Pi Network Mainnet Migration Hits 13M Users 100% Value Surge Amid Liquidity Challenges $3.4B Market Cap

Pi Network’s core team has announced continued progress in mainnet migration, with over 13 million users now participating in the project’s blockchain ecosystem. Dr. Nicolas Kokkalis, co-founder and chair, and Dr. Chengdiao Fan, CTO, emphasized advancements in infrastructure and compliance readiness, including the launch of tools like Pi App Studio and .pi Domains to foster decentralized application development. These updates aim to solidify the network’s position as a foundational platform for a Web3 economy [1].

Despite these strides, the project faces market skepticism due to limited exchange listings and liquidity constraints. PI tokens, currently trading at $0.44, have seen a 100% value increase since mainnet activation in February 2025, yet a $3.4 billion market cap reflects cautious investor sentiment. The lack of widespread listing on major exchanges—though Binance and OKX have shown interest—has hindered broader adoption [2].

A critical challenge lies in the planned token unlock of 620 million Pi by December 2025, which could exert downward pressure on prices. Historical patterns suggest post-unlock volatility, with short-term price dips observed after prior releases. The July 2025 unlock of 268.4 million tokens already triggered fluctuations, complicating efforts to stabilize market confidence. Analysts note that without complementary supply controls, the increased circulating supply risks devaluing the asset [3].

The project’s roadmap includes introducing a “Pi Bank” to enable fiat integration, though specifics remain unclear. A recent email-based KYC update aims to streamline user verification, addressing past criticisms of accessibility barriers. However, critics argue that delays in open mainnet functionality and utility features—such as real-world partnerships or governance models—undermine the project’s long-term viability.

Community feedback highlights mixed reactions. While tools like Pi App Studio and Ecosystem Directory Staking are praised for their innovation, liquidity limitations and speculative trading dynamics remain contentious. Institutional investors have largely stayed on the sidelines, citing a lack of concrete use cases to validate PI’s utility [4].

The July 2025 mainnet update reiterates the need for gradual adoption, balancing growth with regulatory compliance. Yet, the absence of a clear post-mainnet governance framework raises questions about future token distribution and ecosystem management. As the network prepares for its December 2025 token unlock, stakeholders are urged to prioritize strategic planning to mitigate volatility risks.

In the broader market, Pi competes with altcoins like Dogecoin and Unilabs, which have stronger retail appeal despite fewer users. While Pi’s mobile-first approach attracts everyday users, its reliance on speculative narratives—such as potential government adoption—draws scrutiny. Verifiable data to support such claims remains lacking, prompting calls for greater transparency [5].

Sources:

[1] CoinMarketCap, Pi Network Continues Mainnet Expansion Amid Market Challenges, https://coinmarketcap.com/community/articles/688563c784472b0f5a915d30/

[2] Binance Square, Latest pi News, https://www.binance.com/en/square/hashtag/pi

[3] OKX, Pi Network Mainnet Launch, https://tr.okx.com/en/learn/cryptobatz-nft-trading-surge-ozzy-osbourne

[4] Facebook post, Pi Network KYC Upgrade, https://www.facebook.com/groups/6350137****2972/posts/752233737220974/

[5] Bitcoin Insider, BlockDAG and Altcoins, https://www.bitcoininsider.org/article/280405/blockdag-leads-race-highest-roi-crypto-2025-alongside-xrp-sui-pi