Pi Network (PI) after 1 year: growth, challenges and what lies ahead

Despite remarkable progress, PI has collapsed by almost 95% from its ATH.

Over the past twelve months, the core team has rolled out multiple upgrades as the ecosystem continues to evolve. Yet the price of PI has fallen sharply, the project still faces several challenges, and some pioneers have increasingly expressed criticism. The main question now is whether the coming developments can trigger a decisive comeback for PI or whether the bears will continue to hold the lead.

Happy first birthday, PI

Exactly one year ago, Pi Network launched its Open Network. The initiative made PI publicly accessible and allowed exchanges to list it among the first to jump on the bandwagon: Bitget, OKX, and MEXC.

On its debut day, the asset’s valuation varied by platform, ranging from $1.68 to $1.72. Interest from traders and investors was high in the following days and PI reached an all-time high of around $3 in late February last year. Meanwhile, its market capitalization exploded above $18 billion, placing the coin among the 15 largest cryptocurrencies.

However, the peak was short-lived and PI moved straight south in the following months. Some reasons that may be suppressing the price include the continued unlocking of tokens, declining interest from market participants, accusations that the project could be a scam, and Binance’s inaction.

The world’s largest crypto exchange was rumored to follow Bitget, OKX, and MEX in listing PI: a move that could boost the token’s value by increasing its liquidity, visibility, and overall legitimacy. It even held a community vote to ask its customers if they wanted the assets available on the platform. While over 86% of participants selected the ‘yes’ option, Binance has yet to grant their wish.

PI has seen sporadic price rebounds in recent months, driven by upgrades announced by the team at Pi Network, but is currently trading around $0.17, which represents a staggering 94% drop from its all-time high.

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Some updates focused on the verification process, which has long been a source of frustration for many users. For example, in September 2025, the team unveiled Fast Track KYC – a feature that allows Pioneers to join the Mainnet ecosystem “earlier than ever before.”

In October, it was revealed that more than 3.36 million additional users had successfully completed the required verification procedures following the release of a system process that performs essential checks on preliminary KYC cases. Just a few weeks ago, the team unveiled a technical upgrade that would allow multiple Pioneers to pass the Miannet migration. Specifically, they claimed that the approximately 2.5 million users who were previously unable to migrate will be unblocked.

Other notable developments in the past twelve months include the launch of Pi Network Ventures (a Pi-related fund focused on $100 million of investments in innovative startups), the project’s entry into the AI ​​space via Pi App Studio, the introduction of the first Hackathon, and a partnership with CiDi Games to accelerate engagement in Web3 gaming.

Most recently the Core Team revealed that the migration to Protocol v19.6 has been completed successfully. “Next is v19.9 – the final step before v20. Node operators should ensure they are upgraded and stay tuned for further instructions,” the X message said.

What lies ahead?

Many members of the Pi Network community believe that 2026 could be successful. to claim that there is something “big” on the horizon. Some have pointed out March 12 is an important date as a major upgrade related to Pi DEX activation is expected to go live. If confirmed, the launch could play an important role in strengthening user trust and increasing the use of PI in the real world.

In the meantime there are rumors spread that leading exchanges, such as Kraken, may soon offer trading services for the token.

Pioneers also keep a close eye on March 14 – a date known throughout the community as Pi Day because of its symbolic similarity to the mathematical constant π (3.14). Pi Network expanded its ecosystem on that day in 2025, and it remains to be seen if a similar move will happen this year.