Pi Network Faces Backlash Over Lackluster Update, Token Drops 60%

Pi Network, a prominent cryptocurrency project, has recently faced significant criticism from its global user base following the release of its latest update. The update, which was intended to enhance the user experience, has instead resulted in a series of technical issues and user dissatisfaction. The update introduced a new app to manage domain bids, featuring stats tracking and email alerts. However, many users felt this update was underwhelming and did not address their primary concerns, especially ahead of Pi2Day 2025.

Users had hoped for more substantial announcements that could help the Pi token gain real value. The domain auction update was seen as insufficient and out of touch with what users actually wanted. This has led to doubts about Pi’s future, with users expressing concerns about a potential price crash if more significant updates are not forthcoming. The auction, which began three months ago, has seen around 3 million PI tokens spent on domain bids, a relatively small amount compared to Pi’s daily trading volume. The update has not done much to boost interest or price, with Pi now trading at around $0.60, down 35% in the last week and 60% for the month.

Early hopes that businesses would rush to buy branded .pi domains have faded. Even Pi’s founder Nicolas Kokkalis once compared them to regular internet domains, but that excitement hasn’t translated into real numbers. Users are now demanding more meaningful progress, with many still stuck in the KYC (Know Your Customer) process and only six businesses having completed KYB (Know Your Business). The $100 million Pi Network Ventures fund, launched last month, has yet to announce any startup investments. One frustrated user wrote on X, “Great, but when will you fix KYC delays and deliver real tools?”

The team now faces added pressure. Over 248 million PI tokens will unlock next month, which could lead to even more selling. Without clear steps like exchange listings, ecosystem tools, and faster KYC processing, the network risks losing its community’s trust. For now, the .pi domain update is seen as too little, too late. The backlash has highlighted the challenges faced by the network in implementing updates and improvements. The team will need to carefully consider user feedback and make necessary adjustments to ensure that future updates are more successful and better received by the user community. The situation serves as a reminder of the importance of thorough testing and user engagement in the development process, as well as the need for transparency and communication with users.