Pi Network fall 93% yet has 60 million users! Can the platform dream turn around?

Pi Network is evolving from the mobile mining experiment phase into a unified blockchain ecosystem. The network has over 60 million users and 256 mainnet dApps, with new developments supporting real-world financial and technological applications. However, the current price of PI has fallen 93% from its historical peak in February 2025. Experts say that for Pi Network to achieve long-term growth and stability, it must expand platform-level applications.

Platform-level transformation strategy of Pi Network

Pi Network has the potential to become a major unified blockchain ecosystem, but this can only be achieved by focusing on the necessary infrastructure and practical applications. The network should utilize tools such as cross-chain bridges to strengthen its technological foundation, facilitate faster transactions, establish a decentralized identity system, and implement DAO governance. A crypto expert believes that for Pi Network to achieve long-term growth and stability, it must expand its platform-level applications to directly cater to the needs of a broader crypto economy and everyday users.

Expanding this infrastructure will realize real-world use cases such as payments, asset tokenization, artificial intelligence applications, NFT marketplaces, and derivatives trading, thereby attracting more users. Pi Network has over 60 million users and 256 Mainnet dApps, integrating financial, social, and technological applications into one ecosystem, positioning Pi as a gateway for mainstream cryptocurrency. This integration may drive its mass adoption and bring greater economic empowerment to its global user community.

The expert added, “The future expansion of Pi Network is not an isolated addition, but rather a progress driven by the vision of a unified blockchain system.” This viewpoint emphasizes that what Pi Network needs is not a series of fragmented feature upgrades, but a systematic architectural transformation. Many current blockchain projects fall into the trap of “feature stacking,” continuously adding new features without overall coordination, resulting in a fragmented user experience. If Pi Network can avoid this trap and truly establish a unified ecosystem, it will have a significant competitive advantage.

Five Infrastructure Pillars of Pi Network's Platform-Level Transformation:

Cross-chain bridge: Connects mainstream ecosystems like Ethereum and Solana, breaking liquidity islands.

Decentralized Identity System: On-chain identity based on KYC, supporting credit scoring and reputation mechanisms.

DAO Governance: Decentralizing decision-making to the community, enhancing transparency and participation.

High-performance trading engine: Improve TPS (transactions per second) to support large-scale applications

Developer-friendly tools: SDK, API, and documentation lower the application development threshold.

The construction of these infrastructures is not achieved overnight; it requires time and resource investment. The main challenge for Pi Network currently lies in the gap between development progress and community expectations.

Can the integration of AI, RWA, and DeFi stimulate demand?

By leveraging Artificial Intelligence, RWA (Real World Assets), and DeFi (Decentralized Finance) to achieve broader usability, the use cases of Pi Coin can be enhanced, thereby increasing its demand. However, while these developments may indirectly support the price of the token, they do not guarantee absolute price stability. This is the reality faced by Pi Network: there exists a time lag between technological advancement and market performance.

The integration of artificial intelligence applications is a new attempt by the Pi Network. The recently upgraded Pi App Studio has added AI-assisted development tools, lowering the barrier to application creation. If the Pi Network can deploy practical AI applications in its ecosystem, such as intelligent customer service, personalized recommendations, or AI-driven trading assistants, it will create new consumption scenarios for Pi Coin.

Tokenization of real-world assets (RWA) is one of the hottest trends in the DeFi space. Traditional assets such as real estate, commodities, and artworks can achieve fractional ownership, instant trading, and global liquidity through blockchain tokenization. If Pi Network can establish an RWA trading market that allows users to purchase tokenized real estate shares or gold with Pi Coin, it will significantly enhance the utility of the token.

The integration of DeFi is the most basic requirement. Lending, trading, liquidity mining, and other DeFi functions are standard features of modern blockchain ecosystems. It is unclear how many of the 256 mainnet dApps in the Pi Network are DeFi applications, but based on market activity, this number may not be high. Establishing a complete DeFi infrastructure, including DEX (decentralized exchanges), lending protocols, and stablecoins, is a necessary condition for Pi Network to realize its platform dream.

Through the integration of these three major directions, Pi Network can provide a complete on-chain living experience for its 60 million users: managing assets with AI assistants, investing in tokenized real estate, earning yields in DeFi protocols, and using Pi Coin for daily payments. If this vision can be realized, Pi Network will no longer be a “Mining App”, but a real Blockchain platform.

60 million users and the realities and challenges of 256 dApps

Pi Network has over 60 million registered users, a number that is almost unmatched in blockchain projects. In comparison, Ethereum has about 400,000 to 500,000 daily active addresses, while Solana has around 1 to 2 million. If even 1% of Pi Network's 60 million users become daily active users, it will reach 600,000, surpassing most public chains.

However, there is a huge gap between registered users and active users. Many Pi Network users only participated in Mining in the early stages but have never really used Pi Coin for transactions or applications. The number of 256 Mainnet dApps seems considerable, but it still falls short compared to the thousands of dApps on Ethereum. More importantly, there is a quality issue: how many of these 256 dApps are actually used by real users? How many are just conceptual showcases?

From a technical maturity perspective, the Pi Network's Mainnet is still in a limited open state. Many features are still under testing, smart contract capabilities are relatively limited, and the developer documentation and toolchain are not as complete as those of mainstream public chains. These technical limitations directly affect the quality and quantity of dApps. If the Pi Network cannot significantly improve its technical infrastructure by 2025, its platform dream may be difficult to achieve.

The more realistic challenge comes from token economics. Pi Coin is currently priced at $0.2029, with a 24-hour trading volume of $14.25 million, down about 93% from its all-time high in February 2025. The market capitalization is approximately $1.68 billion (assuming a circulating supply of about 8.3 billion coins), ranking around 50 to 60 in the cryptocurrency market. As the token continues to move through extreme volatility, the expansion of its technical ecosystem may create opportunities to increase adoption.

Possibilities and Risk Factors of Price Stability

(Source: CoinMarketCap)

The realization of broader usability through artificial intelligence, RWA, and DeFi may stimulate demand for Pi Coin. However, an increase in demand does not equate to price stability. The cryptocurrency market is influenced by multiple factors, including overall market sentiment, regulatory environment, competitive landscape, and technological risks. Even if the Pi Network successfully establishes a comprehensive application ecosystem, the price of Pi Coin may still fluctuate significantly with market cycles.

A more severe reality is the supply pressure. As mentioned earlier, exchanges hold over 412 million Pi Coins, and approximately 116 million will be unlocked in the next 30 days. This structural problem of oversupply cannot be resolved solely through ecological development. Unless the rate of demand growth surpasses the rate of supply release, downward price pressure will continue to exist.

From a temporal perspective, 2025 is indeed a critical year for Pi Network. If the Mainnet can be fully opened within the year, killer applications launched, DeFi infrastructure established, and AI and RWA functionalities integrated, the dream of the Pi Network platform may become a reality. If these milestones cannot be achieved, the patience of 60 million users may further diminish, and the collapse of community confidence will be more fatal than technical issues.

The expert summarized: “The future expansion of Pi Network is not an isolated addition, but a progress driven by the vision of a unified blockchain system.” This vision is grand and worth looking forward to, but the execution ability is the standard for testing everything. By the end of 2025, we will see whether Pi Network has truly achieved a platform-level transformation or is still stuck in the stage of promises.