Since the Pi Network mainnet launch on February 20, it has become the subject of its ambitious goals. However, it has also faced significant criticism. Poor price performance and a lack of DApps, along with other issues, have raised questions about Pi Network's ability to meet the expectations of the reported 60 million users, known as Pioneers. Below are five key areas of underperformance noted by observers at the beginning of 2025.
1. Pi Network Not Listed on Binance
The Pi Network community has voiced the push for listing on major exchanges like Binance. In fact, 86% of participants voted to list Pi Coin (PI) in the community vote in February.
Despite this support, Binance has yet to list PI. On May 15, the exchange posted its logo on X (formerly Twitter) with some mathematical symbols, including π. This post sparked speculation among the Pioneers, but there was no official listing announcement afterward.
The lack of listing has led to increased scrutiny regarding the reliability of Pi Network. Notably, Binance applies a rigorous assessment process before listing any asset.
Exchanges consider user acceptance, the viability of the business model, relevance, tokenomics, technical security, team background, and compliance with regulatory standards. The decision not to list Pi Coin may indicate that the project has yet to meet one or more of these critical standards.
"Now I understand better why Pi is not listed on major exchanges like Binance and Coinbase. It’s likely that the Pi Core Team has not been transparent enough about the lock and burn mechanisms related to the billions of Pi currently held by PCT," Pioneer Dr. Altcoin posted on March 22.
Coinbase, another leading exchange, has also refrained from listing Pi. This has further heightened the disappointment among the Pioneers regarding the mainstream adoption potential of this token. However, Pi Coin can still be traded on HTX, Bitget, MEXC, and OKX.
2. Pi Coin Price Did Not Meet Expectations
Pioneers have actively mined Pi Coin for about six years, anticipating significant profits. However, its price has greatly disappointed many. Upon launch, Pi Coin was listed on OKX at a floor price of only $2. This price is much lower than its IOU trading value.
The unimpressive launch has worsened as PI dropped below $1 shortly after listing. Although the token recovered to an all-time high of $3 at the end of February, this price surge was short-lived. PI soon continued its downward trend, falling below $1 again by the end of March.
Last week, this level was briefly restored as a support level. However, once again, PI could not maintain this level. These declines occurred despite some bullish catalysts.
The launch of the Pi Ventures Fund was followed by a sharp price drop instead of a recovery. Additionally, Pi Network founder Nicolas Kokkalis made a rare public appearance at Consensus 2025 on May 16.
Many hope it will restore investor confidence. Instead, the token has plummeted. BeInCrypto data shows PI has dropped 42.6% in the past week. At the time of the press report, the price of Pi Coin was $0.7, a decrease of 3.1% in the past day.
3. The Uncertainty Surrounding the Pi Network Venture Capital Fund
On May 14, the Pi core team introduced Pi Network Ventures. This initiative aims to support startups building on the network.
While the official announcement stated funding of up to $100 million, the Pi Network Foundation retains full authority over the deployment of these funds.
The blog post stated: "The Pi Fund is not obligated to invest the full $100 million, based on the quality of applicants and the number of startups accepted to participate in this initiative."
This initiative also allows for phased investments over time. Additionally, the fund may stop funding at any stage. This condition has not been well received by some in the community, who expect more immediate and guaranteed support for the ecosystem's development.
"The promise of a $100 million investment will fade over time if they do not see any investors participating or any impact at all LOL," a user wrote.
4. The Lack of Decentralized Applications (dApp) of Pi Network
Concerns do not stop at the stability of the fund. Dr. Altcoin alleges that the team is using the fund to build dApps that should have been completed.
He explained that one of the launch conditions for Pi Network's mainnet was the deployment of 100 direct dApps. As of May 2025, this promise has not been fulfilled, with most dApps still lacking in the ecosystem.
"After 6 years of waiting, why is no one really asking: where are the 100 Dapps we were promised?" the analyst stated.
This shortage has led many in the community to question the willingness and ability to support a functional ecosystem for the network.
5. Issues with the Roadmap of Pi Network
Another major concern is the lack of transparency. Pi Network announced a three-phase roadmap for the mainnet transition in April 2025, but the absence of specific timelines has disappointed users.
A report from BeInCrypto highlighted the community's backlash, emphasizing that the roadmap does not include estimated dates or an auditing process to address discrepancies in historical mining data. This has further deepened skepticism towards the project's leadership.
Not only that. Other issues, such as delays in KYC and challenges in moving tokens to the Pi Network mainnet, are also quite common.
Thus, the first three months after the launch of Pi Network were marked by unmet expectations and increasing disappointment among the Pioneers. As the network overcomes these obstacles, the ability to realize its ambitious vision will be crucial to restoring trust in the coming months.