Pi Network’s Triple Threat: Why dApps, Access, and Demand Are Still Missing in 2025
Three years after mainnet launch, Pi Network still faces the same old problems—no functioning dApps, restricted access, and zero organic demand. Here's why the 'mobile mining' project keeps stumbling.
The dApp Desert: A blockchain without decentralized applications is like a bank without loans—technically operational, but functionally useless. Pi's ecosystem remains a ghost town.
Closed Gates: While other Layer 1s fight for liquidity, Pi's 'gradual KYC rollout' has locked out 80% of users. The supposed 45M 'pioneers'? Mostly inactive wallets collecting digital dust.
No Market, No Problem? Zero exchange listings beyond sketchy P2P markets. Even meme coins generate more trading volume—and at least they're honest about being speculative casino chips.
The project now faces its make-or-break moment: deliver real utility or join the graveyard of 'next Bitcoin' wannabes. Because in crypto, you either innovate or exit—with your bags or without them.
Over 400 Million PI Held on CEXs in July
Earlier this month, BeInCrypto reported that the amount of PI on exchanges had reached a record high of 370 million. By the end of July, that figure surpassed 405 million PI—an increase of nearly 10%, according to data from Piscan.
This number may grow even further in August, as an additional 161.6 million PI will be unlocked and enter circulation.
A large exchange balance wouldn’t be alarming if demand and trading volume also rose. However, data from CoinMarketCap shows that Pi’s 24-hour trading volume stayed below $100 million for most of July. In contrast, Pi’s daily volume in May ranged from $500 million to over $2 billion.
As a result, Pi’s price has faced consistent downward pressure throughout the month. BeInCrypto data shows Pi just closed a daily candle at its lowest level since listing at $0.419.
The project has rolled out several notable updates in the past month. These include launching the “Buy Pi” feature (allowing users to purchase Pi using fiat), Pi App Studio, and Ecosystem Directory Staking. However, these efforts still haven’t been enough to trigger a price recovery.
Analyst Identifies Two Major Problems Facing Pi Network
Recently, Kim H Wong—a well-known Pi advocate—highlighted two major issues holding back the growth of Pi Network.
First, he pointed out that Pi Network has very few, if any, decentralized applications (dApps) that support bartering or real exchange of goods and services. This severely limits Pi Coin’s practical use.
Second, most users’ Pi coins become locked once transferred to their wallets. This reduces their flexibility and utility, negatively impacting the network’s overall growth.
“The solutions are to open up available apps as soon as possible and conduct a second Pi migration as soon as possible. Without resolving these two issues, the Pi Network will struggle to thrive,” he added.
Ray Youssef, CEO of NoOnes and former Paxful co-founder, echoed this view. He believes developers creating real user utility will drive Pi’s long-term value. However, he noted that Pi has only successfully attracted users and does not provide meaningful utility.
“Pi succeeded on the retail side—millions mining the token. But developers? That stable is thin,” Youssef told BeInCrypto.
Ecosystem utility is the key to Pi’s long-term value. Without it, even a Binance listing could become a massive sell-off disaster.
