The Mystery of the Pi Network Mainnet Closure: Why Do 47 Million Users Still Believe in a Valuation of 310,000 USD?

Pi Network has attracted over 47 million users worldwide with its mobile-first Mining approach. However, as of mid-October 2025, the Pi Network Mainnet is still in the “closed mainnet” stage, having been delayed for eight months since its launch in February 2025.

The unofficial IOU market price hovers between $0.21 and $0.26. After a 90% crash, the community-driven “Global Consensus Value” (GCV) movement is calling for an extreme valuation of $314,159 per Pi. The third GCV conference will be held on October 19, and this confrontation between group belief and market reality reveals a unique phenomenon.

Pi Network Mainnet's “closed” strategy and latency concerns

Pi Network is at a critical moment. As of mid-October 2025, the network is still in a strategic “closed Mainnet” phase, which aims to build a strong, utility-oriented ecosystem before a full public release. This unique development model has sparked enthusiastic discussions within the community about its future direction, unofficial price fluctuations, and the profound impacts that the dynamics of “crowd power” will bring in the cryptocurrency space, which is typically dominated by large institutional participants.

The so-called “closed Mainnet” means that although the Mainnet has technically been launched, external transfers and free trading are still restricted. Only users who have completed KYC verification can migrate the Pi earned from Mining to the Mainnet, and Pi on the Mainnet cannot be freely transferred out to external exchanges. This semi-open state has lasted for eight months (since February 2025 to date), far exceeding the community's initial expectations.

The core team's official explanation for this latency is: more time is needed to complete KYC verification, establish ecosystem applications, and ensure network security. They emphasized that rushing to open the Mainnet could lead to tokens being manipulated by speculators, the interests of true pioneers being compromised, and the ecosystem being overly financialized before it matures. However, a considerable portion of the community is concerned about this lengthy timeline, believing that an indefinite “closure” might mask deeper issues—such as overly centralized token distribution, lack of transparent communication from the core team, and insufficient technical strength to support the opening.

Price fluctuations in unofficial markets and the harsh reality

Unlike most cryptocurrencies, Pi coin has not yet been officially listed on mainstream exchanges, making traditional price analysis quite challenging. However, the unofficial “IOU market” can provide some speculative perspectives on investor sentiment. As of mid-October 2025, these unofficial valuations hover between $0.21 and $0.26.

This price range is vastly different compared to the peak when the Pi Network Mainnet was just launched. In September 2025, the price of Pi dropped nearly 48%, reaching a historic low of $0.184, and then slightly rebounded to the current $0.21. From an unofficial valuation peak close to $3 at the beginning of the year, Pi has evaporated over 90% of its market value. This decline has shattered the dreams of many miners who were hoping to get rich overnight.

Although the Average True Range (ATR) indicates lower volatility around October 8, 2025, the Relative Strength Index (RSI) shows an oversold condition, suggesting that the market is still under potential pressure. The project faces a potential bearish trend, partly due to the anticipated token unlock - once the Pi Network Mainnet is fully launched, a large number of previously locked tokens will flood the market. If the thriving ecosystem fails to meet the community's high expectations for usability, these unlocked tokens could translate into significant selling pressure.

Limitations and Risks of IOU Markets

It is worth noting that the current unofficial price is formed under extremely constrained market conditions. The IOU (I Owe You) market is essentially a futures trading - buyers are purchasing a promise to receive Pi in the future, rather than actual Pi tokens. The liquidity of this market is extremely shallow, and the price discovery mechanism is distorted, making it difficult to reflect the true supply and demand relationship after the Pi Network mainnet is fully open.

Once the Mainnet is open, tens of millions of pioneers will be able to trade their Pi freely. Assuming each active user holds an average of 1000 Pi (this is a conservative estimate, as many early users may hold tens of thousands or even hundreds of thousands), the potential circulating supply could reach hundreds of billions. If such a supply suddenly floods the market without a corresponding increase in demand, prices may face significant further declines.

GCV: 314,159 USD Collective Belief

In stark contrast to these unofficial market fluctuations, a community-driven “Global Consensus Value” (GCV) movement has emerged, with a valuation of 314,159 dollars per Pi. This number is not chosen arbitrarily—it represents the first six digits of the mathematical constant π (pi), and this metaphor adds a touch of mystery and idealism to the movement.

This GCV represents a strong collective belief in the long-term potential and fundamental value of the project, rather than a reflection of the current market supply and demand relationship. Supporters believe that the true value of Pi should not be determined by short-term speculative trading, but rather based on its network scale, technological potential, and social impact. They believe that once the Pi Network Mainnet is fully open and the ecosystem matures, the value of Pi will far exceed the current market price.

The GCV movement is preparing for its third meeting to be held on October 19, 2025, to solidify its community-driven valuation. This collective action demonstrates the organizational ability and strength of belief within the Pi community, but it also raises external doubts—whether this valuation, which is detached from market reality, is visionary insight or a collective self-deception?

Value Exceeds Price: The Collision of Ideals and Reality

This dichotomy highlights the contrast between the Pi Network and the concepts of traditional crypto-economics, prioritizing intrinsic utility and broad accessibility over speculative trading. The core team's repeatedly emphasized philosophy is “value over price, community over speculation.” This concept is theoretically appealing—if cryptocurrencies are indeed to become tools for inclusive finance, practical applications and user interests should be prioritized over short-term price speculation.

However, there is a huge gap between ideals and reality. In the current structure of the cryptocurrency market, price is the core signal for capital allocation. If the price of Pi continues to be sluggish, developers will lack the motivation to build applications in its ecosystem, investors will withdraw, and media attention will decline. Even if Pi's technology and concepts are superior, if they cannot be reflected in the price, it will ultimately be difficult to attract resources and talent.

This dilemma is not unique to Pi, but rather a fundamental challenge faced by all projects attempting to “reshape” the rules of the cryptocurrency market. You may dislike the speculative nature of the current market, but you cannot completely ignore it. Pi Network must find a balance between adhering to ideals and adapting to reality.

Highlights of Ecological Construction and Hackathon Results

Despite the sluggish prices, the ecosystem construction of the Pi Network Mainnet continues to push forward. The ongoing protocol v23 upgrade, the soon-to-be-completed testnet, and the recently concluded hackathon (with an awards ceremony scheduled for October 15, 2025) all highlight its relentless pursuit of creating practical value. The hackathon offered 160,000 PI tokens as rewards, attracting global developers to participate, with submitted projects covering various fields such as gaming, finance, and social interaction.

According to reports, there are already over 210 active applications and 23,000 projects under development in Pi Studio, highlighting the potential impact of this crowdsourced ecosystem due to its vast network scale. If these numbers are accurate, the developer ecosystem of Pi is already quite substantial in scale. The question is, what is the quality of these applications? How many actual users are there? Are they merely hastily submitted demos to claim rewards, or are they products that genuinely meet user needs?

The recent developments of Pi Network depend on several key advancements. First is the transition from a “closed Mainnet” to a fully “open Mainnet,” aimed to be achieved in the second half of 2025. This transition hinges on whether the KYC verification process for its vast user base can be completed smoothly. Secondly, it is expected that the protocol v23 will be upgraded to the Mainnet in the fourth quarter of 2025 or early 2026, which will be another important milestone, anticipated to enhance stability and functionality.

Strategic Significance of Stellar Soroban Integration

Strategically, Pi Network is actively seeking integration with Stellar's Soroban smart contracts, which will significantly expand its capabilities in decentralized finance (DeFi), AI payments, and tokenization. This integration indicates that Pi Network's ambitions for its Mainnet go far beyond simple mobile Mining and aim to become the foundation for various Web3 applications.

Stellar is a mature payment blockchain, and its Soroban smart contract platform offers high performance and low cost advantages. If Pi can successfully integrate Soroban, it will gain mature smart contract capabilities without having to build from scratch. This “standing on the shoulders of giants” strategy could accelerate the development of the Pi ecosystem.

The Ultimate Test of Collective Power

The success of Pi Network ultimately depends on its ability to convert its massive user base into tangible utility and sustainable value within the ecosystem, which will prove that “the power of the crowd” can indeed challenge traditional market structures. For cryptocurrency investors and enthusiasts, Pi Network represents an engaging yet controversial large-scale cryptocurrency application experiment.

Although its “closed Mainnet” strategy has frustrated some due to its long cycle, the original intention is to establish a robust and practical ecosystem before full marketization. Key indicators and events to watch include: the official launch of the Pi Network Mainnet, the successful deployment of protocol v23, the ongoing growth and practicality of the dApp ecosystem, and the progress of KYC verification work.

Ultimately, the journey of the Pi Network will serve as an experiment to test whether “the power of the crowd” can successfully navigate the complexities of the cryptocurrency market and establish a sustainable, value-driven digital currency. If successful, Pi could pioneer a new paradigm for the democratization of cryptocurrency; if it fails, it will become yet another case of idealism colliding with the harsh realities of the market.