrencies are hard to use for ordinary people. To mine Bitcoin, you need specialized hardware and access to cheap electricity. To buy Bitcoin, you need a bank account, an exchange, and some idea of what you are doing. For most of the world’s population, both routes are out of reach.

Pi Network’s founders, a group of Stanford-affiliated researchers led by Nicolas Kokkalis and Chengdiao Fan, started with a simple question. What if ordinary people could get their first taste of cryptocurrency through nothing more than the phone they already own? No hardware to buy. No exchange account to open. No bank required.

That was the original pitch in 2019, and it is still the pitch today. Pi is designed to be the easiest possible on-ramp into crypto. The tradeoffs that come with that design choice are what most of the debate around Pi is actually about.

How does the “mining” work?

This is the part that confuses people most, so it is worth being precise.

When you mine Bitcoin, your computer is doing real cryptographic work. That work secures the network and is rewarded with new Bitcoin. Mining costs electricity, requires hardware, and produces a real economic output.

When you “mine” PI by tapping a button on your phone, your phone is not doing cryptographic work. It is not contributing computing power. The button is essentially a check-in. By tapping it, you are telling Pi’s system you are still an active human user, and the system credits you with PI tokens at a rate that decreases as the total network grows.

Pi calls this approach “social mining.” Rather than computing power, the resource Pi is using to allocate tokens is verified, active humans. The Security Circle feature, where you add five trusted people who can vouch for you, is part of the same idea. The network is trying to build a trust graph of real, distinct people, and the daily tap is the signal that you are still part of it.

The actual security of the Pi blockchain comes from validator nodes, which run on desktop computers operated by a subset of users. The mobile app is the user-facing layer. The two should not be confused: tapping the lightning button on the app is not what secures the network, even though Pi uses the word “mining” for both.

What does PI actually look like when it is yours?

Here, the process gets more complicated, and it is the part where many users get stuck.

The PI you earn by tapping the button is not immediately usable. It sits in your Pi app account as a balance. To turn that balance into real PI you can send, hold, or sell, you have to clear three more steps.

First, you complete KYC. KYC stands for Know Your Customer, the same identity verification process banks use. Pi asks you to submit a photo of a government-issued ID (passport, driver’s license, or national ID) and a selfie or live video. The system, partially automated and partially handled by community validators, checks that the ID is real and matches you. The wait time varies. Some users are verified in days.

Some are stuck in “tentative” status for months or longer, particularly if their ID format is unusual or the system flags their submission for manual review.

Second, you create a Pi Wallet. This happens inside the Pi Browser, a separate app from the main mining app. The wallet generates a 24-word recovery phrase, which is the master key to your PI. Lose that phrase, and your PI is gone forever. Pi cannot recover it for you. Anyone who gets it can take your PI. Write it on paper, store it somewhere safe, and never type it into a website or share it with anyone.

Third, you migrate to Mainnet. This moves your mined PI from the app’s internal ledger to the actual Pi blockchain. After migration, your PI sits in your Pi Wallet, identified by an address that starts with a “G” (Pi uses Stellar-style addresses). At that point, the PI is yours in the same sense that Bitcoin in a Bitcoin wallet is yours. You can send it to someone else. You can move it to certain exchanges. You can sell it.

As of mid-2026, of Pi’s claimed 60 million users, about 19 million have completed KYC, and about 16 million have completed mainnet migration. The other roughly 44 million are at various points in the funnel, often stuck on KYC. This gap is one of the most-discussed features of the Pi experience.

Where can you actually use PI?

Once you have PI in a Mainnet wallet, your options fall into three categories.

You can spend it inside the Pi ecosystem. Pi has been building a network of merchants and apps that accept PI as payment. The annual PiFest event encourages real-world merchants to take PI, and Pi has reported over 100,000 merchants signing up for at least one PiFest period. Some users have bought small electronics, food, clothing, and other items in PI. The reach is uneven and concentrated in particular regions and communities, but it exists. The Pi App Studio, a platform inside the Pi ecosystem, lets developers build apps that accept Mainnet PI payments.

You can trade it on exchanges. PI is listed on a range of cryptocurrency exchanges, including OKX, Bitget, MEXC, Gate, Bitfinex, and HTX. You can send your PI to one of these exchanges (subject to the exchange’s deposit requirements and Pi’s transfer rules) and sell it for stablecoins like USDT or for fiat currency via the exchange’s withdrawal options. The two largest exchanges in the world, Binance and Coinbase, have not listed PI as of mid-2026. Kraken put PI on its 2026 roadmap, but the listing has not yet been completed.

You can hold it. Some users keep PI in their Pi Wallet and keep mining, betting on the project’s long-term growth. Pi offers lockup configurations where you commit your PI to be held for a fixed period in exchange for a higher mining rate. Whether this is a sensible thing to do depends entirely on your view of where PI’s price will go, which is the part nobody can answer for you.

How much is PI worth, and is it volatile?

In May 2026, PI trades at about $0.15. The all-time high was $2.99, reached shortly after Pi opened external trading in February 2025. The all-time low, briefly touched on the same day Pi opened to external trading, was about $0.049. The price has been in a long decline from the early-2025 peak, with some periods of recovery and some of further selling. The current market capitalization is around $1.6 billion, which places PI around the 55th-largest cryptocurrency by market value.

A few things are worth knowing about that price, because they explain why it has moved the way it has.

PI’s circulating supply is growing. About 10.4 billion of the maximum 100 billion PI are currently in circulation. As more users complete KYC and migrate to Mainnet, more PI enters the market. This adds supply against a finite demand pool, which is a structural reason for downward price pressure even when other things go well for the project.

Trading volume is modest. PI’s daily trading volume sits roughly in the $1.5 million to $25 million range, depending on the source and the day, which is small for a token of its market cap rank. Smaller volume means larger price moves on relatively small buys or sells, and it means the price you see can change quickly.

Listings drive demand. When a new exchange lists PI, the price usually moves up on anticipation, then often retraces as the new supply available to that exchange’s users gets absorbed. The biggest pending listings (Binance, Coinbase, completion of the Kraken listing) are watched closely by the community and will, if they come, be meaningful price events.

Does it cost anything to start?

Mining PI is free in the direct sense. The app is free. There is no fee to tap the button. There is no fee to complete KYC.

There are indirect costs worth being honest about.

The time cost is real. Pi requires you to open the app and tap the lightning button every 24 hours to maintain your mining rate. Miss a day, and you do not mine that day. Miss enough days, and your rate decreases. Over years of mining, the time investment adds up.

The attention cost is real. The app shows ads, and the ad revenue is part of how Pi funds its operations. If you mine Pi consistently, you are exchanging some amount of your attention for some amount of PI tokens. Whether that exchange is worth it depends on what those tokens end up being worth.

The data cost is real. KYC requires submitting government ID and biometric data to Pi’s systems. Pi has its own policies around how that data is handled and stored. As with any KYC process at any company, you are trusting the operator to handle your data responsibly. Pi is far from unique in collecting this data, but it is worth knowing you are submitting it.

The opportunity cost is real, but harder to measure. The years spent mining Pi could have been spent on other crypto strategies, or on nothing at all. If PI ultimately reaches a price that makes the time worthwhile, the opportunity cost is zero. If it does not, it was real. Nobody can tell you in advance which one will be true.

Is it safe? What about scams?

Pi Network itself is a real project. The team is identifiable, the app is in official app stores, the blockchain is live, the founders appeared at Consensus 2026 (one of the largest events in the crypto industry), and the project has been running for over six years. In the basic sense of “is this a real company with real people building a real thing,” the answer is yes.

Pi Network has also become a magnet for third-party scams. Because the community is large, because the KYC process is slow, and because many users do not understand the difference between the official Pi system and external services, scammers have built an entire ecosystem of fake “KYC acceleration” services, fake Pi websites, fake exchanges, and fake support accounts on Telegram, Twitter, and Discord.

The rules to stay safe are simple.

Only use the official Pi Network app, downloaded from the Apple App Store or Google Play. The official app is published by the Pi Core Team. There are no priority KYC services. There is no way to speed up your verification by paying someone.

Never share your 24-word recovery phrase with anyone, ever. Nobody legitimate will ask for it. If anyone asks for it, including someone claiming to be Pi support, they are trying to steal your PI.

Be skeptical of every “exchange” or “service” that promises to trade your PI before you have migrated to Mainnet. Some smaller platforms trade IOU tokens that are not the same as native PI. An IOU is a promise to deliver PI under certain conditions. The price of an IOU can drift from the real PI price, and not every IOU operator is reliable.

Do not click links in messages from people claiming to be Pi Network officials. The Core Team communicates through the official app, the official website (minepi.com), and verified social media accounts. Anyone reaching out to you directly with offers, fixes, or special access is almost certainly trying to scam you.

What are the actual risks of using Pi?

This is the part most beginner guides skip, and it is the part you most need to know before deciding whether to use Pi.

The first risk is that PI may not be worth much. PI’s price has been in a long decline since its early-2025 peak, the circulating supply keeps growing, and the project is still waiting on major exchange listings. If you mine PI, hoping it will fund a major purchase someday, the honest answer is nobody knows whether it will. The crypto market is generally volatile. PI specifically has structural headwinds that may or may not be overcome.

The second risk is that you spend years in the KYC backlog and never successfully migrate. Of Pi’s claimed users, roughly two-thirds have not yet completed KYC. Some never will. The mined PI of an unverified user sits inside the Pi system but cannot be moved or sold. Pi has been working on this, including new biometric options and validator-reward incentives, but the backlog is real, and the timeline for clearing it is unclear.

The third risk is centralization. Pi’s network is not as decentralized as many other major cryptocurrencies. The Core Team retains significant control over the protocol, the validator set, and the distribution of tokens. Critics have raised questions about the proportion of the total token supply held by the team. This is not unique to Pi (many cryptocurrencies start out centralized and gradually decentralize), but it is a factor to weigh.

The fourth risk is regulatory. Different jurisdictions treat cryptocurrencies differently, and the rules are still being written. The CLARITY Act and other US legislation may eventually clarify how tokens like PI are treated, but until those rules land, there is some legal ambiguity around what PI is, how it is taxed, and how it can be used.

The fifth risk is the meta-risk: the time you spend matters whether or not the project succeeds. Even if all of the above resolve in Pi’s favor, the years you spent tapping the button were spent. The question is whether the eventual value of the PI you mined justifies that time. Nobody can promise you it will.

What is the ecosystem actually doing right now?

Pi has been shipping technical milestones through 2025 and 2026, and as of mid-May 2026, several pieces of the ecosystem are live or nearly live.

Smart contracts went live on Mainnet on May 11, 2026, with the Protocol 23 upgrade. This opens the door for decentralized applications, decentralized exchanges, and lending protocols to run on Pi.

Pi Launchpad, a platform for new projects to issue tokens within the Pi ecosystem, has a Minimum Viable Product on Testnet as of Pi Day 2026 (March 14).

Pi DEX, a decentralized exchange running on the Pi blockchain, is targeted for Q2 2026 launch.

Pi App Studio has been updated to accept Mainnet PI payments, so apps built on the platform can transact in real PI rather than test tokens.

The “human infrastructure for AI” positioning is the newest strategic framing from the Core Team. Pi argues that its KYC-verified user base, which has completed over 526 million human verification tasks across the network, could become a useful resource for AI training, identity verification, and similar applications. This is forward-looking, and the market has not yet priced it in or rejected it.

Whether any of this turns into meaningful product traction is the open question. The infrastructure is being built. What gets built on top of it is the part to watch over the rest of 2026.

How do you actually get started, step by step?

If you have read this far and want to try Pi, here is the practical sequence.

Step 1. Download the Pi Network app from the official Apple App Store or Google Play. Reject anything that is not in an official app store.

Step 2. Create an account using your phone number or a Facebook login. Use your real first and last name, because this has to match the government ID you will use for KYC later. Choose a username (this also becomes your referral code).

Step 3. Enter a referral code if you have one. You need a code from an existing user to join. If you do not have one, find a real person you know who is already on Pi and ask for theirs. Do not use random codes from strangers online.

Step 4. Verify your phone number or email, depending on how you signed up.

Step 5. Tap the lightning bolt button on the main screen. This starts your first 24-hour mining session. Set a reminder to come back tomorrow and tap it again.

Step 6. After about three days of mining, the app will unlock the Security Circle feature. Add three to five people you genuinely trust (real friends and family, not strangers). This raises your mining rate and is part of how the network builds its trust graph.

Step 7. Complete KYC when the app prompts you. Have your government-issued ID ready. The verification will ask for a photo of the ID and either a selfie or a brief liveness video (or in newer rollouts, a palm scan). Submit accurate information. Pi cannot fix mismatches between your account name and your ID.

Step 8. Install the Pi Browser app (separate from the main Pi app, also on the official app stores). Inside the Pi Browser, create a Pi Wallet. The system will generate your 24-word recovery phrase. Write it on paper, store it somewhere safe, and never enter it into a website.

Step 9. Once KYC is approved (this can take days to months), follow the in-app prompts to migrate your mined PI to Mainnet. After migration, your PI sits in your Pi Wallet and can be sent, held, or traded.

Step 10. If you decide to sell, send your PI from your Pi Wallet to a supported exchange (OKX, Bitget, MEXC, Gate, and others). Always double-check the deposit address. Always send a small test amount first if you are doing a large transfer.

The honest summary

Pi Network is real. It is also unfinished. Whether using it is worth your time depends on what you are looking for.

If you are curious about cryptocurrency and want a free, low-stakes way to see what a wallet, a private key, and a real digital asset feel like, Pi is one of the lowest-friction options out there. The app is free, the time commitment is small, and the worst case is that you spend a few minutes a day on something that did not pan out. The best case is that you have PI tokens of some value and a working understanding of how a non-trivial cryptocurrency ecosystem actually works.

If you are looking for a guaranteed financial return, Pi cannot offer you that. No cryptocurrency can. The price could go up. It could go down. It could stay where it is for a long time. The structural questions around supply, listings, and adoption are real and unresolved.

If you are looking to “invest” in Pi by buying it on an exchange, treat it the way you would treat any speculative crypto holding. Position size matters. Do not put in more than you are comfortable losing. The token is volatile, the listings are incomplete, and the unlock schedule keeps adding supply.

The most important things for a beginner to take away are these. Pi is one of the easiest entry points into crypto in the world. The mining itself costs nothing. The risks are mostly time, data, and the chance that the tokens do not become valuable. The safeguards are simple: only use official apps, never share your recovery phrase, never trust anyone offering KYC shortcuts. Beyond that, what you decide to do with Pi is up to you, and there is no rush to decide today.

Take a few days to think about it. Pi will still be there when you come back.

This article is for informational purposes and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and project details can change quickly; the figures and milestones described reflect reporting available as of mid-May 2026. Always do your own research.