Pi Network
PI
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Pi Network (PI) receives a synthesized overall score of 3.85/10. On the technical and community side, PI demonstrates active development with recent protocol updates and maintains a large, highly engaged global user base driven by its mobile mining model. However, the project faces severe structural and fundamental headwinds: governance remains completely centralized under the Core Team with closed-source core repositories, and independent, third-party security audits of its consensus and core protocols are entirely absent. Tokenomics are highly unfavorable due to massive dilution risks (circulating ~11.09B out of 100B max supply), continuous monthly unlock and migration sell pressure, and an absence of utility sinks. Furthermore, liquidity is fragmented with low trading volume, the token has suffered an unrecovered ~97% drawdown from ATH, and the project faces significant regulatory actions, specifically: 'In February 2025, Chinese authorities designated Pi Network as illegal fundraising, a police warning affecting approximately 30 million users.'
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Pi Network (PI)
Pi Network (PI) is a mobile-first Layer-1 blockchain project designed to facilitate accessible cryptocurrency mining and peer-to-peer payments. Founded by Stanford PhDs Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, the network allows users to mine tokens through a mobile application and participate in ecosystem transactions. The protocol has progressed through protocol updates such as Protocol 19, 26, and 27, supported by published developer SDKs and Node.js packages.
The network has a hard cap of 100 billion PI tokens, allocated as 65% to the community, 20% to the Core Team, 10% to the foundation, and 5% for liquidity. With approximately 11.09 billion tokens in circulation, the asset faces continuous sell pressure from monthly unlocks, mining emissions, and ongoing community wallet migrations. Protocol development and governance remain centralized under the Core Team, with no decentralized autonomous organization (DAO) or on-chain voting mechanisms. Additionally, the core consensus codebase is closed-source, and independent third-party security audits of the primary protocol remain absent.
Pi Network has faced notable market, legal, and operational challenges. The token experienced an approximate 97% price crash from its February 2025 all-time high of $2.98 down to roughly $0.09, accompanied by low trading volume relative to its valuation. In February 2025, Chinese authorities designated Pi Network as illegal fundraising, issuing a police warning affecting an estimated 30 million users. The project has also experienced internal governance challenges, including a past co-founder lawsuit regarding management and financial disputes, as well as reported transaction failures during network wallet migration periods.