Pi Network’s SLICE Test Goes Live: Inside the New Liquidity Pool Mechanism
The Pi Core Team activated the SLICE test on February 20, 2025, giving the project’s 47 million active users their first hands-on look at a decentralized liquidity pool mechanism designed for the Pi cryptocurrency. The test, which runs on Pi Network’s closed mainnet, lets participants deposit Pi and a paired token into an automated market maker (AMM) pool and earn fees from simulated trades.
How the SLICE Liquidity Pool Works
The SLICE pool operates on a constant product formula — the same mathematical model used by Uniswap and other leading DeFi protocols. Liquidity providers deposit two assets in equal value into a pool, creating a trading pair. The pool’s algorithm automatically sets prices based on supply and demand, and providers earn a percentage of every swap fee generated by the pair.
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In the test environment, Pi is paired with a test token called “tPi” — a non-transferable placeholder that mimics the behavior of a second asset. All transactions occur within Pi Network’s closed mainnet, meaning no real-world value is exchanged. The test is designed to measure how the pool handles high-frequency trading, large single-sided deposits, and sudden price swings without risking actual user funds.
Why This Matters for Pi Holders
For the roughly 47 million users who have mined Pi on mobile devices since 2019, the SLICE test represents the most concrete step yet toward a functional Pi economy. The Pi Core Team has long stated that the project’s goal is to build a peer-to-peer ecosystem where Pi can be used for real transactions — not just mined and held. A working liquidity pool is a prerequisite for that vision, as it enables users to trade Pi for other assets without relying on centralized exchanges.
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The test also addresses one of the most persistent criticisms of Pi Network: the lack of a clear path to open mainnet. Critics have pointed out that Pi has remained in an enclosed phase for years, with no confirmed date for when users can transfer Pi to external wallets or trade it on open markets. The SLICE test, along with the recent rollout of Pi KYC verification for millions of users, signals that the team is methodically checking off the technical milestones needed for a mainnet launch.
What to Watch Next
The Pi Core Team has not announced a specific timeline for the open mainnet, but the SLICE test is widely seen as one of the final technical hurdles. In a February 2025 update on the Pi Network blog, the team said the test would run for “several weeks” and that results would inform the design of the production liquidity system.
Pi’s value in the closed mainnet — where it trades on IOUs listed on some smaller exchanges — has hovered around $30 to $40 per token in recent weeks, according to data from CoinMarketCap. That price reflects speculative demand rather than actual on-chain liquidity, and it could shift significantly once the open mainnet launches and real trading begins.
Users who want to participate in the SLICE test need a Pi Wallet with a balance of Pi and tPi, which is distributed to testers through the Pi Browser app. The test is voluntary, and the team has warned that any tokens used in the test environment are not transferable to the mainnet.
The broader crypto market has watched Pi Network with a mix of skepticism and curiosity. If the project succeeds in launching a functional DeFi layer with millions of active users, it could become one of the largest decentralized finance platforms by user count. If it falters, it may reinforce doubts about the viability of mobile-first crypto mining models.
