Pi Network’s Red Flags You Can’t Ignore

This article is based on the Quantify Crypto Research Report for Pi Network dated March 13th, 2025, with updated data. Since that report, Pi Network has declined by 78% from its price of $1.65. At the time of writing, Pi Network is trading at $0.3569.

Red Flag Checklist for Pi Network

Extremely Long Testnet to Mainnet Transition: Timeline: Pi Network launched its testnet in December 2020. Before its offical mainnet launch almost 4 1/2  years later, and it still has not fully opened its mainnet.  The project claims to be in “Open Mainnet Phase III”, but continues to impose limitations and extend migration periods, suggesting the ecosystem remains partially enclosed. From the Pi Network website "the Mainnet is live but with a firewall that prevents any unwanted external connectivity".  

No Future Roadmap: The Pi Network website roadmap page states : " This roadmap was developed and maintained prior to the launch of the Pi’s Open Network ... As of the transition to the Open Network, this roadmap is no longer being updated or maintained ... This roadmap should be considered a historical reference only and should not be relied upon for current or future planning, or development decisions".

KYC Implementatin and Delays: Pi Network’s KYC process has been repeatedly delayed.  A tweet on February 28, 2025 announced yet another extension for KYC and Mainnet migration: “The KYC and Mainnet migration deadlines for the Grace Period have been extended one last time to 8:00am UTC on March 14, 2025...”.   At the time of this writing the Pi Network website states "The Open Network period will begin depending on the maturity of the Enclosed Network ecosystem and the progress of the network’s KYC".  As of August 7th, Pi Network is still in "Open Mainnet Phase III Open".

Inflated Engagement Claims ? : 60+ million engaged members are promoted on their website. Despite this, there's limited on-chain activity or evidence of real-world utility that supports the value proposition.

Referral-Based Growth Model (Pyramid Scheme Concerns): Growth is driven heavily by referral incentives, which many researchers and critics have compared to pyramid schemes. No transaction fees or blockchain-based use case supports this model, suggesting it's built on viral marketing more than product substance.

Lacking Any Real Use Case: While the mobile mining app was a novel concept, the actual use of Pi tokens is extremely limited. Pi Network still does not allow external wallets or real-world utility beyond its own closed app ecosystem.

Lowest Fundamental Score on Quantify Crypto: Based on our evaluation system, Pi Network has received the lowest possible score on fundamental analysis.

While Pi Network boasts huge user numbers and potential, it still lacks the core functionalities expected from a top-tier blockchain project. The extensive delays, absence of real-world use cases, and overhyped marketing raise red flags that cannot be ignored. Until Pi demonstrates tangible value and open blockchain interaction, it remains a highly speculative and risky project.

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