Pi Network (Pi) continues to be one of the most hotly debated topics in crypto, over a year after the project launched its Open Network in February 2025 and ahead of the Protocol 23 upgrade deadline on May 15, 2026. With tens of millions of users having participated in mobile mining, Pi has become a unique Web3 case study: building a community before utility is clearly proven. Its onboarding success has helped Pi maintain its appeal for years, but it also leaves the market questioning the network’s actual usage, liquidity, and demand.

Why Pi Still Has Believers 

Pi Network maintains its draw because the project taps into one of crypto’s strongest drivers: the opportunity for early participation. Instead of requiring mining hardware,…