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Summary
2025 was a watershed year for Pi Network – not only in a technical sense (Open Mainnet in February), but also as proof that a mobile-first cryptocurrency can achieve massive adoption on a global scale. While the price of Pi fell by 53% during the year, the number of users (Pioneers) increased by 30-50%, offering a contrast between speculative pricing and fundamental growth. In the broader context, Bitcoin and Ethereum experienced volatility in 2025, regulatory pressure (MiCA in the EU) shaped the market, and altcoins lagged, while Pi Network exhibited an interesting phenomenon: dominance in Asian and African markets despite low global price discovery.
Article content 📖
Estimated reading time: 11 minut
- Summary
- Podcasts [en][cz]
- Infographic [en][cz]
- 1. Pi Network in 2025: Technology vs. Price
- 2. Pi Network Price: Disconnect from fundamentals
- 3. Bitcoin and Ethereum in 2025: Volatility at its peak
- 4. Global Cryptocurrency Market: Regulation and Consolidation
- 5. Comparison: Pi Network vs. Bitcoin vs. Ethereum in 2025
- 6. Key learnings from 2025
- 7. Perspective for 2026
- 8. Conclusion
- 📌 What next?
- Resources
- Related articles …
- PiNetwork
Podcasts [en][cz]
Explanation [Video][English]
A structured, comprehensive overview that links together individual pieces of information from an article in English.
Detailed Analysis [Audio][English]
Live conversation between two moderators, discussing and connecting topics from the article in English.
Explanation [Video][Czech]
A structured, comprehensive overview that links individual pieces of information from the article in Czech.
Detailed analysis [Audio][Czech]
Live conversation between two moderators, analyzing and connecting topics from the article in Czech.
Infographic [en][cz]
Pi Network – Growth and Challenges 2025 [Infographic][English]
A contrasting year for Pi Network [Infographic][Czech]
1. Pi Network in 2025: Technology vs. Price
Technical milestones
Pi Network reached several critical milestones in 2025:
| Milestone | Date | Status | Impact |
|---|---|---|---|
| Open Mainnet Launch | February 20, 2025 | ✅ Done | End of closed testnet (3+ years) |
| KYC Grace Period End | 14. March 2025 | ✅ Done | 19–22M verified users |
| Mainnet Migrations | January–December | ✅ In progress | 15,7M+ users migrated |
| ISO 20022 Compliance | 22. November 2025 | ✅ Done | Readiness for CBDC integration |
| Protocol 23 Upgrade | Q4 2025 | ✅ Testnet | DEX + AMM on testnet |
| Token Unlock (Jan 2026) | January 2026 | ⏳ Waiting | 134M PI tokens (15x higher than December) |
User base: exponential growth vs. limited liquidity
Number of users (Pioneers):
- January 2025: 47 million
- July 2025: 47–50 million
- December 2025: 60–70 million (estimated, officially 60M+)
- Growth: +30–50% during the year
KYC-verified (key for mainnet):
- March 2025: 19–22 million
- December 2025: 22+ million (no official update)
- Penetration: Only ~33–37% of total user base
Mainnet migrations:
- February 2025: 10,14 million (Open Mainnet milestone)
- July 2025: 13+ million
- December 2025: 15,7+ million
- Penetration: Only ~26% of the total user base
Interpretation: Massive growth in users, but critical limitation in qualified/migrated users. This suggests that the ecosystem is still evolving and liquidity remains fragmented. KYC has become a bottleneck – despite the Pi Core Team lowering the barriers, many users are unclear in the manual as to why KYC is required.
2. Pi Network Price: Disconnect from fundamentals
Price development 2025
| Period | Price | Market cap. | trend |
|---|---|---|---|
| January 2025 | ~ $ 0,43 | ~$3,5B | High expectations |
| July 2025 | ~ $ 0,45 | ~$3,48B | Near maximum |
| December 2025 | $0,2029 | $ 1,70B | -53% YoY |
Decline analysis
Main factors:
- Arbitrage between markets: Pi remains primarily on OKX, Bitget, Gate.io – no Binance listing (and Binance community votes “no”)
- Supply pressure: Token unlocks continue on schedule (8,7M in December, 134M in January 2026)
- Overestimated expectations: Many Pioneers thought the $3,00+ price was legitimate; the reality is starvation bankruptcy
- KYC bottleneck: The inability of 70% of users to activate the wallet limits actual use
Interesting: Although the price dropped -53%, Pi Network was most followed token in Asia (37,7%) and Africa (43%) during February 2025 (according to CoinMarketCap data). This suggests that sentiment is still bullish in emerging markets, where the availability of money and the peer-to-peer economy are critical.
3. Bitcoin and Ethereum in 2025: Volatility at its peak
Bitcoin: Outsized Opportunity, Weak Ends
| Metric | Value |
|---|---|
| January 1, 2025 | $94,419.76 |
| January 31, 2025 (closing) | $102,405.03 (+8,5%) |
| ATH 2025 | ~$110,000+ (May) |
| December 30, 2025 | $87,883.00 (-14,2% since January) |
| Q1 2025 performance | -10,52% (should have been strong) |
| 6M performance | + 17,24 % |
| YoY (from last year) | + 74,11 % |
Interpretation: Bitcoin had a strong March 2024-May 2025 (+$110K ATH), but the rest of the year was bearish. December ended significantly lower than it started. This suggests that institutional interest in the first months of the year had waned, and altcoins had lost further credibility.
Ethereum: Insufficient Rally
| Metric | Value |
|---|---|
| January 1, 2025 | $3,353.50 |
| December 30, 2025 | $2,934.22 (-12,5%) |
| YoY (from last year) | + 41 % |
| 1 year YoY | -12,60% |
| Q1 2025 performance | -6,02% |
Interpretation: Ethereum lagged behind Bitcoin. Despite maintaining “Layer 2” activity and a DeFi ecosystem, investors prefer Bitcoin (Bitcoin dominance at 61% during Q1). Ethereum was drowning in an “altcoin season” that never came – the CMC Altcoin Season Index remained below 25 (Bitcoin Season).
4. Global Cryptocurrency Market: Regulation and Consolidation
Market capitalization and dominance
| Time point | Global cap | trend |
|---|---|---|
| January 2025 | ~$3,0T | Strongly |
| Q1 2025 | $2,71T | -16,87% |
| July 2025 | $3,4+ billion (crypto investment products) | Recovery |
| December 28, 2025 | $2,97T | Slight decline |
Findings:
- Bitcoin dominance: 61% (consistently high) → “Bitcoin Season”
- Altcoins: They are falling behind drastically
- Stablecoins: $ 209,9B (from top 10 issuers) – USDT remained at 67,3%, USDC expanded to 23,4%
- Ethereum: only -12,60% YoY, but lags behind Bitcoin
Regulatory framework: MiCA EU transforms the market
Markets in Crypto-Assets (MiCA):
- Full implementation: December 30, 2024
- CASP License: Mandatory from 1 January 2025 for all operators in the EU
- Penalty: Minimum €500,000 for illegal operations; €700,000+ for individuals
- Impact: ~90 companies authorized as CASP by December 2025
Pi Network relevance:
- ISO 20022 compliance (November 22, 2025) → CBDC readiness
- Goal: Integration with banks and traditional financial systems
- Challenge: Absence of Binance listing limits availability and price discovery in the EU
5. Comparison: Pi Network vs. Bitcoin vs. Ethereum in 2025
| Aspect | PiNetwork | Bitcoin | Ethereum |
|---|---|---|---|
| User base (2025) | +40% (47M→70M) | N/A | N/A |
| Dinner (2025) | -53% | +8,5% (year) | -12,5% |
| Technological readiness | ✅ Open Mainnet | ✅ Mature | ✅ Mature |
| Regulatory alignment | ✅ ISO 20022 | ⚠️ Still disputes | ⚠️ Still disputes |
| Market sentiment | 🌏 Asia/Africa (HIGH) | 🌍 Global (MEDIUM) | 🌍 Global (LOW) |
| Liquidity | ❌ Limited (3 exchanges) | ✅ Everywhere | ✅ Everywhere |
| Wallet activation | 26% (15,7M/60M) | N/A | N/A |
6. Key learnings from 2025
What Pi Network did well
- Open Mainnet launch (February) – end of 3+ years of testnet
- Massive user growth – 60–70M users, dominance in Asia/Africa
- Regulatory compliance – ISO 20022, MiCA-ready
- Development ecosystem – 100+ dApps on testnet (100+ mainnet-ready)
- Community suspension – Although the price fell, sentiment remained in emerging markets
What went wrong
- Price – -53% during the year
- Liquidity – Limited to 3 exchanges; excluding Binance
- KYC penetration – Only ~33% of users verified; migrations are lagging behind
- Price discovery – OKX Europe (from November 28) is a new opportunity, but OKX has limited global reach
- Supply schedule – 134M tokens unlock in January 2026 will create huge pressure
7. Perspective for 2026
Critical moments
| Event | Hour | Importance | Impact |
|---|---|---|---|
| 134M PI Token Unlock | January 2026 | 🔴 CRITICAL | Selling pressure, stability test |
| Binance listing | ? | 🔴 CRITICAL | +300% price (speculation) or -50% (without it) |
| Smart Contracts on Mainnet | Q1 2026 | 🟡 HIGH | Utility ecosystem |
| CBDC integration tests | 2026 | 🟡 HIGH | Mainstream adoption |
Scenarios
Bullish scenario (30% probability):
- Binance listing in Q1 2026 → Price $0,50-1,00
- Successful absorption of 134M unlock without collapses
- Smart Contracts on mainnet → 47M dApps users
- OKX Europe expansion → EU penetration
Base case (50% probability):
- Price remains $0,20–0,40
- Mainnet is gradually growing, but liquidity is limited
- Binance delay → 2027
- Regulatory compliance holds, but market sentiment is sluggish
Bearish scenario (20% probability):
- 134M unlock in January → Massive drop to $0,10
- Binance “no” result → Credibility damaged
- KYC compliance failure → Users are leaving the project
- Regulation (MiCA) requires further changes
8. Conclusion
The year 2025 was a year of refinement for Pi Network. Although the price has fallen -53%, the fundamentals show massive user growth (+40%) a technical readiness (Open Mainnet, ISO 20022)In contrast, Bitcoin and Ethereum experienced turbulence – Bitcoin ended lower than it started; Ethereum lagged.
Important statement: Pi Network has become phenomenon in Asia and Africa, dominating sentiment at a scale of 37,7% (Asia) and 43% (Africa) during February. This suggests that as global finance becomes more democratized, a low-barrier peer-to-peer ecosystem (mobile mining) has real potential.
Yet: Without a Binance listing and without sufficient KYC penetration (33%), 2026 will be a key year to test whether Pi Network is really ready for mainstream adoption, or will it remain limited to mobile-first markets in Asia/Africa.
📌 What next?
- Follow updates – Binance listing and token unlock in January are critical
- Verify your KYC – If you don't have it yet, get it now (before 134M unlock)
- Discuss with the community – What is your scenario for 2026?
👉 Subscribe to our newsletter for Pi Bazar – Pi Network articles
👉 Follow us on social media for live updates
Resources
- CoinMarketCap: Bitcoin, Ethereum, Pi Network historical prices (January–December 2025)
- Pi Network Blog: Mainnet updates, KYC statistics, token unlocks
- ESMA: MiCA implementation report
- Chainalysis: 2025 Crypto Regulatory Round-Up
- Coinpedia: Pi Network Network Growth Q4 2025
- Gate.io, OKX, Binance: Pricing and market data (December 2025)
Related articles …
PiNetwork
Pi Network Announcement
PiNetwork is a blockchain-based cryptocurrency project that aims to allow users to mine coins Pi using smartphones. The project aims to promote the adoption of cryptocurrencies.
The project was launched by doctoral students at Stanford University in 2019. PiNetwork offers users a simple and environmentally friendly way of mining Pi coins by simply opening the app and pressing a button once a day.
One of the features of the Pi network is that users can increase mining speed by expanding their network. Pi Network also aims to increase the value Pi coins by allowing users to create and use web applications on the platform Pi.
PiNetwork is currently launching its mainnet. To to Pi Network To join, you must download the mobile app and enter an invitation code. PiNetwork is an innovative project that aims to pave the way for the future of cryptocurrencies.
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After 30 minings you will pass KYC (Know Your Credit), so remember to enter your real name when registering. If you register incorrectly, you will lose 20% as a penalty.
For more detailed information and reasons for registration, please see here.
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