The state of Pi Network cryptocurrency raises concerns among experts, highlighting several serious issues the project may face in 2026.
Delayed Launch of Open Mainnet and Investor Frustration
The most pressing concern is Pi’s unlaunched Open Mainnet. The project has remained in its Enclosed Mainnet phase, preventing coins from being freely traded on global exchanges. Without this transition, Pi lacks true liquidity and reliable price discovery.
Adding to the frustration is the slow Know Your Customer (KYC) verification process, which has left millions of users unable to migrate their tokens, limiting participation and raising doubts about the project’s ability to scale.
Limited Utility Despite a Large User Base
The value of a cryptocurrency depends on real-world use cases, but Pi still struggles to deliver meaningful adoption. Although some decentralized applications (dApps) exist within its ecosystem, most remain underdeveloped or lack active user engagement.
Experts caution that unless Pi demonstrates tangible progress with its dApp economy and peer-to-peer functionality, its large user base alone won’t be enough to sustain value in the long run.
Centralization and Transparency Issues
Another issue is the project’s centralized governance. The Pi Core Team retains significant control over development, raising questions about transparency. Reports of a foundation wallet holding a large portion of supply have only fueled skepticism.
Decentralization is one of blockchain’s core principles. Without it, critics warn that Pi risks being vulnerable to manipulation by a small group, undermining investor trust.
With a market cap of $3.01 billion and one of the largest user communities in crypto, Pi Network clearly commands attention. But until the project launches its Open Mainnet, addresses KYC backlogs, and proves real-world utility, experts say it remains a high-risk gamble.
