Despite Promises of a Revolution, Pi Network Stumbles Out of the Gate

Announced as a revolution in mobile mining, Pi Network captivated millions of investors before wavering under the weight of its own promises.

Announced as a revolution in mobile mining, Pi Network has captivated millions of investors before wavering under the weight of its own promises. Since the launch of its mainnet in February 2025, the project has faced setbacks: tokens locked, lack of listing on major platforms, and uncertainty around its funding. The result is a drop of over 75 % in three months and a disillusioned community. Behind the initial excitement, doubts are settling about the real viability of this “inclusive” crypto.

From initial enthusiasm to a 75 % drop

Officially launched in February 2025 after five years of development and community mining via a mobile app, the Pi Network mainnet had high hopes resting upon it. The PI token had a spectacular start, briefly touching $2.98, a level celebrated by the community.

However, this positive momentum was quickly hampered by a series of malfunctions that slowed down the efficient adoption of the network. The first problem after the launch concerned locked coins and the inability of many mining specialists to claim their tokens due to KYC issues.

A frustrating situation for investors who had been involved for up to five years, which tarnished the image of a launch that was supposed to mark a new era.

In the following weeks, the token lost more than 75 % of its value and fell below the symbolic $1 mark, despite an ephemeral rebound above $1.20. This development reflects a lack of strong economic and technical fundamentals. Added to this are a series of critical signals :

These facts mark a chaotic start for a project which, on paper, had everything to attract a large portion of the general crypto public. It remains to be seen if the team can regain control over communication and restore confidence amid growing skepticism.

Transparency challenged and absence of network activity

While the project boasts a capitalization of over 5 billion dollars and is now ranked in the top 30 cryptos, its absence from major exchange platforms like Binance or Coinbase raises questions.

Community members have speculated that the team’s actions might be the cause of this lack of listing. The reason would be an alleged lack of transparency from the Pi Network team, a criterion that is essential for major exchanges.

Without clear communication on the governance structure, actual allocation of tokens, or security audits, potential institutional partners remain at a distance.

Furthermore, there is also a total absence of DeFi applications or activity on the main network. No lending platform, no DEX, no smart contract deployed to date, leaving the blockchain without a concrete use case.

The Pi Ventures project, endowed with an announced fund of 100 million dollars to support Web3 startups, remains to date without official announcements or proof of activity. So far, there has been no development showing any growth.

These structural gaps cast increasing doubt on the project’s viability. While the community remains large and active, the lack of concrete results could shift collective opinion. Without quick action to restore trust through credible listings, DeFi announcements, or concrete deliverables, the risk is high that Pi Network will be relegated to the status of a project with high potential but failed execution.