When Pi Network debuted in 2019, it made a bold promise: mine cryptocurrency straight from your smartphone — no rigs, no high electricity costs, just a simple daily tap on an app. It was a fresh concept in a complex crypto world, and millions signed up, intrigued by the idea of “free” digital gold.
A Viral Start With a Simple Hook
Pi’s mobile-first model spread like wildfire. The low barrier to entry — just install the app and tap once every 24 hours — made it appealing to curious newcomers and seasoned crypto enthusiasts alike. Add a viral referral system and talk of early-mover advantage, and it’s no wonder over 70 million users eventually signed on. You weren’t just mining a token — you were joining a movement.
Built on the Stellar Consensus Protocol (SCP), Pi promised energy efficiency and decentralization. But like many ambitious crypto projects, the road from vision to execution proved much bumpier than expected.
Years of Promises, One Rocky Launch
Pi’s roadmap laid out a gradual evolution: start with user acquisition through mobile mining, then shift to KYC verification, testnet trials, and finally an open mainnet. That final step, however, became a seemingly endless waiting game. What users expected in a couple of years stretched into six.
Finally, in February 2025, Pi’s mainnet opened for trading — but not without chaos. Many users couldn’t migrate their balances due to KYC delays, sparking frustration among longtime supporters who had been “mining” Pi for years with no clear payoff.
The Price Rollercoaster and Fading Hype
Initially, Pi surged to nearly $3 on external exchanges like OKX and Bitget. For a moment, it felt like the dream was real. But as sell pressure kicked in and the token’s utility failed to materialize, the price began to nosedive. By May 2025, it had crashed to around $0.58 — a steep 70% decline.
There’s little you can actually do with Pi today. Beyond a handful of community barter platforms and small test apps, there’s no ecosystem of services to use the token. The vision of a fully integrated “Pi economy” remains mostly theoretical.
Why the Community Is Losing Faith
The extended delays, lack of transparency, and centralized control have sparked growing skepticism. Here’s why many early believers are now questioning the project:
- Endless Waiting
Despite launching in 2019, Pi’s true open mainnet only arrived in early 2025. After years of vague updates and “coming soon” timelines, trust eroded. - Control Rests With the Core Team
Pi touts decentralization, but the Core Team maintains tight control over nodes, token supply, and development. That’s more startup than blockchain ethos. - Opaque Operations
The white paper lacks technical depth, tokenomics are unclear, and there’s no public breakdown of token supply or unlock schedules. For a network claiming to empower users, that’s a red flag. - Limited Exchange Access
Pi is notably absent from major exchanges like Binance and Coinbase. Even on platforms like Bitget and OKX, users have reported withdrawal issues, delays, and vague explanations — breeding mistrust. - Volume Drop-Off
After peaking in February 2025, trading volume has plunged from billions to tens of millions. It raises questions about whether the demand was organic or artificially inflated. - Token Utility? Still MIA
With many users unable to spend or withdraw their Pi, the token is stuck in limbo. It exists on screens, but not in wallets that matter.
For context, Pi claims 70M+ users, but blockchain data shows fewer than 10M active wallets — and only about 20,000 with daily activity.
Scam or Just a Misfire?
To be fair, Pi doesn’t check every box on the scam checklist. There was no ICO, no pay-to-play model — just ads and referral-based mining. But the heavy emphasis on network growth, data collection via KYC, and monetizing user attention (rather than delivering value) leans uncomfortably close to a multi-level marketing playbook.
Critics like Bybit CEO Ben Zhou and Cyber Capital’s Justin Bons have openly questioned Pi’s legitimacy, citing concerns around its structure and intentions.
Is There a Way Back?
Maybe. But it’ll take more than a new roadmap.
- Transparency is non-negotiable. Open-source code, tokenomics breakdowns, and clear development updates are essential to regain trust.
- Utility needs to become reality. Whether it’s payments, dApps, or ecosystem partnerships, Pi has to mean something beyond a number in an app.
- Major exchange listings would add credibility and accessibility. But without addressing core concerns, don’t expect Binance or Coinbase to bite.
- True decentralization would show commitment to the blockchain ethos, shifting control from the Core Team to the community.
Yet, even if all that happens, the window may be closing. The longer Pi drifts without direction, the harder it’ll be to capture the excitement it once inspired.
Unless real change comes soon, Pi risks being remembered not as the future of mobile crypto — but as a case study in hype without substance.
