Riyadh, Saudi Arabia – May 27, 2025 – The Pi Network, a cryptocurrency project with a massive global user base, has been a subject of intense discussion and anticipation, especially following its Open Mainnet launch on February 20, 2025. This significant milestone, occurring after nearly four years of beta and an enclosed testnet phase, has allowed users to transfer Pi to external wallets and exchanges for real trading. However, the journey has been marked by price volatility and ongoing questions about the network's decentralization and utility.
Mainnet Launch and Initial Price Action:
The highly anticipated Open Mainnet launch in February 2025 was met with a surge of excitement, briefly pushing Pi Coin's price to nearly $2.90. However, these gains proved fleeting, with the price settling in the $0.75-$0.80 range by late May 2025. This volatility has been a defining characteristic, with recent reports indicating a significant influx of Pi tokens to exchanges, leading to price fluctuations.
Ecosystem Developments and User Growth:
Despite the price struggles, the Pi Network ecosystem continues to show signs of growth. Over 19 million users have reportedly completed KYC verification, with the total user base exceeding 60 million. The blockchain now hosts over 100 decentralized applications (dApps) built by the community, covering areas such as payments, social, gaming, and e-commerce. Recent updates include Pi domain name auctions and a shopping marketplace called PiFest.
To further foster innovation, the core team also launched a $100 million Pi Network Ventures fund to support dApp development. Additionally, the network has introduced new Mainnet apps and an account recovery option, aiming to enhance user participation and utility.
KYC Process and Migration:
The Know Your Customer (KYC) verification process has been a crucial aspect of the Pi Network's transition to the Open Mainnet. A final KYC deadline was set for March 14, 2025, after multiple extensions. Users who failed to complete KYC and migrate their Pi balances by this date reportedly lost most of their accumulated Pi, leading to frustration among some community members. The network has also shifted towards email-based two-factor authentication (2FA) for improved security and reliability, with migrations resuming after temporary pauses for system-level checks.
Challenges and Criticisms:
Despite the progress, the Pi Network faces ongoing challenges and criticisms. Key features such as smart contract support are not yet live, and the codebase remains closed-source, raising concerns about centralization given the current count of only 23 validator nodes. There are also persistent accusations of insider manipulation and a lack of transparency regarding token supply, with some influencers calling for greater openness from the core team.
Co-founder Nicolas Kokkalis made a public appearance at the Consensus 2025 Conference, but his remarks did not include announcements of new exchange listings or full network access, leading to some community disappointment. The notion of a "global consensus value" of $314,159 per Pi coin is widely dismissed by experts as unrealistic, with the token trading significantly lower.
Future Outlook:
The Pi Network has undeniably made strides in 2025, transitioning from a closed testnet to a functioning open mainnet with millions of users. However, the journey from vision to execution is far from complete. The network's long-term success will depend on its ability to address concerns around decentralization, implement key technical features like smart contracts, and further enhance the utility and adoption of its ecosystem. The market will be closely watching for increased transparency, sustained ecosystem growth, and a more stable price trajectory as the Pi Network continues to evolve.$BTC
