Pi Network disappointed once again: Investors are reacting - Bitcoin news - Uzmancoin - Crypto and Blockchain

Pi Network announced at the beginning of April that it would introduce a new ecosystem on May 14, but despite the Open Network phase being active for over two months, the only significant development has been the transition from three centralized nodes to 23 global nodes to strengthen decentralization.

After a long-awaited announcement, the team announced the establishment of Pi Network Ventures and the Pi Foundation on May 15.

It was stated that Pi Network Ventures has a total strategic investment fund of 100 million dollars in Pi and US dollars. It was noted that the fund aims to invest in ventures by increasing the use of Pi. The Pi Foundation was announced with the statement "an organization created to ensure the long-term development of the ecosystem."

"Its slow progress is disappointing"

These initiatives have not been sufficient to meet investors' expectations. In Vietnam, one of the countries where Pi is most common, an investor named Hoang Ha said, "I haven't lost money, but the slow progress of the project after six years is disappointing."

Many users expressed similar frustrations on social media, questioning the project's potential to deliver on its promises. Some believe that the new funding announcement is merely a strategy to attract new users.

"Everything remained just talk, there are no actions"

Hoang Khang, who has been a Pi investor for four years, wrote in a Facebook group with 150,000 members, "This move seems like a way for the team to show that they are prolonging the project. There is no serious ecosystem development in sight; if there is, it is too slow and testing users' patience." Another individual stated, "The team had announced during the launch of Open Network in February that they would introduce 100 decentralized applications, but we have not seen any progress. Now they are announcing a $100 million fund, but there is no transparency. So far, everything has remained just talk; we are not seeing any action."

Before the announcement made by Pi Network, Pi, which was at the level of 1.69 dollars, decreased to 0.71 dollars, marking a decline of nearly 60 percent.

Launched in 2019 with the idea of "one-touch mining via phone", Pi Network has frequently been a topic of warning by crypto experts due to its "meme-coin-like" structure. Vietnam stands out as one of the countries with the most miners. Nearly six years later, on February 20, the project activated its mainnet (mainnet), allowing users to trade Pi on exchanges.

Despite this, the lack of smart contract functionality and the non-sharing of the code as open source causes Pi Network to still be seen as an incomplete blockchain initiative. So far, only limited updates have been provided. These include the domain name auction feature, the PiFest shopping campaign, and a few small-scale applications.

Published: May 19, 2025 17:59Last Updated: May 19, 2025 18:00