Since PI Network MainNet launched on February 20th, it has created headlines for ambitious goals. But it also faces great criticism. The overwhelming price performance and lack of DAPP is among other issues, raising questions about the PI network’s ability to meet the expectations of 60 million reported users called Pioneers.
Below are five key performance areas that emerged as observer focus in early 2025:
1. Lack of BINANCE LIST for PI Networks
The PI Network community is speaking out by pushing lists on major exchanges such as Binance. In fact, 86% of participants voted to list Pi Coin (PI) in their community vote in February.
Despite this show of support, Binance does not list any PIs. On May 15th, Exchange posted its logo on X (formerly Twitter) (featured by several mathematical symbols including π). The post sparked speculation among pioneers, but the official listing was announced.
Due to the absence of listings, a detailed scrutiny of the PI network was conducted. In particular, Binance applies a rigorous valuation process before listing assets.
The exchange takes into account user recruitment, business model viability, relevance, talknomics, technical security, team background, and compliance with regulatory standards. The decision not to list PI coins may indicate that the project has not yet met one or more of these important benchmarks.
“We have a better understanding of why PIs are not listed in major exchanges such as Binance and Coinbase. The PI core team may not be transparent enough about the locking and combustion mechanisms involving the billions of PI coins that PCC coins currently own.”
Another top exchange, Coinbase, also holds back the Pi list. This further encouraged disappointment among pioneers about the possibility of mainstream adoption. Nevertheless, Pi Coin remains available for trading on HTX, Bitget, MEXC and OKX.
2. PI Coin Prices do not meet expectations
Pioneer has been actively mining PI coins for about six years and expects great profits. But the price was a major disappointment for many. At launch, Pi Coin was listed on OKX for a floor price of just $2. This was far below the IOU’s trading value.
The overwhelming debut was worse as PI fell below $1 shortly after the listing. The token rebounded to a record high of $3 in late February, but the rally was short-lived. The Pi quickly resumed its downtrend, falling below $1 again by late March.
Last week, the level was temporarily reclaimed as support. But once again, the PI could not be held above it. These declines occurred despite some bullish catalysts.
Following the launch of the PI Ventures Fund, there was a sharp drop in price rather than a recovery. Additionally, Nicolas Kokkalis, founder of the PI Network, made a rare public on May 16th at Consensus 2025.
Many wanted it to restore investor trust. Instead, the token thrusts in. Beincrypto data showed that PI had soaked 42.6% over the past week. At press time, Pi Coin priced at $0.7, down 3.1% over the past day.
Beincrypto reported that allegations of insider sales and concerns about potential lag pulls have further exacerbated investors’ concerns.
3. Uncertainty surrounding the PI Network Ventures Fund
On May 14th, the PI Core Team introduced the PI Network Venture. This initiative is intended to support startups built on a network.
The official announcement outlines a pool of funds up to $100 million, but the PI Network Foundation retains full discretion in the deployment of these funds.
“The PI Foundation is not obligated to invest an entire $100 million based on the quality of its applicants and the number of startups accepted into the initiative,” the blog read.
The initiative also allows gradual investments over time. Additionally, the Foundation can cancel funds at any stage. This condition has not been well received by some of the community. Some communities expected more immediate and guaranteed support for ecosystem development.
“A $100 million promised investment is sometimes cancelled if you don’t see the investors coming or have no impact at all,” the user wrote.
4. Distributed apps with missing PI networks (DAPPS)
Concerns go beyond the stability of the fund. Dr. Altcoin claimed that the team is using the fund to build Dapps that should have already been completed.
He explained that one of the mainnet launch conditions for the PI network is deploying 100 live daps. As of May 2025, this promise remains unfulfilled, and most DAPPs are still lacking from the ecosystem.
“After six years of waiting, why is no one really asking the question: Where are the 100 Dups we were promised?” the analyst said.
The shortage has led many within the community to question the preparation and ability of a network to support a functional ecosystem.
5. PI Network Roadmap Issues
Another major concern is the lack of transparency. PI Network announced a three-phase roadmap for mainnet migration in April 2025, but users are getting frustrated because there is no specific timeline.
A report from Beincrypto highlighted community backlash and emphasized that the roadmap does not include an estimated date or auditing process to address conflicts in past mining data. This further deepened the distrust of the project’s leadership.
That’s not all. Other issues are common, such as KYC delays and challenges with token migration to the PI network mainnet.
Therefore, the first three months after the launch of the PI network are characterized by an increase in disillusionment between unmet expectations and its pioneering. As the network navigates these set folds, its ability to realize its ambitious vision is important to regain confidence in the coming months.
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