Nicolas Kokkalis, the founder of Pi Network, made his first appearance after more than 3 years in hiding at the Coindesk Consensus 2025 event on May 16, 2025, causing a stir in the cryptocurrency community. However, his ambiguous speech drove the price of PI down, raising significant questions about the future of the project.
The Homecoming After 3 Years: Expectations and Reality
#NicolasKokkalis , along with two associates Chengdiao Fan and Vincent McPhillip, initiated Pi Network in 2019 with a 'free coin mining' model on mobile phones, attracting millions of global users. After his last appearance in an internal video in June 2022, his prolonged silence has led the community to question the transparency and seriousness of the project.
At Consensus 2025, Kokkalis presented the topic 'AI, Blockchain Infrastructure, and the Push for Mass Adoption.' He started with an emotional tribute, calling Pi users 'pioneers building a fairer digital world.' However, instead of announcing the progress of the complete mainnet launch or listing roadmap – what the community anticipated – he focused on long-term vision, the role of AI and blockchain, and the 'lag' in technology adoption.
Kokkalis acknowledged #PiNetwork that the network is not fully open yet, is accelerating KYB (Know Your Business) and network nodes, but did not provide a specific timeline. He emphasized: 'We not only want to open, but we want to open the right way with KYC, anti-fraud measures, and a real economy using Pi.'
Negative Reaction: PI Price Plummets
The event was announced in advance, creating high expectations for the opening of the mainnet or exchange listing, but the ambiguous speech disappointed the community. On X, Telegram, and Facebook, a series of critical comments labeled the speech as 'irresponsible.' As a result, from May 14 until now, the price of PI has decreased by 58%, from 1.24 USD to 0.72 USD as of 14:05 on May 20, 2025.
Despite launching the mainnet in 2023 and implementing features such as domain name auctions, PiFest, or mini-apps, Pi Network still lacks smart contracts, open source code, and the ability to transfer tokens outside. This has prevented the project from being recognized as a complete blockchain.
Impact and Prospects
Kokkalis's appearance is an effort to restore trust, but the lack of specific information undermines credibility. Amid the growth of Bitcoin (104,000 USD) and Ethereum (2,600 USD), with crypto fund inflows reaching 3.4 billion USD last week and an accumulation forecast of 330 billion USD into Bitcoin by 2029, Pi needs to be more transparent. If KYB and the complete mainnet are expedited in the next 1-2 years, PI could recover, but currently, risks remain high.
Conclusion: Where is Pi Network Heading?
Nicolas Kokkalis's appearance at Consensus 2025 opened up hope, but his ambiguous speech and the 58% drop in PI price revealed significant challenges. Despite its potential with a unique model, Pi needs transparency and specific implementations to regain trust. The future of PI depends on upcoming actions.
Risk Warning: Investing in cryptocurrency carries high risks due to price volatility and legal uncertainties. Please consider carefully before participating. #anhbacong
