Is Pi Network dead? What really went wrong behind the hype

Pi Network, launched in 2019, promised easy mobile cryptocurrency mining, attracting millions of users. Its Stellar Consensus Protocol aimed for energy efficiency, unlike Bitcoin's proof-of-work. The project's roadmap included a mainnet launch and token trading, but this was significantly delayed. The mainnet launch in early 2025 was followed by a price spike and then a sharp decline, losing over 70% of its value. Lack of real-world utility and limited spending options hampered its growth. Skepticism arose due to the core team's centralized control, lack of transparency, and issues with exchange listings. Problems included withdrawal difficulties and suspected price manipulation on various exchanges. The project's high initial trading volume decreased dramatically, raising questions about its authenticity. Many users remain unable to access or withdraw their Pi tokens. While not a classic scam, Pi's referral-based system, data collection, and lack of transparency raise concerns. Recovery requires increased transparency, real-world utility, broader exchange listings, and genuine decentralization. However, regaining momentum after the price drop and declining user engagement will be difficult.