What the Pi Network delivered

The Pi Network has been a hot topic in the crypto sphere for a few years now. The project, which allows users to mine Pi on their mobile devices, promised to revolutionize blockchain technology and bring Web 3 to the masses. However, the road to mainnet launch has been slow, and the journey has been filled with both milestones and setbacks.

Earlier this year, the Pi Network finally reached a key stage in its development: the mainnet launch and integration with major exchanges. This event, which was eagerly anticipated by the Pi community, marked a significant turning point for the project. It signaled the transition from a closed testnet phase to a fully operational blockchain capable of handling real-world transactions and services.

The mainnet launch was a testament to the years of hard work and dedication invested by the Pi Core Team in building and refining the technology. It was also a moment of celebration for the millions of pioneers who had participated in the Pi Network's journey.

As the dust settles on the mainnet launch, it's time to take a step back and assess the progress of the Pi Network in the first few months since the mainnet launch.

The roadmap was supposed to be gradual: start with mobile mining, then move toward a testnet, KYC rollout and, finally, full mainnet launch with real trading and utility. But that last step took a lot longer than anyone expected.

After years in limbo, the Pi Network finally opened its mainnet to external trading in February 2025. That should’ve been a big win. But it didn’t go smoothly. For one, not all users were able to migrate their balances. Know Your Customer (KYC) verification became a bottleneck, and many were left wondering when — or if — they’d ever be able to access the tokens they’d mined for years.

Then there was the price. When Pi first started trading on external platforms, the price spiked, hitting as high as $2.98 in late February. But the hype didn’t last. As early adopters started selling off their tokens and real-world use cases remained thin, the price slid hard. By early May 2025, it had dropped to around $0.58, wiping out more than 70% of its value.

There’s also still no real utility. You can’t spend Pi on much (only in small, community-run markets and pilot programs). And while the team talks about building a full ecosystem of apps and services, it’s unclear how fast — or how seriously — that’s progressing.