In 2025, the cryptocurrency market is regaining vitality, with Bitcoin showing robust movement, buoyed by factors such as the proliferation of spot ETFs. However, has this wave reached the Pi Network, which boasts one of the world’s largest communities? This article delves into five structural challenges faced by Pi Network, which answer the common question, “Why isn’t Pi’s price increasing?” We will explore these challenges with objective data.

### Challenge 1: The “IOU Price” Dilemma – Disconnected from the Market

Many users are most concerned about the “price” of Pi, but the figures currently displayed on some exchanges do not reflect the actual value of Pi Coin. These are “IOUs (I Owe You),” which are essentially promissory notes, where the “right to exchange for real Pi coins in the future” is traded speculatively. While this IOU price can indicate market expectations, it is decoupled from the project’s intrinsic value. Therefore, it does not directly correlate with the price increases of other cryptocurrencies like Bitcoin. Unawareness of this fact can lead users to feel left out of the broader market movement.

### Challenge 2: The Barrier of a “Closed Mainnet” – Isolated from the Outside

The primary reason Pi Network has not been listed on exchanges is its current “Closed Mainnet” phase. This means the network is confined within the Pi ecosystem, preventing free movement of coins to and from external blockchains or exchanges. Major exchanges like Binance do not list projects that cannot ensure asset security or liquidity. Until this “wall” is overcome and Pi transitions to an “Open Mainnet” accessible to everyone, it cannot acquire significant market value.

### Challenge 3: “Immature Ecosystem” – Lack of Proven Utility

The true value of a cryptocurrency is determined not by speculative price but by its utility – “what it can be used for.” Pi Network aims to expand its ecosystem of usable applications (dApps) and has set a goal of deploying 100 dApps. However, as of 2025, no killer app has emerged that strongly attracts many users, and the specific use cases for Pi Coin remain limited. The lack of clear answers to questions like “What can I buy with Pi?” or “What useful services can I access?” is a major factor in the project’s stagnating value.

### Challenge 4: “Expectation vs. Reality Gap” in a Massive Community

The Pi Network’s greatest asset is its massive community, reportedly tens of millions strong worldwide. However, due to its sheer size, a significant gap has emerged between user expectations and project progress. The impatience and frustration among users who have been mining for years, asking “When can I cash out?” are frequently seen within the community. As long as there is a discrepancy between the grand vision presented by the project team and the concrete benefits users seek in their daily lives, there is a risk of the community’s enthusiasm gradually diminishing.

### Challenge 5: Project “Progress Opacity” and Trust Issues

Many users feel a lack of transparency regarding the core team’s activities and the roadmap. The absence of clear conditions or specific timelines for the Open Mainnet transition often makes users wonder if the project is genuinely progressing. Delays in KYC (Know Your Customer) verification and reports of technical issues in the migration process also contribute to eroding trust. While regulatory compliance and security are important, insufficient visibility into progress breeds skepticism about the project.

### Conclusion: Observing a Grand Experiment with an Objective View

Pi Network appears to be left behind by the overall market surge, but this is due to five clear, structural challenges: the unique nature of IOU trading, the technical constraint of a closed mainnet, an immature ecosystem, the gap between community expectations and reality, and the opacity of project progress.

This project, which began with the ease of “mining on your phone,” has grown into a grand social experiment involving tens of millions of participants worldwide. However, its success is far from guaranteed. It is now imperative for each user to correctly understand the current challenges, avoid being swayed by excessive expectations or anxieties, and calmly observe the future of this project, making their own informed decisions.