Pi Network Hit by Major Securities Fraud Lawsuit — What It Means for Pi Coin Holders

A little over three months since Pi Network officially opened its blockchain to external access, the ambitious cryptocurrency project is beginning to reveal its potential beyond mobile mining. The transition from a closed environment to an open blockchain marks a significant step in Pi’s evolution, with signs of real-world activity now visible across various sectors.

Launched in February 2025, the Open Network phase represented a major shift for Pi Network. For years, Pi had operated behind closed doors, building a vast community of users while keeping its blockchain isolated from the broader crypto ecosystem. The Open Network changed that dynamic. Now, developers, businesses, and individual users can connect, create, and interact directly on the Pi blockchain — laying the groundwork for a functional and accessible Web3 economy.

A Surge in Participation and Adoption

Since the Open Network launched, Pi Network’s Mainnet user base has grown to over 13 million verified users, a jump fueled by over 3 million new members joining the blockchain in just 100 days. This growth has been matched by an increase in on-chain activity.

Pi Network reports that more than 7.4 billion Pi tokens have been migrated to the Mainnet during this period. Of these, 5.2 billion Pi have been locked by users — an indication of long-term confidence in the ecosystem — while 2.2 billion Pi remain unlocked and available for transactions, commerce, and app use.

Pi Network Ventures: A $100 Million Commitment

In a clear signal of its ambitions, the Pi Foundation unveiled Pi Network Ventures, a $100 million startup fund aimed at nurturing innovation on the Pi blockchain. The fund, held in a mix of Pi tokens and US dollars, is designed to provide capital to entrepreneurs and developers building practical solutions within the Pi ecosystem.

One of the fund’s first areas of focus is gaming — an industry where social interaction, digital payments, and community-driven experiences naturally align with Pi’s strengths. To demonstrate the potential of blockchain-enabled gaming, the foundation introduced FruityPi, a game that tests in-game payments, wallet functionality, and the integration of ad revenue using Pi’s infrastructure.

Encouraging Peer-to-Peer Commerce

In March, Pi Network organized PiFest, the project’s first major commerce initiative since opening its blockchain. The week-long event was aimed at encouraging the use of Pi tokens in real-world transactions, especially in informal markets and underserved regions where access to traditional banking services remains limited.

The results were promising: over 125,000 sellers registered for the event, and about 58,000 actively participated by listing goods or services. Community-built tools like the Map of Pi app saw a surge in usage, with more than 1.8 million visitors during PiFest. Over 45,000 reviews were submitted by participants, helping to strengthen trust and reliability in Pi-based commerce.

Building Digital Identity Through .pi Domains

Another significant milestone for Pi Network has been the introduction of its domain name system. The launch of .pi domains offered users the chance to bid on personalized domain names within the Pi ecosystem, positioning these digital assets as the building blocks of identity across apps and services on the blockchain.

In just 100 days, the domain auction drew more than 123,000 bids from 57,000 unique users, generating over 3 million Pi in domain bids. These .pi domains are designed to function as consistent digital identities across different Pi-enabled platforms.

Strengthening Developer Access and App Discovery

Recognizing that developer participation is crucial to ecosystem growth, Pi Network rolled out a series of updates aimed at streamlining app creation and discovery. A new developer portal allows qualified developers to list their apps directly without needing manual approvals, accelerating innovation and availability.

In addition, Pi expanded access to its Pi Ad Network, enabling more developers to monetize their applications and encouraging further app development on the blockchain. User-facing improvements were also made to the Mainnet app interface, making it easier for individuals to find and engage with Pi-powered applications.

Focus on Security and Improved Account Management

Security has remained a priority as Pi Network scales up. Recent updates include enhanced two-factor authentication for wallet migrations — now using email verification instead of SMS, offering greater reliability and reducing regional restrictions.

Pi Network’s Open Network completes 100 days with 13M users, $100M fund, growing apps, .pi domains, and signs of real-world crypto adoption.

Source: The Crypto Times https://t.co/OANtYRk5dD

— Mr Spock 𝛑 (@MrSpockApe) June 20, 2025

Pi also upgraded its Know Your Customer (KYC) process, addressing bugs that had slowed down user verification and adding new verification options such as Yoti. Furthermore, users now have expanded account recovery tools, including the ability to update phone numbers through a secure liveness check, offering more flexibility without compromising security.

What Comes Next for Pi Network?

The first 100 days of Pi Network’s Open Network phase have been defined by steady progress, meaningful partnerships, and the beginnings of real-world crypto adoption. With Pi Network Ventures actively supporting startups and the tools in place to onboard both developers and users, the true test will be sustained usage and growth.

As Pi moves beyond its origins as a mobile mining experiment, its future will depend on its ability to convert community enthusiasm into lasting utility — creating a blockchain ecosystem where apps thrive, businesses transact, and users find value in holding and using Pi tokens.

If the momentum of the last 100 days is any indication, Pi Network could emerge as one of the most significant projects in the ongoing evolution of the decentralized digital economy.

Writer @Erlin

Erlin is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

 Check out other news and articles on Google News

Disclaimer:

The articles published on hokanews are intended to provide up-to-date information on various topics, including cryptocurrency and technology news. The content on our site is not intended as an invitation to buy, sell, or invest in any assets. We encourage readers to conduct their own research and evaluation before making any investment or financial decisions.

hokanews is not responsible for any losses or damages that may arise from the use of information provided on this site. Investment decisions should be based on thorough research and advice from qualified financial advisors. Information on HokaNews may change without notice, and we do not guarantee the accuracy or completeness of the content published.

Related Posts