Pi Network successfully launched on the mainnet on February 20, 2025 and officially landed on the Gate.io exchange. As the first public blockchain project to conduct decentralized mining through mobile phones, Pi Network is committed to promoting financial inclusion through a low-energy consensus mechanism. This paper analyzes the technical architecture, market reaction and token economic model of Pi mainnet, discusses its DApp application scenarios and value capture logic, and analyzes the liquidity challenges and community governance problems it faces. After the mainnet went live, the price of Pi Coin fluctuated wildly, and the market performance was full of expectations for future developments, but it also faced some key challenges.