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

Pi Network is facing one of the most challenging periods in its history as growing criticism from the crypto community puts its long-term credibility under the spotlight. Since its initial listing in February last year, Pi has reportedly dropped more than 90 percent in price, a decline that has sparked intense debate about whether the project has delivered meaningful progress after nearly seven years of development.

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

A central point of concern lies in the status of Pi Network’s blockchain development. Despite years of anticipation, Pi remains stuck on testnet, with no Testnet2 and no confirmed Mainnet upgrade. Protocol Version 23, which began updates last year, has yet to be fully implemented on Mainnet. For a project of Pi Network’s scale and ambition, this prolonged stagnation 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. Against this backdrop, Pi Network’s lack of visible advancement appears increasingly difficult to justify in the eyes of market participants.

Another controversial issue is the concentration of Picoin held by 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 sufficient 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 issue within the Pi ecosystem: communication. Many pioneers feel that updates from the Core Team have been limited, vague, or delayed. In an industry where transparency is increasingly valued, prolonged silence can be interpreted as disregard. After years of participation, mining, and advocacy, a segment of the Pi community believes it deserves clearer timelines, measurable milestones, and direct engagement.

Source: Xpost

From a broader crypto perspective, Pi Network’s situation illustrates a recurring challenge in Web3 development. Building a large user base is only the first step. Sustaining value requires continuous technical progress, ecosystem expansion, and real-world utility. Without these elements, even the most ambitious projects risk losing relevance. In this sense, Pi Network’s price decline may be less about market volatility and more about 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 outcomes. After seven years, critics argue that Pi Network should be operating a fully functional Mainnet with a clear upgrade path and an expanding set of decentralized applications. The absence of these developments has made it harder to defend the project’s valuation.

Supporters of Pi Network continue to argue that long-term goals require patience and that the project’s unique 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 stalled progress also raises questions about Pi Network’s positioning within the broader Web3 landscape. Web3 promises decentralization, user empowerment, and innovation, but these ideals must be supported by robust infrastructure. Without a Mainnet upgrade and protocol advancement, Pi risks falling behind technologically, regardless of its community size.

Social media discussions, including commentary shared by accounts such as @Dr_Picoin, highlight a growing divide between expectation and reality. While some community members remain optimistic, others have shifted toward skepticism, demanding accountability and concrete action. This internal tension may become a defining factor in Pi Network’s next phase.

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, converting these strengths into lasting value will require decisive action. Delivering a Mainnet upgrade, accelerating protocol development, and improving transparency could help rebuild confidence.

Ultimately, the 90 percent price drop serves as a signal rather than a verdict. It reflects how the market currently perceives Pi Network’s progress, not its potential. Whether 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 stands at a critical crossroads. The sharp decline in Picoin’s value, ongoing testnet status, and lack of protocol advancement have fueled serious concerns about leadership, development, and respect for the community. In a crypto market that rewards delivery over promises, Pi Network’s future will be shaped not by hope, but by the actions it takes next.