What the Pi Network delivered

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.

Why the crypto community grew skeptical

As the months turned into years, more and more red flags started popping up, and the community started asking hard questions.

1. Still waiting on the mainnet

Pi launched in 2019, and for years, users kept hearing that the open mainnet was “just around the corner.” First there was the testnet. Then the “enclosed mainnet.” Then a roadmap update. The actual open network didn’t arrive until early 2025 — six years later. And by that time, a lot of early believers had started losing faith.

2. All roads lead back to the core team

Despite the talk of decentralization, the reality is that the Pi Core Team has retained almost total control over the project. 

Every active mainnet node? Controlled by them. Most of the token supply? Still in their hands. 

That doesn’t sit well with crypto users who believe in distributed power and community-driven networks. Right now, Pi feels more like a private company than a decentralized protocol.

3. Where’s the transparency?

Another sticking point has been the lack of detail on how Pi actually works under the hood. The white paper is vague. There’s no clear breakdown of tokenomics, no timelines on when tokens unlock, no burn mechanics and no insight into supply control. Without that info, it’s hard for anyone to judge the health or future value of the project.

4. Exchange listings

Despite years of hype, Pi still isn’t listed on major exchanges like Binance or Coinbase. It is tradable on some platforms like OKX and Bitget, but even there, things are shaky. Some users have reported trouble withdrawing their tokens, with exchanges blaming “traffic spikes” and other vague technical reasons. It all feels a bit fragile.

For instance, one user on Bitget reported depositing 1,500 Pi tokens but found them inaccessible, with no clear timeline for resolution. On OKX, withdrawals were suspended for over 24 hours, with users asked to provide ID and email verification but given vague responses like “Your request will be completed within 24-48 hours.”

By April 2025, users reported that MEXC, another exchange listing Pi, suspended Pi withdrawals, sparking concerns about liquidity and platform reliability. This was compounded by reports of large Pi transfers from MEXC, Gate.io and Bitget to OKX wallets, raising suspicions of coordinated price manipulation or exchange-level issues.

5. Fake volume and fading hype

At its peak in February 2025, Pi was trading at nearly $3 and generating billions in volume. Fast forward a few months, and that volume has dropped off a cliff — down to around $40 million. That kind of collapse raises serious questions: Was the demand real, or was it inflated by speculation, bots or internal market-making?

6. Users trapped in a closed loop

Even now, many users can’t actually use or withdraw their Pi tokens. Without access to real exchanges or spending options, they’re stuck in a kind of token limbo, watching a number go up in an app but with no way to convert that into anything useful.

Did you know? While Pi Network claims over 70 million users, blockchain data indicates that only about 9.11 million wallets exist, with approximately 20,000 showing daily activity.

Is Pi Network a scam or just a failed vision?

Not every crypto project that stumbles is a scam. Some are just ambitious ideas that don’t quite pan out. So, where does Pi Network fall?

On the surface, Pi doesn’t fit the classic scam mold. There was no initial coin offering (ICO), no upfront investment required — just an app that lets you “mine” Pi by tapping your phone daily. That’s a low bar for entry, and it attracted millions.

But dig a little deeper, and things get murkier. The whole system leans heavily on referrals, encouraging users to bring in more people to boost their mining rate. That kind of structure starts to resemble a multi-level marketing scheme more than a decentralized crypto project.

Then there’s the monetization angle. The app is filled with ads, and users are required to complete KYC verification, handing over personal data. So, while you’re not paying money, you’re paying with your attention and information.

Given these developments, critics such as Ben Zhou, CEO of Bybit, and Justin Bons, founder of Cyber Capital, have publicly expressed skepticism regarding Pi Network’s legitimacy.

Pi Network might not be a blatant fraud, but the combination of opaque operations, aggressive referral tactics and questionable monetization strategies certainly raises eyebrows.

Did you know? Pi Network was officially launched on March 14, 2019 — Pi Day — symbolizing the mathematical constant π (3.14).

Can Pi recover, or is it over?

Is there a path forward for Pi Network? Possibly, but it’s a steep climb.

First, transparency is key. Open-sourcing the code would allow the community to verify what’s under the hood and build trust.

Second, Pi needs real utility. Right now, holding Pi doesn’t offer much beyond the hope of future value. Integrating Pi into actual use cases — like payments or decentralized applications — would give the token purpose.

Third, broader exchange listings are crucial. Currently, Pi is available on a limited number of exchanges, which hampers liquidity and price discovery. Major exchanges like Binance and Coinbase have yet to list Pi, citing concerns over transparency and regulatory compliance.

Fourth, decentralization must be more than a buzzword. Currently, the Pi Core Team maintains significant control over the network, which contradicts the principles of decentralization. Implementing decentralized governance would distribute decision-making power and align with the ethos of blockchain technology.

But even if all these boxes are checked, time is a factor. Since its mainnet launch in early 2025, Pi’s price has dropped significantly, and user engagement has waned. Rebuilding momentum is challenging.

Without significant changes, the Pi Network risks fading into obscurity, remembered more for its unfulfilled promises than its achievements.