1. Introduction

In recent years, the cryptocurrency market has developed rapidly, with various new types of cryptocurrencies emerging continuously. Pi Network is one of the most anticipated players in the field. Founded in 2019 by several PhDs from Stanford University, Pi Network aims to make cryptocurrency mining more convenient and popular through mobile devices, lowering the entry barrier for more people to participate in the cryptocurrency field. Unlike traditional cryptocurrencies such as Bitcoin, which require a large amount of energy consumption and specialized mining equipment, Pi Network innovatively adopts a more environmentally friendly and user-friendly mining method, attracting the participation of numerous users globally. Currently, its user base has reached a considerable scale, with a large community of users.

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2. Overview of Pi Network

2.1 The Birth and Development of Pi Network

Pi Network was founded and launched in March 2019 by a team of doctoral students from Stanford University. Its original intention was to make the acquisition of cryptocurrencies more convenient and popular, breaking the reliance of traditional cryptocurrency mining on professional equipment and high energy consumption, allowing more ordinary users to participate in the cryptocurrency field. In the early stages of the project, promotion was mainly through invitation. Users could start mining by downloading the Pi Network mobile app and clicking a button once a day. This simple and user-friendly mining method attracted many early users interested in cryptocurrencies and quickly spread to multiple countries around the world, with the number of registered users growing rapidly within a few months.

In 2020, Pi Network entered an important development stage. The project team added more social functions, allowing users to invite friends to join and form their own social network. By leveraging social relationships to increase mining efficiency, this measure further stimulated user participation and rapidly expanded the community. In April of the same year, Pi Network APP launched intention-based ad surveys, seeking a balance between advertising revenue and user experience by letting users decide on the types of commercial ads to be displayed. Subsequently, the number of splash screen ads increased gradually, and the project team began to generate revenue from commercial advertisements.

During the period of 2021 - 2023, Pi Network operates a testnet, simulating a real blockchain environment, continuously optimizing and upgrading the network. At this stage, Pi coins are still unable to be traded on external exchanges to ensure the security of the network, but the application ecosystem begins to gradually develop, allowing users to conduct partial transactions and exchanges through Pi coins. Some applications and services based on Pi Network begin to emerge, and the ecosystem is initially being built.

In 2024, Pi Network plans to launch a fully decentralized mainnet, which is an important milestone in the project’s development, marking Pi Network’s transition from the testing phase to the official operational phase. The launch of the mainnet means that Pi coins can be traded externally, and their liquidity and market value are expected to be further enhanced. By 2024, Pi Network has already had over 12 million users complete identity verification through the native KYC solution PiKYC, and 5.79 million users have successfully migrated to the mainnet. Additionally, 70 authentic and unique Pi applications have either been launched on the mainnet or are prepared for launch, laying a solid foundation for Pi Network’s open network phase.

On February 20, 2025, the Pi Network mainnet was officially launched, with an initial price stable at $1.5, fully diluted market value reaching $180 billion, and outperforming expectations in the early stages. However, after the mainnet launch, it faced issues such as low KYC completion rate, lock-up restrictions, and exchange policies, limiting the liquidity of Pi. Nevertheless, the large user base and strong word-of-mouth effect provided support for the Pi price in the short term, and its market performance and future development remain highly anticipated.

2.2 Core Team and Technical Features

The core team members of Pi Network all have deep academic backgrounds and rich industry experience, mainly from Stanford University. Among them, Nicolas Kokkalis is responsible for the technical development of the project, holding a Ph.D. in Computer Science from Stanford University. Before joining Pi Network, he was an assistant professor in computer science at Stanford University, focusing on research in social computing and distributed systems. His research results have been published in several top academic conferences, providing solid theoretical support and technical guidance for the technical architecture of Pi Network. Dr. Chengdiao Fan is responsible for the business development and strategic planning of the project, also holding a Ph.D. in Computer Science from Stanford University. His research areas include distributed systems, network security, and blockchain technology, playing a key role in the project’s development direction and market expansion. Vincent McPhillip is responsible for community building and user growth of the project, holding a Master’s degree in International Relations from an American university. He has served as the head of marketing and community development in several startups, effectively driving the global user growth and community building of Pi Network with his professional background and experience.

Pi Network has several unique features technically. First, it adopts the mobile mining model, where users can participate in mining simply through a mobile app, without the need for professional hardware equipment and high energy consumption, greatly reducing the entry barrier, allowing smartphone users worldwide to easily participate, achieving the popularization of cryptocurrency mining. Secondly, Pi Network uses the Stellar Consensus Protocol (SCP) instead of the traditional computing power competition mechanism. This consensus algorithm is based on the Federated Byzantine Agreement (FBA) model, allowing each node in the network to autonomously choose a group of trusted nodes (referred to as a trust slice) to achieve consensus. As long as there are enough nodes in a node’s trust slice that reach consensus, the entire network can reach consensus, ensuring the system has strong fault tolerance against malicious or faulty nodes, while being extremely energy-efficient, environmentally friendly, and efficient.

Additionally, Pi Network has designed a unique security circle mechanism where users can invite their trusted contacts to join the security circle, enhancing the network’s security through social trust relationships. This innovative mechanism has been endorsed by Vitalik Buterin, the founder of Ethereum, providing additional security for the operation of Pi Network.

2.3 User Scale and Ecosystem

Since its launch, Pi Network has attracted a large number of users worldwide to participate with its innovative concept and convenient mining method, leading to rapid user growth. By 2025, the number of Pi Network users has exceed 50 million, making it one of the cryptocurrency projects with the largest user base globally. The massive user base not only provides a solid foundation for the development of Pi Network but also gives it high visibility and influence in the cryptocurrency market.

With the increasing number of users, the Pi Network is gradually building a diverse ecosystem. In this ecosystem, it covers applications and services in multiple fields. For example, in the payment field, some merchants have started accepting Pi coins as a payment method. Users can use Pi coins for online and offline shopping, realizing the practical application of digital currency in daily life; in the financial services field, decentralized finance (DeFi) applications based on the Pi Network have begun to emerge. Users can engage in financial activities such as borrowing, saving, and investing, expanding the financial functions of Pi coins; in the social field, the Pi Network has launched the Web3 social network application Fireside Forum with an innovative token economic mechanism. Users can create, manage, and review content on the platform and receive corresponding rewards through token incentive mechanisms, enhancing interaction between users and community cohesion; in addition, many developers have developed various decentralized applications (DApps) based on the Pi Network platform, such as games, entertainment, education, etc., providing users with a more diverse range of services and experiences.

The development of the Pi Network ecosystem also benefits from its active community building and developer incentive mechanism. The project team attaches great importance to the power of the community, encourages users to participate in community discussions, provide suggestions and feedback through various interactive mechanisms, and jointly promote the development of the project. At the same time, in order to attract more developers to participate in the ecological construction of the Pi Network, the project team provides a series of development tools and resources, as well as corresponding token incentive measures to motivate developers to develop more high-quality applications and services, further enrich and improve the Pi Network ecosystem.

The large user base and constantly developing ecosystem of Pi Network mutually promote each other, forming a virtuous cycle. The increase in users provides more demand and motivation for the development of the ecosystem, while the rich ecosystem attracts more users to join, continuously increasing the value of Pi Network and having broad development prospects in the cryptocurrency market.

3. Analysis of the current exchange rate of Pi Network to Euro

3.1 Real-time Exchange Rate Performance

According to the data from Gate.io, as of March 19, 2025, the real-time price of Pi Network against the Euro is €1.07, a decrease of 14.63% compared to the previous trading day.

From the perspective of the 24-hour price range, the fluctuation of the Pi Network to Euro exchange rate is quite significant, with a range of 14.63%. The price reached a high of 1.1588 Euros and a low of 0.95847 Euros. This significant price fluctuation indicates that Pi Network is still relatively unstable in the market, influenced by various factors, leading to a significant difference in market participants’ assessment of its value.

3.2 Historical Exchange Rate Trends Review

Looking back at the price fluctuations of Pi Network to Euro exchange rate in the past period, it can be observed that its trend shows a relatively obvious periodic feature. In the early stage of the Pi Network mainnet launch, due to the gradual increase in market awareness, coupled with the active market promotion by the project party and the support of a large user base, the Pi Network to Euro exchange rate showed a rapid upward trend.

However, as market enthusiasm gradually cooled and some negative market factors came into play, the Pi Network to Euro exchange rate entered a correction phase. During this period, the price experienced a significant decline, falling back to around 1 Euro from its previous highs. Divergence emerged in the market regarding the valuation of Pi Network, and some investors began to worry about its future development prospects. This led to increased selling pressure in the market and a downward movement in price.

After a period of adjustment, the Pi Network to Euro exchange rate has gradually stabilized, entering a relatively stable fluctuation range. Within this range, the price fluctuates around 1 Euro, with a relatively small amplitude. During this period, although it has also been affected by some market emergencies and macroeconomic factors, the overall trend is relatively stable. This indicates that the market has gradually formed a more rational understanding of the value of the Pi Network, and price fluctuations more reflect changes in market supply and demand and project fundamentals.

Overall, the Pi Network to Euro exchange rate has experienced rapid increases, downward adjustments, stable fluctuations, and subsequent rises in the past trends, with significant price volatility, reflecting the high uncertainty and risk of the cryptocurrency market. In the future, with the further development of the Pi Network project and changes in the market environment, its exchange rate against the Euro will continue to face significant fluctuations.

4. Analysis of Factors Affecting the Pi Network to Euro Exchange Rate

4.1 Market Supply and Demand Relationship

The market supply and demand relationship is a direct factor affecting the exchange rate of Pi Network to the Euro. From the supply side, the mining mechanism of Pi Network determines the output speed and total amount of Pi coins. As the number of users participating in mining continues to increase, the supply of Pi coins is also gradually rising. If during a certain period, the mining output of Pi coins increases significantly, while the market demand does not correspondingly grow, the situation of oversupply will lead to a decline in the price of Pi coins, thereby causing the exchange rate of Pi Network to the Euro to decrease. For example, when Pi Network carries out large-scale user promotion activities, attracting a large number of new users to join the mining, the supply of Pi coins may increase rapidly in the short term. If market demand does not keep up with the growth rate of supply, it will exert downward pressure on the exchange rate.

From the perspective of demand analysis, the application scenarios and user acceptance of Pi coin in the market have a significant impact on its demand. As more and more merchants accept Pi coin as a payment method, or in specific financial service areas such as decentralized finance (DeFi) applications, the frequency of Pi coin usage increases, stimulating the market demand for Pi coin. The increase in demand will drive up the price of Pi coin, thereby increasing the exchange rate of Pi Network to the euro. For example, in some e-commerce platforms in the Pi Network ecosystem, users can use Pi coin to purchase goods. With the enrichment of product categories on the platform and the growth of user shopping demand, the demand for Pi coin will also increase correspondingly, thereby positively affecting the exchange rate.

In addition, investors’ trading behavior will also affect the market supply and demand of Pi coins. When investors are optimistic about the development prospects of the Pi Network and buy a large amount of Pi coins for investment, the market demand for Pi coins increases, pushing prices up; conversely, if investors lose confidence in the Pi Network and sell a large amount of Pi coins, market supply increases, demand decreases, leading to price declines and a decrease in the exchange rate. Speculative activities in the market will also exacerbate the volatility of the supply and demand relationship of Pi coins, thereby affecting the stability of its exchange rate against the Euro.

4.2 Project Development Stages and Important Events

The development stages and key events of the Pi Network project have a significant impact on the Pi Network to Euro exchange rate. In the early stages of the project, Pi Network mainly focuses on attracting users to participate in mining and building a community. At this time, the market’s awareness of Pi Network is relatively low, and the value of Pi coins is more reflected in its potential development prospects. As the project progresses, such as running testnets and simulating real blockchain environments, the market has a better understanding of Pi Network’s technical strength and project feasibility, which helps to enhance the value of Pi coins and have a positive impact on the exchange rate.

Among them, the KYC (Know Your Customer) mechanism and mainnet migration are important milestones in the development of the Pi Network, playing a crucial role in the value and exchange rate of Pi. The implementation of the KYC mechanism is to ensure the security and compliance of the network, verify the identity of users, and prevent issues such as false accounts and double mining. Only users who have passed the KYC certification have Pi coins with real value, which can be recognized in future transactions and circulation. When the KYC mechanism progresses smoothly and a large number of users are verified, the effective market circulation of Pi coins is determined, increasing market confidence in Pi coins, which often drives up the price of Pi coins and the Pi Network to Euro exchange rate. Conversely, if the KYC mechanism encounters problems during implementation, such as cumbersome verification processes and low pass rates, it may raise concerns in the market about the Pi Network, leading to a decline in the price of Pi coins and a negative impact on the exchange rate.

The mainnet migration is also an important event. The launch of the mainnet means that Pi Network is moving from the testing phase to the formal operational phase, and Pi coins can be traded externally, with the liquidity and market value expected to further increase. After the mainnet launch, Pi coins will officially enter the market circulation, and their value will be determined by market supply and demand. If the market demand for Pi coins is strong, then its value may rise significantly, and the Pi Network to Euro exchange rate will also increase accordingly. In addition, the launch of the mainnet may attract more investors and developers to participate, further enhancing the ecological value of Pi Network, thereby having a long-term positive impact on the price and exchange rate of Pi coins.

In addition to the KYC mechanism and mainnet migration, the progress of Pi Network in technological innovation, community building, and business cooperation will also have an impact on the value and exchange rate of Pi. For example, when Pi Network introduces new technological features, enhances the performance and security of the network, it will strengthen market confidence, attract more users and investors, and drive up the price of Pi; in terms of community building, an active community can promote communication and cooperation among users, attract more new users to join, provide strong support for the development of Pi Network, and thereby have a positive impact on the value and exchange rate of Pi; while the expansion of business cooperation, such as cooperating with merchants to enable offline payments with Pi, or strategic cooperation with other projects, will increase the application scenarios and market demand for Pi, enhance its value, and affect the Pi Network to Euro exchange rate.

4.3 Macroeconomic Environment and Overall Trends in the Cryptocurrency Market

The overall trend of the macroeconomic environment and the cryptocurrency market has a significant impact on the Exchange Rate of Pi Network against the Euro. From a global economic perspective, when the global economy is in a phase of prosperity and growth, investors’ risk appetite is usually higher, leading to increased investments in various risk assets, including cryptocurrencies. In this case, as an emerging cryptocurrency project, Pi Network may attract more attention and capital inflows from investors, driving up the price of Pi, and thus the Exchange Rate of Pi Network against the Euro. Conversely, when the global economy faces recession risks, investors’ risk appetite decreases, preferring to hold relatively stable assets such as traditional fiat currencies, leading to a reduced investment in cryptocurrencies, which may cause the price of Pi to fall and have a negative impact on the Exchange Rate. For example, during a period of slowing global economic growth, investors may reduce their investments in Pi Network and instead hold fiat currencies such as the Euro, resulting in a decrease in the Exchange Rate of Pi Network against the Euro.

The economic situation in the euro area also has a direct impact on the exchange rate of Pi Network to the euro. If the economic growth in the euro area is strong, the GDP growth rate is high, the employment market is stable, and consumer confidence is strengthened, this will make the euro more attractive in the international market, and its value will relatively rise. In this case, there may be some downward pressure on the exchange rate of Pi Network to the euro, as the price of Pi denominated in euros may relatively decrease. Conversely, if the economic growth in the euro area is weak, the unemployment rate rises, and consumption shrinks, the value of the euro may decrease, and the exchange rate of Pi Network to the euro may rise. For example, when the euro area experiences an economic recession, the euro depreciates, and the same amount of Pi coins may be exchanged for more euros, causing the exchange rate of Pi Network to the euro to rise.

The overall trend of the cryptocurrency market also affects the exchange rate of Pi Network to the euro. The cryptocurrency market has a strong interconnection. When the prices of mainstream cryptocurrencies such as Bitcoin and Ethereum rise, the investment enthusiasm in the entire cryptocurrency market will be stimulated, and investors’ confidence in other cryptocurrencies will also increase. Pi Network may also benefit, with the price of Pi rising and the exchange rate of Pi Network to the euro increasing. Conversely, if the prices of mainstream cryptocurrencies experience a significant decline, triggering market panic, investors may sell off their cryptocurrencies, which will also drag down the price of Pi, leading to a decrease in the exchange rate of Pi Network to the euro. In addition, factors such as the overall regulatory environment and technological development trends in the cryptocurrency market will also affect investors’ expectations and investment decisions regarding Pi Network, thereby impacting the exchange rate of Pi Network to the euro.

5. Pi Network Euro Exchange Rate Prediction Model and Method

5.1 Model Selection and Construction for Pi Network

Considering that the exchange rate of Pi Network to Euro is influenced by various complex factors such as market supply and demand, project development stage, macroeconomic environment, etc., and its historical data shows certain non-linear and dynamic characteristics, choosing the LSTM neural network model to build a prediction model is more appropriate. The LSTM model can effectively deal with the long-term dependency issues in time series data, and it has good adaptability for the Pi Network to Euro exchange rate data with complex trend variations.

When building the LSTM model, first preprocess the collected historical data of Pi Network to Euro exchange rate, market supply and demand data, project development related data (such as KYC verification progress, mainnet migration status, etc.), and macroeconomic environment data (such as Eurozone economic indicators, overall trend of the global cryptocurrency market, etc.). This includes data cleaning, removing outliers and missing values; data standardization, unifying data of different dimensions to the same scale to improve the training efficiency and accuracy of the model.

Then, divide the preprocessed data into training set, validation set, and test set. The training set is used to train the model to learn the patterns and features in the data; the validation set is used to adjust the model’s hyperparameters, such as the number of hidden layer nodes, learning rate, etc., to prevent overfitting of the model; the test set is used to evaluate the predictive performance of the model.

In terms of model structure, multiple LSTM layers are set up, each LSTM layer containing a certain number of hidden units to capture long-term dependencies in the data. After the LSTM layers, fully connected layers are added to map the features output by the LSTM layers to the final prediction, namely the Pi Network to Euro exchange rate. The Adam optimizer is used to adjust the model parameters by minimizing the mean squared error loss function between the predicted and actual values, continuously optimizing the model to accurately predict the Pi Network to Euro exchange rate.

5.2 Model Evaluation and Validation

To evaluate the accuracy and reliability of the constructed LSTM model, multiple evaluation metrics are used. Common evaluation metrics include Mean Squared Error (MSE), Mean Absolute Error (MAE), and Mean Absolute Percentage Error (MAPE). MSE computes the average of the squared errors between predicted values and actual values, reflecting the degree of deviation between predicted and actual values. A smaller MSE value indicates more accurate model predictions. MAE computes the average of the absolute errors between predicted values and actual values, providing an intuitive reflection of the average prediction error. MAPE calculates the average percentage of prediction errors, measuring the relative error between predicted and actual values, and better reflects the prediction accuracy of the model under different data scales.

When verifying the model’s predictive performance, input the test set data into the trained LSTM model to obtain the predicted Exchange Rate of Pi Network against the Euro. Compare the predicted results with the actual exchange rates of the test set, calculate MSE, MAE, and MAPE values. By analyzing the values of these evaluation metrics, assess the model’s predictive performance. If the MSE, MAE, and MAPE values are small, it indicates that the model can fit historical data well, and has high accuracy and reliability in predicting future exchange rates; conversely, if these metrics are large, further optimization and adjustments to the model are needed, such as adjusting the model structure, increasing training data, optimizing hyperparameters, etc., to improve the model’s predictive performance. The cross-validation method can also be used to repeatedly partition the dataset, train and validate the model multiple times, comprehensively evaluate the model’s stability and reliability, and ensure that the model performs well on different data subsets.

6. Pi Network to Euro Exchange Rate Future Trend Forecast

6.1 Short-Term Trend Forecast (1-2 Years)

In the short term (1-2 years), the Pi Network to Euro exchange rate is expected to show a more active trend of fluctuation and rise. From the perspective of market supply and demand, as the Pi Network ecosystem continues to improve, more and more application scenarios will be developed, which will stimulate the continuous increase in market demand for Pi coins. For example, more merchants may accept Pi coins as a payment method, and in the fields of cross-border e-commerce, digital goods trading, etc., the frequency of Pi coin usage is expected to increase, thereby driving up the price of Pi coins. In terms of supply, although the mining output of Pi coins is still ongoing, the project team will adjust the mining difficulty and output speed according to market conditions to maintain a relatively balanced supply and demand, avoiding price declines due to excessive supply.

It is expected that in the next 1-2 years, the market supply and demand relationship of Pi Coin will have a positive impact on the exchange rate, driving the Pi Network to Euro exchange rate up.

From the perspective of project development stages, Pi Network may have more technical upgrades and functional expansions in the next 1-2 years. For example, further optimizing the mainnet performance, improving transaction processing speed and security; launching more decentralized applications (DApps) based on Pi Network to enrich the application scenarios of the ecosystem. These positive project developments will enhance market confidence in Pi Network, attract more investors and users to participate, thereby providing support for the Pi Network to Euro Exchange Rate. In addition, significant events such as large-scale community activities, collaborations with well-known companies or institutions, may also attract market attention and investment enthusiasm towards Pi Network in the short term, driving up the price of Pi coin, thereby leading to an increase in the Pi Network to Euro Exchange Rate.

However, in the short term, the Pi Network to Euro exchange rate also faces some uncertainties. Changes in the macroeconomic environment, such as global economic growth slowing down, instability in the Eurozone economy, etc., may affect investors’ risk appetite for cryptocurrencies, leading to capital outflows from the cryptocurrency market and negatively impacting the Pi Network to Euro exchange rate. There is also uncertainty in the overall regulatory policies of the cryptocurrency market. If countries tighten regulations on cryptocurrencies and restrict the operation and trading of Pi Network, it may undermine market confidence and put downward pressure on the Pi Network to Euro exchange rate.

Conclusion

Investors should remain rational and cautious, and not blindly follow the investment trend. Before investing, fully understand the project background, technical features, development prospects, and market dynamics of Pi Network, and make a comprehensive assessment of investment risks and returns. It is recommended to adopt a diversified investment strategy, not to invest all funds in Pi Network, and to diversify funds into different cryptocurrencies or other asset categories to reduce investment risks. Pay close attention to market dynamics and project progress, and adjust investment strategies promptly. Flexibly adjust investment portfolios based on the fluctuation of the Pi Network to Euro exchange rate and important events during the project development process, seize investment opportunities.