Pi Network (Pi) continues to be one of the most hotly debated topics in crypto, over a year after the project launched its Open Network in February 2025 and ahead of the Protocol 23 upgrade deadline on May 15, 2026. With tens of millions of users having participated in mobile mining, Pi has become a unique Web3 case study: building a community before utility is clearly proven. Its onboarding success has helped Pi maintain its appeal for years, but it also leaves the market questioning the network’s actual usage, liquidity, and demand.
Why Pi Still Has Believers
Pi Network maintains its draw because the project taps into one of crypto’s strongest drivers: the opportunity for early participation. Instead of requiring mining hardware, significant capital, or technical knowledge, Pi allows users to start with just a few simple taps on a phone. For many Pioneers, opening the app daily is not just a way to accumulate tokens, but a sense of being present in a network before it is valued by the market.
This approach sets Pi apart from many Web3 projects launched with a “token-first” strategy. Users do not necessarily join Pi for immediate liquidity, but because of the expectation that staying early can create a future advantage. Low participation costs cause the barrier to entry to nearly vanish, while habits repeated over many years create a level of stickiness that traditional acquisition campaigns find hard to achieve.
However, this very mechanism creates debate. Supporters view Pi as a rare mass adoption experiment, bringing crypto to the general public with near-zero entry costs and the chance to benefit if the network grows in the future. Skeptics, on the other hand, argue that a large community is not enough to prove value when utility, liquidity, and on-chain activity remain limited after years of development, despite the project constantly encouraging daily app activity.
Both perspectives revolve around the same issue: a large community can help Pi maintain its appeal, but the market ultimately requires evidence of real usage.
Pi Tried a Different Adoption Model
While many other crypto projects typically launch a token and create liquidity before trying to attract users, Pi chose the opposite direction: building a community, implementing KYC, migration, and an app ecosystem before opening the network.
Pi Network officially launched its Open Network on February 20, 2025, after more than six years of development. Prior to this, the project reported that 19 million Pioneers had completed identity verification, 10.14 million had migrated to the Mainnet, and there were over 100 Mainnet or Mainnet-ready applications in the ecosystem.
Instead of starting with traders or developers, Pi built a community of mainstream users before the token had an open market or the ecosystem was fully verified by the market. This also placed the project under greater pressure following the Open Network launch, as the market began demanding clearer evidence of utility and actual activity.
Following the Open Network, the Pi Core Team continued to introduce new ecosystem tools and features in recent updates on the project’s official blog, including Pi App Studio, Pi Network Ventures, and DEX/AMM trials. But for the market, the bigger question remains whether these activities can translate into real demand for PI.
Community Growth vs. Real Network Usage
For many Pioneers, the scale of the user base is evidence of the network’s strength. But for traders and analysts, a blockchain still needs liquidity, transactions, developer activity, and token demand beyond just holding.
PI price chart (1W). Source: TradingView
Pi now has a clear market presence, but the debate over utility has not ended. According to data from CoinMarketCap, PI is trading around $0.17, with a market cap of approximately $1.8 billion and a 24-hour volume of about $16 million.
These figures show that Pi no longer exists only within an internal ecosystem. However, for the market, community size is only a starting point; what matters more is whether the network can generate actual usage and demand.
Protocol 23 Becomes Another Trust Test
In early May, the Pi Core Team announced the Protocol 23 upgrade deadline for May 15, 2026, bringing community attention back to network infrastructure. According to project updates, all Mainnet nodes must upgrade to Protocol 23 to maintain their connection to the network; nodes that do not upgrade may be disconnected.
With a project attempting to transition from a large community to a functional ecosystem, infrastructure upgrades are not just technical issues but also tests of operational capability. Pi has faced questions due to its extended timeline, lengthy KYC and migration processes, and an Open Network launch that arrived later than some users expected.
If the upgrade process proceeds smoothly, Pi will have more grounds to solidify trust in the network during the post-Open Network phase. Conversely, any major disruptions could cause old debates about operational capability to resurface.
What Pi Reveals About Web3 Adoption
Pi Network shows that crypto adoption does not always start with traders or developers. For many users, participating in Web3 sometimes begins with very simple actions like opening an app every day and joining a community.
That is why Pi continues to spark debate after years of development. While the argument over utility is not over, Pi has demonstrated one thing clearly: onboarding millions of mainstream users into Web3 can start with an experience much simpler than how crypto has operated in the past.
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