Pi Network Faces Major Challenges Post Mainnet Launch
2min read Since the Pi Network mainnet launched on February 20, it has faced significant challenges despite its ambitious goals. The network, which has a reported 60 million users known as Pioneers, has encountered several issues that have raised questions about its ability to meet user expectations. These challenges include the lack of a listing on major exchanges, underwhelming price performance, uncertainty surrounding the Pi Network Ventures Fund, a shortage of decentralized apps (dApps), and roadmap issues.
The absence of a listing on major exchanges like Binance has been a significant setback. Despite 86% of participants voting in favor of listing Pi Coin (PI) on Binance, the exchange has not listed the token. This has led to renewed scrutiny over Pi Network’s credibility, as Binance applies a rigorous evaluation process before listing any asset. The decision not to list Pi Coin may indicate that the project has yet to meet one or more of the critical benchmarks set by Binance, including user adoption, business model viability, and compliance with regulatory standards. Additionally, Coinbase has also refrained from listing Pi, further fueling disappointment among Pioneers about the token’s potential for mainstream adoption. Pi Coin remains available for trading on platforms such as HTX, Bitget, MEXC, and OKX.
Pioneers have been actively mining Pi Coin for around six years, anticipating major gains. However, the token's price performance has been a major letdown. At launch, Pi Coin was listed on OKX with a floor price of just $2, which was way below its IOU trading value. The token's price dipped below the $1 mark shortly after listing, despite a brief rebound to an all-time high of $3 in late February. The token soon resumed its downtrend, falling below $1 again by late March. These declines came despite some bullish catalysts, such as the launch of the Pi Ventures Fund and the public appearance of Pi Network founder Nicolas Kokkalis at Consensus 2025. Allegations of insider selling and concerns about a potential rug pull have further compounded investor worries.
On May 14, the Pi core team introduced Pi Network Ventures, an initiative aimed at supporting startups building on the network. While the official announcement outlines a funding pool of up to $100 million, the Pi Network Foundation retains full discretion over the deployment of these funds. This condition has not been well received by some in the community, who expected more immediate and guaranteed support for ecosystem development. The initiative also allows for phased investments over time, and the Foundation can discontinue funding at any stage. This has led to concerns about the stability and reliability of the fund.
Dr. Altcoin alleged that the team is using the fund to build dApps that should have already been completed. One of Pi Network’s mainnet launch conditions was deploying 100 live dApps. As of May 2025, this promise remains unfulfilled, with most dApps still missing from the ecosystem. This shortfall has left many in the community questioning the network’s readiness and ability to support a functional ecosystem. The lack of dApps has been a significant concern, as it indicates that the network may not be ready to support a wide range of applications and use cases.
Another major concern is the lack of transparency in Pi Network’s roadmap. The network unveiled a three-phase roadmap for its mainnet migration in April 2025, but the absence of specific timelines has frustrated users. The roadmap did not include estimated dates or an audit process to address discrepancies in historical mining data. This has further deepened distrust in the project’s leadership. Other issues, such as delays in KYC and challenges in migrating tokens to the Pi Network mainnet, have also been prevalent. These setbacks have led to unmet expectations and growing disillusionment among Pioneers. As the network navigates these challenges, its ability to deliver on its ambitious vision will be critical to restoring confidence in the months ahead.
