Pi Network 2025: Progress, Challenges, and Expectations Ahead of TOKEN2049
Quick Introduction
Pi Network was launched in 2019 with the idea of mining Pi tokens for free through a mobile app. After a few years of development, the project has reached some important milestones and is moving closer to a full mainnet launch, with a new protocol version, smart contract capabilities, and stronger infrastructure support. However, the community is still waiting for more concrete results.
Recently, Pi Network’s co-founder, Chengdiao Fan, confirmed her participation and keynote at TOKEN2049 in Singapore (October 1–2, 2025), one of the largest blockchain industry events. This is seen as a crucial moment for Pi to unveil a clear roadmap and create fresh momentum for the project.
Key Technical Developments
| Goal | Current Status | Notes / Impact |
|---|---|---|
| Protocol v23 | Upgraded on Testnet1 (v22 → v23), with Testnet2 & Mainnet pending migration. Bitget↗ | Introduces smart contracts, Linux node support, improved network performance, and protocol-level KYC. This is a key step toward mainnet. |
| Linux Node & Decentralization | Linux node support has been added, expanding OS options for node operators. Bitget↗ | Strengthens decentralization, making node operation accessible to more technically capable users. |
| Protocol-Level KYC | KYC integrated directly into the protocol in v23. Bitget↗ | Could help Pi comply with regulatory expectations and boost institutional confidence. |
| Migration to Mainnet | Testnet1 has completed the v23 upgrade. Testnet2 & Mainnet are awaiting transition. CryptoPotato↗ | Likely to happen gradually, with potential downtime or bugs. |
Expectations from TOKEN2049
The TOKEN2049 event is viewed as a major opportunity for Pi Network to:
- Announce a clear Open Mainnet roadmap — including launch timing, node migration, wallet updates, and external transaction support. Coinpedia↗
- Provide details about the smart contract environment — supported languages, dev tools, and early dApps. Bitget↗
- Improve transparency around KYC and exchange listings to increase liquidity and adoption. Coinpedia↗
- Demonstrate real-world utility — showcasing partnerships, apps, and dApps using Pi in practice. MEXC↗
Challenges & Risks
Despite encouraging updates, Pi Network still faces significant hurdles:
-
Delays & Uncertainty
- Even with v23 on Testnet1, the full mainnet launch date remains unclear. The community has waited years without firm monthly commitments. CryptoPotato↗
- Each upgrade involves multiple steps and possible downtime.
-
Token Unlocks & Market Pressure
- A large number of PI tokens are scheduled to unlock over the coming months. Without sufficient demand, this could put downward pressure on price. CryptoPotato↗
- Liquidity and token balances on exchanges are increasing, raising the risk of sell-offs. CryptoPotato↗
-
Trust & Transparency
- The community has heard promises before but seen limited results. Lack of clear timelines and widespread real-world adoption has weakened confidence. VnExpress↗
- Open-source development and developer ecosystem support are still not strong enough.
-
Utility Gaps
- Users want to see tangible use cases — DeFi, payments, marketplaces, financial apps — beyond just mining and trading.
- Without rapid utility growth, Pi risks being seen as a prolonged “experiment.”
Market & Price Situation
- PI currently trades around $0.33–$0.36 USD, far below its ~$3.00 USD peak earlier this year. Coinpedia↗
- Market sentiment is cautious, with many awaiting TOKEN2049 updates before taking positions. Gate↗
- A key resistance level is $0.34–$0.40 USD. Breaking this zone, combined with positive announcements, could trigger short-term rallies. Coinpedia↗
Key Factors to Watch
To move beyond hype, Pi Network must deliver on:
- A precise Open Mainnet launch with migration details and external transaction support.
- Smart contract ecosystem readiness — SDKs, documentation, testnets, and working dApps.
- Real partnerships — businesses accepting Pi, live apps, and integrations.
- Exchange listings — especially on major exchanges like Binance or Coinbase.
- Token unlock transparency — clear schedules and governance to avoid market shocks.
Conclusion
Pi Network is at a decisive moment:
- Technical upgrades like Protocol v23, Linux node support, smart contracts, and protocol-level KYC show progress beyond mobile mining.
- But community trust remains fragile. Without concrete announcements and actions at TOKEN2049, disappointment could deepen.
If the Pi team delivers a clear roadmap, demonstrates real utility, and secures meaningful partnerships, TOKEN2049 could mark a turning point. If not, the risk is further erosion of credibility.
Sources compiled from recent coverage:
