- Pi Network promised easy mobile mining but delivered years of delays and limited utility.
- Its token crashed from $3 to under $0.60 within months of open trading.
- Without transparency, decentralization, and real-world use cases, Pi risks fading into obscurity.
From Viral Hype to Lingering Doubt
When Pi Network launched on Pi Day, March 14, 2019, it promised to democratize cryptocurrency. Unlike Bitcoin’s power-hungry proof-of-work mining, Pi claimed you could generate tokens straight from your phone with nothing more than a daily tap on the app. It was marketed as the first mobile-mined cryptocurrency for the masses.
The pitch resonated. Within a few years, more than 70 million users worldwide had downloaded the app, hoping to secure an early stake in what was positioned as the next big thing in crypto. But six years later, Pi’s story is less about revolution and more about frustration.
By early 2025, after years of delays, the Pi Network finally opened its mainnet for external trading. Prices spiked briefly near $3 per token, but within months, Pi had crashed below $0.60, utility remained scarce, and users found themselves locked in an ecosystem with more questions than answers.
So, is Pi Network dead? Or can it recover from its rocky start? To answer that, we need to look at what Pi promised, what it delivered, and where things went wrong.
What Pi Network Promised
Pi Network’s appeal was simple:
- No expensive hardware – Unlike Bitcoin miners, anyone with a smartphone could participate.
- Energy efficiency – Built on the Stellar Consensus Protocol (SCP), Pi claimed it would avoid the environmental costs of proof-of-work.
- Community-driven growth – Mining rewards increased by inviting friends, creating a referral-driven ecosystem.
The roadmap was also clear on paper:
- Mobile mining phase – Users “earned” Pi through daily app engagement.
- Testnet phase – Nodes would begin to validate transactions.
- KYC and migration – Users would verify identities and move tokens to wallets.
- Open mainnet – Pi would become tradable and usable in real markets.
For millions, it looked like a low-risk way to get in early on a potentially massive cryptocurrency.
What Pi Network Delivered
Instead of becoming a grassroots crypto success story, Pi Network became a case study in delays and unmet expectations.
- Years in limbo: The open mainnet, originally expected within a couple of years, didn’t arrive until early 2025—six years after launch.
- KYC bottlenecks: Many users still cannot migrate their balances due to verification issues.
- Price volatility: After launching at nearly $3 in February 2025, Pi crashed to $0.58 by May, erasing more than 70% of its market value.
- Lack of utility: Aside from a few pilot markets and community-driven shops, Pi has no widespread use cases.
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| Timeline | Milestone | Outcome |
|---|---|---|
| 2019 | Launch (Pi Day) | Mobile mining app goes live |
| 2020-2022 | Testnet phase | Enclosed system, no open trading |
| 2023-2024 | Promises of mainnet | Delays and roadmap revisions |
| Feb 2025 | Open mainnet | Price spike to $2.98 |
| May 2025 | Market correction | Price drops below $0.60 |
Instead of a revolutionary digital currency, Pi has struggled to deliver beyond hype.
Why the Crypto Community Grew Skeptical
Pi Network’s struggles are not just about delays—they reflect systemic red flags that undermine trust.
1. Endless Mainnet Delays
Crypto communities thrive on momentum, but Pi spent six years stuck in the pipeline. Each new promise of launch only fueled skepticism.
2. Centralized Control
Despite its decentralized rhetoric, the Pi Core Team controls almost everything: node operations, token supply, and roadmap decisions. For a community built on decentralization ideals, this feels closer to a private company than a true blockchain project.
3. Lack of Transparency
Unlike Bitcoin or Ethereum, Pi’s tokenomics remain vague. Users still don’t know how much supply exists, how it’s distributed, or if there are mechanisms like burns to stabilize value.
4. Fragile Exchange Listings
Pi is tradable on some exchanges such as OKX, Bitget, and MEXC, but with major problems:
- Withdrawals often suspended.
- Users report deposits “locked” without clear resolution.
- Large transfers between exchanges fuel suspicion of market manipulation.
5. Fake Volume Concerns
In February 2025, Pi saw billions in reported volume at its peak price. By May, daily volume had dropped to around $40 million, raising doubts about whether demand was organic or artificially inflated.
6. Users Trapped in Limbo
Millions still can’t withdraw tokens. For many, Pi remains nothing more than numbers on a screen, with little ability to exchange or spend them.
Did you know? Despite Pi Network claiming 70+ million users, blockchain data shows only 9.11 million wallets exist, with about 20,000 active daily.
Is Pi Network a Scam or Just a Failed Vision?
Labeling Pi Network a scam oversimplifies the situation. Unlike many fraudulent crypto projects, Pi did not launch an ICO or demand upfront investments. Instead, users paid with time, data, and attention, not money.
However, Pi exhibits traits that raise concerns:
- Referral-driven growth mirrors multi-level marketing structures.
- Ad monetization turns user engagement into profit streams for the core team.
- KYC requirements collect massive amounts of personal data, adding privacy risks.
Industry figures like Bybit CEO Ben Zhou and Cyber Capital’s Justin Bons have publicly questioned Pi’s legitimacy.
Ultimately, Pi might not be an outright fraud, but it is arguably a flawed experiment, combining ambitious promises with opaque execution.
Can Pi Network Recover?
For Pi to regain credibility, it must address several urgent issues:
1. Radical Transparency
Open-sourcing its code and publishing a clear tokenomics breakdown would go a long way toward rebuilding trust.
2. Real Utility
Pi needs genuine use cases beyond speculation—such as merchant payments, app integration, or decentralized services.
3. Major Exchange Listings
Being listed on Binance or Coinbase would dramatically improve liquidity and accessibility. But without improved transparency, these listings remain unlikely.
4. Decentralized Governance
Handing decision-making power to the community would align Pi with blockchain’s founding ethos and reduce skepticism about centralization.
5. Time and Momentum
Even if these changes occur, the challenge is steep. With its price already down over 70% since launch, user engagement waning, and skepticism entrenched, Pi must act quickly to avoid irrelevance.
Lessons from Pi Network’s Rise and Fall
Pi Network’s story is a cautionary tale of how hype without delivery erodes trust. It captured global attention by making crypto accessible and easy to mine. But six years of delays, a rocky mainnet rollout, and persistent transparency issues have left many wondering if Pi is destined to fade into obscurity.
While not a clear scam, Pi risks being remembered as a failed vision—an ambitious project that never fully escaped its own ecosystem. Unless Pi makes decisive changes—introducing real-world utility, decentralization, and open transparency—the dream of mobile-mined crypto may remain just that: a dream.