Pi Network's 100M+ User Milestone and the Implications for Mainnet Valuation

In November 2025, Pi Network achieved a landmark milestone: 100 million app downloads, outpacing major crypto platforms like Coinbase, OKX, and Crypto.com, according to CoinCentral. This surge in adoption-bolstered by 60 million active miners and 25 million KYC-verified users-underscores the project's unique ability to blend mobile accessibility with decentralized innovation. Yet, the true test of its value proposition lies not in user numbers alone, but in its readiness to transition from a community-driven experiment to a functional mainnet ecosystem.

A Productivity-Based Economy Emerges

Pi Network's Testnet 1 demonstrated a near-zero transaction failure rate, signaling robust infrastructure and setting the stage for the imminent deployment of Mainnet v23, according to CoinFomania. This version will support financial transactions and AI-based computations, marking a critical shift from speculative hype to real-world utility. Central to this evolution is the Pi DEX mainnet, a decentralized exchange designed to eliminate price manipulation by tying Pi's value to productivity metrics such as active nodes (350,000+), decentralized applications (20,000+), and user contributions, as reported by CoinFomania. Unlike traditional crypto models, Pi's valuation is increasingly driven by organic economic activity rather than speculative trading.

Mainnet Timing and Investor Readiness

While Pi Network's user base now exceeds 433 million, its tokenomics remain a double-edged sword. The circulating supply of 423 million PI tokens faces downward pressure from upcoming unlocks of 340 million tokens, which could flood the market, as noted in Coinpedia. However, the Stellar Core v23 upgrade-aimed at enhancing smart contract functionality and scalability-may offset these risks by boosting token utility, according to CoinMarketCap. Analysts project an 8% price increase in Q4 2025, driven by growing network activity and anticipation of Mainnet v23's launch, as reported by The Tribune.

Comparisons to Bitcoin and Ethereum highlight stark differences in valuation models. Bitcoin's dominance as a store of value and Ethereum's smart contract-driven DeFi/NFT ecosystems rely on established infrastructure and institutional adoption, as noted in CoinFomania. Pi, by contrast, is building a productivity-based economy from the ground up. While its current market cap of $2 billion lags behind these giants, bullish scenarios suggest Pi could reach $5–$15 by 2026 if listed on major exchanges like Binance, as reported by 99Bitcoins. By 2030, widespread adoption and strategic partnerships could push its price to $20–$30, according to 99Bitcoins.

Risks and Realities

Despite optimism, challenges persist. Pi's price has declined 12% weekly, and its absence from major exchanges limits liquidity, as noted in CoinFomania. Whale activity-such as a single investor accumulating 5.3 million PI tokens in nine days-signals confidence but does not guarantee broader adoption, as reported by Coin-Turk. Additionally, the network's reliance on Asia-Pacific users (150,000 daily transactions) raises questions about global scalability, as noted in Coinpedia.

Conclusion: A Pre-Launch Ecosystem's Potential

Pi Network's 100M+ user milestone is a testament to its grassroots appeal, but true investment readiness hinges on the success of Mainnet v23 and the Pi DEX. By anchoring value to productivity and decentralization, Pi aims to redefine what a digital currency can achieve. For investors, the key will be monitoring the interplay between technical upgrades, tokenomics, and real-world adoption-a delicate balance that could determine whether Pi transitions from a mobile app to a transformative financial protocol.