Launched in 2019, Pi Network promised a mobile-friendly, energy-efficient alternative to traditional mining, attracting millions of users. However, repeated mainnet delays (originally set for 2022) and transparency concerns raised doubts about its legitimacy. Critics pointed to its referral-based mining model, slow development, and uncertain token liquidity as potential red flags.

Now, after six years, Pi Network’s open mainnet is set for February 20, 2025, with OKX listing Pi for spot trading. While supporters see this as validation, skeptics remain wary of its viability and regulatory risks.

This article explores Pi Network’s controversies, including development delays, exchange listing challenges, and the big gap in Pi price across exchanges. It will also highlight some takeaways for crypto investors on managing expectations on projects.

Pi Network’s Uncertainty: Delays, Listings & Price Gaps

Key Controversies Surrounding Pi Network

Pi Network has drawn significant attention with its promise of accessible, mobile-based cryptocurrency mining. However, as the project continues to face delays, limited transparency, and regulatory concerns, questions about its long-term viability persist. From its referral-based mining model to market uncertainty and price discrepancies, various challenges have raised doubts about whether Pi can deliver on its ambitions. As millions of users await clearer communication and a fully open mainnet, concerns over liquidity, decentralization, and compliance remain central to the discussion.

Repeated Delays and Transparency Concerns

The main concern for users is that after multiple delays, Pi Network failed to meet its target to launch the mainnet in 2022. The project has not gone for a mainnet that is open to the public, as it has an enclosed mainnet that only allows for trading within a closed environment.

Additionally, observers have noted that official communication from the Pi Core Team has been limited, with updates often lacking specific timelines or detailed explanations for delays. For instance, when asked about the delays, the team claims that they are caused by security, compliance, and KYC verification concerns, leaving investors in the dark about the date the project will go live. Other instances include transparency, giving limited information to the public about Pi’s core technology, partnerships, and financials.

Concerns Around Pi Network’s Business Model

Pi Network’s referral-based mining model resembles multi-level marketing (MLM), rewarding users for inviting others. While this fuels rapid growth, concerns arise over sustainability, as Pi lacks external revenue or clear economic utility.

Decentralization is another issue. Unlike Bitcoin or Ethereum, Pi remains highly centralized, with key operations controlled by the Pi Core Team. Transparency in its consensus mechanism and governance is limited.

Liquidity concerns persist as well. Despite millions accumulating Pi tokens, most cannot trade or use them beyond Pi’s ecosystem, casting doubt on their real-world value and long-term viability.

Regulatory scrutiny around Pi Network has also intensified, with China and Vietnam issuing warnings about potential scams. Such concerns underscored ongoing uncertainties regarding Pi’s compliance with legal and financial regulations.

Price Discrepancies and Market Uncertainty

Meanwhile, the project has received a mixed response from major exchanges. OKX has moved forward with listing Pi for spot trading, which some see as a positive sign for its legitimacy. However, Bybit initially signaled interest in listing Pi but later withdrew its decision, citing concerns over investor protection. This divergence reflects broader hesitation among exchanges regarding Pi’s credibility and market stability.

Adding to the uncertainty is the vast discrepancy in Pi’s token prices across different markets. On BitMart, Pi has shown extreme volatility, with prices fluctuating between highs of $330 and a current range of $60. However, in other exchanges like Bitconomy and SuperEx, Pi trades at a much lower range of $6–$11, signaling limited liquidity and uncertainty about whether the mainnet launch will actually allow free trading.

This massive price gap raises concerns over price manipulation, speculation, and the true market value of Pi tokens. Investors risk buying at inflated prices with no guarantee of future liquidity.

KYC Delays Hinder Pi Token Access and Market Participation

A major roadblock for Pi holders is the slow and inconsistent KYC verification process. Millions of users remain stuck in the KYC, unable to transfer their Pi tokens. The Pi Core Team claims KYC delays stem from the need for enhanced security and compliance, but for users, this creates frustration and doubts about Pi’s operational efficiency.

Without widespread KYC completion, Pi’s claimed user base of over 40 million is effectively restricted from participating in any meaningful economic activity on the network. This restriction not only limits liquidity but also raises questions about how much of Pi’s community consists of active, engaged users versus passive holders waiting for a payout that may never come.

Isolated Access and Regional Restrictions: Another Red Flag?

Despite the recent OKX listing announcement of the Pi token, it is reported that the crypto exchange will adopt an isolated listing mode, which could restrict access in some countries where users mined the cryptocurrency. This has sparked frustration among miners, many of whom have waited years for liquidity. Critics argue that the isolated listing contradicts the project's promise of inclusivity, and some have labeled it a red flag for liquidity. OKX clarified that it is Pi Network who set these requirements, though it did not specify which countries would face restrictions, with China likely affected.

The backlash has reignited debates about Pi Network’s opaque decision-making and lack of communication, adding to its uncertainty.

A Takeaway for Choosing the Right Projects

Pi Network has attracted attention with its approach to "free mining" and widespread user adoption. At the same time, discussions around it highlight broader considerations for crypto investors. While opinions on the project vary, its journey underscores the complexities of emerging cryptocurrencies. Here are some reminders for investors on navigating the evolving crypto landscape more effectively.

Caution Advised With Zero-Cost Investments: A project offering "no upfront cost" doesn’t necessarily mean it’s risk-free, as such models might require significant time and effort and may not translate into real financial value.

Considerations on Delays and Roadmap Clarity: Frequent delays and unclear roadmaps can be cause for concern. The absence of verifiable updates and vague communication may signal underlying problems.

Hype and Community Support ≠ Project Reliability: A large and active community doesn’t always indicate financial stability or real-world usability. Many projects rely on hype and FOMO rather than solid fundamentals. Always DYOR, focusing on technical development, utility, and sustainability rather than just popularity.

Navigating Crypto Beyond Hype and Speculation

With its high level of hype, limited transparency, unclear regulatory standing, and unproven utility, Pi Network still leaves questions for investors. While strong community engagement can be a positive factor, it should not replace thorough research and critical evaluation.

In order to successfully participate in the crypto market, investors should focus on clarity, following the rules, and practical use of the investment rather than on the hype. By staying informed and skeptical, investors can avoid high-risk, unsustainable projects and make smarter decisions in crypto.

Disclaimer: Please note that the information provided on this website is intended for informational purposes only. CoinEx assumes no liability for any financial losses resulting from cryptocurrency trading. It is advised that you conduct your own research.

Pi Network’s Uncertainty: Delays, Listings & Price Gaps