Pi Network announces major milestones for 2025: mainnet migration surpasses 15 million, will 2026 see a surge or crash to zero?

After years of accumulation, Pi Network achieved a crucial leap in 2025 from a closed testnet to an open ecosystem. Official and community summary data show that by the end of the year, over 17.5 million pioneers completed KYC verification, 15.8 million users successfully migrated to the mainnet, paving the way for the potential unlocking of 1.34 billion tokens in 2026.

However, the brilliant ecosystem data stands in stark contrast to the bleak market prices: PI token price plummeted over 93% from a near $3 all-time high in 2025, hovering around $0.20 at year-end. Looking ahead to 2026, the project emphasizes continuous development of practical scenarios, while the market is divided into two extreme predictions: “zeroing out” and “bullish mega rally.” Pi Network is now at a critical crossroads to prove its long-term value.

Pi Network Enters Deep Waters: Key Milestones and Strategic Shifts in 2025

For Pi Network and its millions of global “pioneers,” 2025 is no ordinary year. It marks the official transition from a long infrastructure-building phase to entering the “deep water” of open, competitive public blockchains. The most symbolic milestone is undoubtedly the launch of Open Network in February, which signaled that Pi blockchain first removed external connection restrictions, allowing its internal ecosystem to interact with the broader Web3 world. This shift means Pi Network is no longer a fully closed “testbed,” and must now face real market demands, user retention challenges, and competition with other public chains.

Community summaries generally reflect a “cautious optimism,” not driven by short-term price frenzy but based on quantifiable progress in ecosystem development. Over 215 applications were created through hackathons and developer programs, mostly via Pi App Studio, a no-code AI-assisted tool aimed at lowering development barriers. While most of these apps are still in early stages, the community views them as important stress tests for “real-world utility,” rather than mere speculative toys. Complementing this, Pi Network Ventures announced a $100 million investment plan to incubate startups connecting infrastructure, gaming, and AI use cases, such as the disclosed robot operating system OpenMind and gaming platform CiDi Games, demonstrating the project’s strategic intent to accelerate ecosystem prosperity through capital.

On the technical front, node evolution remains critical. Pi renamed its node software to Pi Desktop and launched a Linux-based node version to improve stability and accessibility. More forward-looking, the project completed a proof of concept using its distributed global node network for decentralized AI training and computation. If successful, this would create a strong practical demand for PI tokens: users paying node operators with PI for computing power. Additionally, the protocol upgraded from v19 to v23, laying a foundation for future smart contracts and more complex functionalities. All these efforts sketch a picture of a project focused on infrastructure building “beyond the noisy market.”

PI Market’s Double-Edged Sword: Extreme Market Expectations Revealed by AI Price Predictions

Contrasting sharply with the vibrant ecosystem reports is the brutal price performance of PI in secondary markets. After debuting in February 2025 and soaring near $3, PI entered a multi-month downtrend, reaching a historic low of $0.172 in early October, with an annual decline of over 93%. This “ecosystem upward, price downward” divergence has naturally sparked serious disagreements about future directions, and recent extreme price forecasts generated by AI models dramatize this split.

In the pessimistic “most bearish scenario,” PI could face further decline in 2026. The logic is clear and cold: continuous token unlocks will increase circulating supply; early participants (especially those who obtained tokens via mobile mining at zero cost) may face significant sell pressure once liquidity is unlocked. Second, if the overall crypto market continues risk-averse sentiment in 2026 without sufficient external capital, PI’s price support will be fragile. Third, and most critically, real demand for PI outside the Pi Network ecosystem remains ambiguous. Based on these concerns, the most pessimistic forecasts suggest PI could fall to $0.10, or even $0.05, representing a 50%-75% drop from current levels.

ChatGPT’s Extreme Price Scenario Predictions for PI in 2026

• Most pessimistic (zeroing out) scenario:

  • Target price: $0.05 to $0.10
  • Core logic: Bear market persists + token unlock sell pressure + lack of external utility demand
  • Potential decline: 50%-75% from around $0.20

• Most optimistic (bullish mega rally) scenario:

  • Target price: Return to $3 or even surge to $5
  • Core logic: Massive user conversion + mainstream CEX listings + crypto market enters full bull phase
  • Key premise: Converting tens of millions of “claimed users” into “active economic participants”

Meanwhile, the market’s other side is filled with equally extreme optimistic fantasies. Optimists believe Pi Network has the largest potential user base in crypto history—tens of millions of KYC-verified pioneers. If even a small portion of these can be converted into real economic participants engaging in consumption, trading, and staking within the ecosystem, internal demand could be enormous. Moreover, if PI gets listed on more mainstream CEXs, gaining liquidity and exposure, its price could rebound strongly in a new crypto bull cycle. In this “most bullish scenario,” forecasts even target a return to the all-time high of $3 or surging to $5. These two polar predictions highlight the core contradiction Pi Network faces: the huge potential user base versus the unverified economic model.

Pi Network Ecosystem’s Triple-Drive: Technology, Applications, and Capital

Setting aside short-term price disputes, a deeper look at Pi Network’s ecosystem engine in 2025 reveals a clear “three-wheel drive” strategy centered on technology, applications, and capital. This may be a more reliable basis for assessing its long-term value. First, at the technological infrastructure level, upgrades to the node network (Pi Desktop, Linux nodes) and protocol iterations (v19 to v23) underpin everything. Notably, the reimagining of node functions—from simple ledger validators to potential distributed computing providers—is significant. The decentralized AI training proof of concept with OpenMind, though early, points to a utility scenario beyond simple payments and governance, with vast imagination space.

Second, drastically lowering application creation barriers is key to activating the ecosystem. Pi App Studio, a no-code AI-driven development tool, has immediate effects. Official data shows over 51,800 independent pioneers created applications, including 13,400 chatbots and 24,400 custom apps. While quality varies, the significance lies in greatly stimulating community creativity and rapidly generating large “ecosystem samples” for testing and filtering. This is a proactive, community-driven application generation experiment, different from traditional chains waiting for professional developers.

Third, strategic capital guidance plays a role in screening and accelerating development. Pi Network Ventures’ $100 million fund targets sectors that can directly generate PI demand, enhance network utility, or attract users. Investments include the robot OS OpenMind, aiming at AI + blockchain integration and node monetization; and CiDi Games, focusing on gaming as a vertical that drives user activity and spending. This “capital + ecosystem” combo shows the project’s conscious effort to guide development and avoid chaotic, low-efficiency duplication. Whether these three forces can synergize in 2026 to produce “killer apps” remains a key observation.

From Data to Value: Challenges in KYC, Migration, and Utility Realization

Pi Network’s impressive data—over 17.5 million KYC users and 15.8 million mainnet migrators—are a “rich mine” in a high-cost blockchain world. However, in crypto, user numbers alone do not equal value; only when users become ongoing contributors and consumers of network value does the large base matter. This is the core challenge Pi must face in 2026: how to bridge from “data prosperity” to “value prosperity.”

In 2025, the project made many improvements to lower participation barriers. Fast Track KYC allows new users to enter the mainnet ecosystem faster; through system checks and AI integration, over 3.36 million “pending KYC” users were verified, significantly shortening approval queues. These measures aim to unlock more user participation and expand the potential user pool for ecosystem applications. Yet, migrating to the mainnet and holding PI in wallets is still far from “utility landing.” Practical use cases within the ecosystem remain scarce and early-stage—domain name auctions, ecosystem directory staking, testnet DEX and AMM functions have yet to form scaled, sustainable economic activities.

Therefore, the key question for 2026 is “where will the practical demand come from?” This demand could originate from several areas: first, in-ecosystem consumption, e.g., buying items or services in CiDi Games using PI; second, network transaction fees, e.g., future complex smart contract transactions requiring PI as Gas; third, node service rewards, i.e., the decentralized computing market vision; fourth, governance rights, e.g., staking PI for ecosystem decision-making. Currently, these demands are either not yet launched or very small in scale. Meanwhile, the planned 1.34 billion token unlocks in 2026 (subject to official announcements) will be another severe test of market absorption. If utility creation lags behind supply increases and sell-off pressures, prices will remain under pressure. The community’s hope for “clarified validator rewards” aims to establish a long-term incentive model to lock tokens in the network and balance supply and demand.

Governance Experiments and Future Blueprint: Pi Network’s 2026 Roadmap Outlook

Faced with great challenges and opportunities, Pi Network’s community discussions are no longer limited to immediate feature updates but are exploring deeper governance models and long-term social experiments. Some community posts propose ideas like automated and AI-assisted governance, revealing a deeper ambition: to build not just a blockchain or cryptocurrency, but to explore how, in the AI era, humans can collaborate and distribute value through new, technologically empowered organizational forms.

Co-founder Chengdiao Fan’s speech at TOKEN2049 Singapore clearly articulated this vision. She discussed how blockchain can drive real social utility and impact in the AI age, criticizing the current Web3 focus on liquidity at the expense of real-world applications. This aligns with Pi Network’s 2025 actions—emphasizing “practical utility creation” over financial speculation. Looking into 2026, we can expect the roadmap to deepen along several established directions: AI and blockchain integration exploration (more tools, more use cases), breakthroughs in gaming and entertainment (implementation of CiDi Games), diversification of node network utility (from PoC to testing), and more comprehensive developer and user economic incentives.

For millions of pioneers, 2026 will be a year to test whether patience is justified. Key milestones include: finalization of KYC and migration processes, clarification of validator reward mechanisms to enable full decentralization of the mainnet, and the emergence of one or more flagship applications attracting large daily active users. The project’s repeated emphasis on “steady development and responsible deployment” suggests it will avoid risky, aggressive moves driven by market hype. This cautious approach may miss short-term market windows but could build a more solid, sustainable ecosystem. In 2026, Pi Network needs to prove to the world that its large community is not just an illusion but a solid foundation for a thriving digital nation.

Industry Reflection: Lessons and Strategic Insights from the Pi Network Phenomenon

Pi Network’s trajectory is a highly unique case in the crypto industry. It has gathered a massive user base through a mobile “free mining” model with unprecedented low barriers, bypassing traditional project cold starts. However, it also exposes a classic industry dilemma: how to effectively convert user attention and participation into economic activity that supports token value? This is a profound lesson for all projects focused on user growth but lacking utility.

From an investment and participation perspective, a rational attitude is crucial. First, recognize that PI remains a high-risk asset. Its price disconnects significantly from fundamentals, with enormous future unlock pressures and unverified real utility. Short-term price forecasts—whether extremely bearish or bullish—are almost gambling. For existing ecosystem participants, a more pragmatic approach is to focus on ecosystem development: engage with promising applications, understand PI’s actual consumption scenarios, and observe developer activity and innovation. Improvements in these fundamentals are the true source of long-term value.

Second, the entire industry can learn from Pi Network’s case about the art of combining community power with capital guidance. Pi Network demonstrates the power of grassroots communities but also the risks of chaotic, uncoordinated growth. The establishment of Pi Network Ventures, with its strategic capital, is an attempt to steer development. How to balance and synergize bottom-up innovation with top-down planning will determine ecosystem health. For external observers, Pi’s performance in 2026 will be a test of whether “user scale” can ultimately translate into “value creation.” Its outcome, whether success or failure, will provide valuable data and lessons for building sustainable economic models in blockchain projects. Amidst hype and skepticism, maintaining independent observation and critical thinking may be the best approach to this complex story.