Pi Network’s core team (PCT) announced on Feb. 20, 2025, six years after its launch, that the project had shifted to the Open Network phase, allowing users to trade Pi tokens on cryptocurrency exchanges.
Upon debut, Pi’s price fluctuated between $1 and $2, significantly below the expected value of $500 to $1,000 per Pi set by Pi Network communities prior to its listing.
Although it has been a full year since Pi Network’s network launch, the project has yet to release smart contracts, an essential feature for any blockchain. Over the past year, Pi has made only minor upgrades, such as adding business identity verification alongside the standard personal identity verification (KYC).
Pi Network also introduced Pi App Studio, a programming tool for creating Pi-based applications. According to PCT, more than 13,400 chatbots and 24,400 custom apps have been created by over 51,800 users. However, crypto news outlet CCN reported that many of these apps lack real functionality or are named after famous personalities and organizations to attract attention.
PCT also launched Pi Network Ventures, a $100 million fund initiated by the Pi Foundation to invest in startups and businesses. Yet, CoinTelegraph reported that the fund has had limited impact, with the Pi Foundation holding billions of tokens, undermining the project’s decentralization.
By 2025, PCT claimed that over 17.5 million users had completed the KYC process and 15.8 million users had transitioned to the Mainnet. However, this represents only a small fraction of the 60 million users Pi Network announced in 2024.
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Pi price listed on a cryptocurrency exchange after its Open Network launch on Feb. 20, 2025. Photo by VnExpress/Duy Phong |
Disheartened users
Pi Network, launched in 2019, was initially promoted as a way for users to mine Pi cryptocurrency for free by simply tapping a button daily on its mobile app. “After one year of the Open Network, only 1-2 people in my group still ‘tap,’ and some days, no one does,” Hoang Lan, who started mining Pi four years ago and manages a social network group of 500 other Pi users, said.
Lan shared that she created the group to share tips for Pi users but the number of participants has gradually declined due to reasons such as lack of KYC approval and the continuous drop in Pi’s price.
Van Vien, who invested over VND100 million (US$3,850) three years ago in a Pi Node setup, a system that validates transactions and supports the Pi Network blockchain, also mentioned that he sold his equipment at the end of last year. “The project roadmap is unclear, the price is plummeting, and Pi is not available in wallets for trading,” he said, explaining that he could not generate funds to maintain it.
Pi’s price has fluctuated widely over the past year but has generally trended downward. From a peak of $3 per Pi shortly after the network’s opening, the price dropped to record low of $0.13 earlier this month, marking a 95% decrease. It now hovers around $0.19.
According to Hoang Anh, the administrator of a Pi Network Facebook group with over 200,000 members, the price drop is linked to the project’s decision to unlock hundreds of millions of tokens in a short time.
The circulating supply of Pi is currently 8.82 billion tokens, up significantly from 8.3 billion last month. “This continuous increase in the number of Pi tokens is causing its value to decline,” he noted, adding that Pi is unlikely to recover due to the constant influx of new tokens and minimal progress from the project.
Previously, crypto news site Market Periodical reported that Pi’s decline was anticipated, as the rising supply due to the project’s daily release of large token volumes weighed on prices.
Data from cryptocurrency exchange OKX shows Pi’s daily trading volume has fallen to just a few million dollars, a small figure for a token with a market capitalization exceeding $1.4 billion, and much lower than the tens of millions of dollars traded daily last year.
Nguyen Ha Minh Thong, founder of venture firm Cabo Capital in HCMC, believed the steady price decline signals a severe loss of market confidence. The low trading volume is seen as a “dead signal” from the project, as liquidity dries up, no new investors are joining, and the community loses patience, he said.
“A cryptocurrency project cannot survive on its community alone if it lacks real products and liquidity. Be cautious before investing time, resources, and trust in something that’s plummeting in value and market sentiment.”
Centralization concerns
Pi Network has also faced criticism for its high level of centralization. Unlike decentralized networks like Solana and Ethereum, Pi holders have limited influence over governance decisions. Additionally, Pi Network has struggled to build credibility in the market as many early users are selling off their tokens.
Experts have raised several warnings about Pi Network over the past year. Ben Zhou, CEO of Bybit, called Pi “more dangerous than meme coins” and stated that his exchange would not list it.
In late 2025, seven financial associations in China issued warnings about cryptocurrency risks, citing Pi as an example of a “valueless virtual asset.”