Pi Network Faces Growing Criticism After 90% Drop as Mainnet Progress Halts

For many observers, the sharp drop was not a surprise. In the highly competitive cryptocurrency market, price performance is often a reflection of perceived progress rather than promises. Markets tend to reward execution, transparency and continuous development, while long delays and unclear roadmaps often lead to the erosion of trust. In the case of Pi Network, critics argue that hope alone is no longer enough to maintain trust.

A central point of concern lies in the state of development of the Pi Network blockchain. Despite years of anticipation, Pi remains stuck on testnet, with no Testnet2 and no confirmed Mainnet upgrade. Version 23 of the protocol, which began being updated last year, has not yet been fully implemented on the Mainnet. For a project of Pi Network’s scale and ambition, this prolonged stalemate has raised serious questions about development capacity and prioritization.

Comparisons with other blockchain projects further intensify the criticism. Stellar, for example, upgraded to Protocol 23 in the fourth quarter of last year and has since advanced to Protocol 25. This rapid progression highlights the pace at which established blockchain networks continue to evolve. In this context, the Pi Network’s lack of visible progress seems increasingly difficult to justify in the eyes of market participants.

Another controversial issue is the concentration of Picoin in the hands of the Pi Core Team. According to community discussions, the team controls billions of dollars worth of Pi, a fact that has fueled frustration among long-term pioneers. Critics argue that with such substantial resources, the team should be able to hire enough engineering talent to deliver a basic Mainnet upgrade. The perceived inability or unwillingness to do so has amplified concerns about governance, accountability and strategic direction.

The frustration expressed by community members reflects a deeper problem within the Pi ecosystem: communication. Many Pioneers feel that updates to the core team have been limited, vague, or delayed. In an industry where transparency is increasingly valued, prolonged silence can be interpreted as contempt. After years of staking, mining, and promoting, a segment of the Pi community believes it deserves clearer timelines, measurable milestones, and direct involvement.

Source: Xpost

From a broader cryptographic perspective, the Pi Network situation illustrates a recurring challenge in Web3 development. Creating a large user base is just the first step. Maintaining value requires continued technical progress, ecosystem expansion, and real-world utility. Without these elements, even the most ambitious projects risk losing relevance. In this sense, the Pi Network price drop may be due less to market volatility and more to unmet expectations.

The idea that markets reward progress rather than hope resonates strongly in this context. Early-stage crypto projects often rely on vision to attract users, but mature ecosystems are judged by results. After seven years, critics argue that the Pi Network should operate a fully functional Mainnet with a clear upgrade path and an expanding set of decentralized applications. The absence of these developments has made it difficult to defend the project’s valuation.

Pi Network supporters continue to argue that long-term goals require patience and that the project’s one-size-fits-all approach to identity verification and mass adoption takes time. However, patience has limits, especially in an industry that evolves at a rapid pace. As new Web3 platforms emerge with faster development cycles and clearer execution, Pi Network faces increasing pressure to demonstrate tangible results.

The stalling of progress also raises questions about the Pi Network’s positioning within the broader Web3 landscape. Web3 promises decentralization, user empowerment, and innovation, but these ideals must be supported by solid infrastructure. Without a Mainnet upgrade and protocol advancement, Pi risks falling behind technologically, regardless of the size of its community.

Discussions on social media, including comments shared by accounts like @Dr_Picoin, highlight a growing divide between expectations and reality. While some community members remain optimistic, others have become more skeptical and are demanding accountability and concrete action. This internal tension may become a deciding factor in the next phase of the Pi Network.

Despite the criticism, the situation is not necessarily irreversible. Pi Network still possesses significant advantages, including a global user base and strong brand recognition within the crypto space. However, turning these strengths into lasting value will require decisive action. Delivering a Mainnet upgrade, accelerating protocol development, and improving transparency could help rebuild trust.

Ultimately, the 90 percent price drop serves more as a sign than a verdict. It reflects how the market currently perceives the Pi Network’s progress, not its potential. Whether the Pi Network can change this perception depends on its ability to move from prolonged preparation to visible execution. For many pioneers, the message is clear: after years of waiting, progress is no longer optional.

In conclusion, Pi Network is at a critical crossroads. The sharp drop in Picoin value, the current state of the testnet, and the lack of progress of the protocol have raised serious concerns about leadership, development, and respect for the community. In a cryptocurrency market that rewards keeping promises, the future of the Pi Network will not be determined by hope, but by the actions it takes next.