Business Sandesh Indian Newspaper | Articles | Opinion Pieces | Research Studies | Findings & News | Sandesh News
Launched in February 2025 after years of mobile mining buzz, Pi Network promised a smartphone-accessible cryptocurrency for the masses, bypassing energy-hungry rigs. Co-founded by Stanford PhDs Nicolas Kokkalis and Chengdiao Fan, it amassed 35 million users pre-launch, touting a community-driven ecosystem for everyday transactions. Yet, seven months in, Pi’s $0.35 trading price—down 88% from its $1.47 debut—fuels endless skepticism, even as 60 million “Pioneers” cling to the dream.
The Open Mainnet’s firewall removal enabled exchange listings on MEXC, OKX, and Bitget, with 10.14 million migrations and 19 million KYC completions. dApps like 1Pi Mall and PiFest 2025 drew 1.8 million participants across 160 countries, while the Pi Ad Network monetizes apps via Pi bids. Protocol v23 upgrades promise decentralized KYC and smart contracts, with a Hackathon spurring builders. Global meetups, like Seoul’s on September 22, spotlight partnerships with Banxa and Valour, eyeing Binance’s 86% community vote for listing.
But cracks abound. Circulating supply hit 7.5 billion of 100 billion, diluting value amid stalled staking and unclaimed referral rewards. Critics slam centralization—KYC bottlenecks persist, validators unpaid, and mobile mining feels like ad-fueled FOMO bait, not utility. X chatter splits: bulls hype $1.74–$3.00 forecasts, bears decry “closed” mainnet and vanity metrics over revenue or DAUs. RSI at 47.63 signals neutral momentum, but $0.30 support teeters.
Pi’s resilience? Network effects and gamification sustain 13.7 million verified wallets, but without robust DeFi or merchant adoption, it’s a psychological pump in a $3 trillion market. As Bitcoin eyes $115,000, Pi’s trillion-dollar vision hinges on Q4 upgrades—else, hype risks fizzling into irrelevance.
