Since the Pi Network mainnet launched on February 20, it has made headlines for its ambitious goals. Yet, it has also faced substantial criticism. The underwhelming price performance and lack of DApps, among other issues, have raised questions about Pi Network’s ability to meet the expectations of its reported 60 million users, referred to as Pioneers.
Below are five key areas of underperformance that emerged as focal points for observers in early 2025.
1. Pi Network’s Lack of Binance Listing
Pi Network’s community has been vocal in its push for a listing on major exchanges like Binance. In fact, 86% of participants voted to list Pi Coin (PI) in a February community vote.
Despite this show of support, Binance has not listed PI. On May 15, the exchange posted its logo on X (formerly Twitter) featuring several mathematical symbols, including π. The post sparked speculation among Pioneers, but no official listing announcement followed.
The absence of a listing has led to renewed scrutiny over Pi Network’s credibility. Notably, Binance applies a rigorous evaluation process before listing any asset.
Coinbase, another top exchange, has also refrained from listing Pi. This has further fueled disappointment among Pioneers about the token’s potential for mainstream adoption. Nonetheless, Pi Coin remains available for trading on HTX, Bitget, MEXC, and OKX.
2. Pi Coin Price Fails to Meet Expectations
Pioneers have been actively mining Pi Coin for around six years, anticipating major gains. Yet, its price was a major letdown for many. At launch, Pi Coin was listed on OKX with a floor price of just $2. This was way below its IOU trading value.
3. Uncertainty Surrounding the Pi Network Ventures Fund
On May 14, the Pi core team introduced Pi Network Ventures. The initiative aims to support startups building on the network.
4. Pi Network’s Missing Decentralized Apps (dApps)
The concerns extend beyond the fund’s stability. Dr. Altcoin alleged that the team is using the fund to build DApps that should have already been completed.
5. Pi Network’s Roadmap Issues
Another major concern is the lack of transparency. Pi Network unveiled a three-phase roadmap for its mainnet migration in April 2025, but the absence of specific timelines has frustrated users.
Thus, Pi Network’s first three months post-launch have been marked by unmet expectations and growing disillusionment among its Pioneers. As the network navigates these setbacks, its ability to deliver on its ambitious vision will be critical to restoring confidence in the months ahead.
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