Pi Network is facing criticism following the announcement of the $100 million Ventures fund aimed at supporting startups on the ecosystem. As per recent reports, the Pioneers (community behind the project), have questioned the delayed ecosystem advancements and delivery timelines.
The platform announced the Pi Network Ventures fund on May 14, 2025. But, long-term users feel frustrated by the Pi team. Many argue that the development fund sidelines the issues within the project which have often gone unattended. Users are concerned about Pi Network’s delayed mainnet launch, unfulfilled dApp features, and poor onboarding.
Concerns Over Delayed Pi Mainnet launch and Incomplete dApps
Pi Network was launched on March 14, 2019. And since its launch, the development team promised to create a blockchain ecosystem that is user friendly. A core condition for its open mainnet launch was the availability of at least 100 decentralized applications (dApps). However, many users now claim that most of these apps remain non-functional or are still in early development stages.
In a recent post on X, Blockchain researcher Dr. Altcoin aired his concerns about Pi Network’s unfulfilled app promises. “The recent launch of Pi Network Ventures has sparked frustration across the community—and for good reason. After six years of dedication, mining, promoting, and waiting, Pioneers expected a thriving ecosystem. Instead, we have learned that most of the promised 100 dApps still do not exist, and a 100 million dollar fund will now be used to build them,” he wrote.
The Pi Core Team’s Latest Move Leaves Pioneers Behind
The recent launch of Pi Network Ventures has sparked frustration across the community—and for good reason. After six years of dedication, mining, promoting, and waiting, Pioneers expected a thriving ecosystem. Instead, we… pic.twitter.com/046ayH4Ntz
— Dr Altcoin (@Dr_Picoin) May 15, 2025
Pi Network’s official roadmap focuses on having a fully decentralized network where users can trade Pi coins in a self-sustaining ecosystem. But, the development team has delayed the mainnet launch from 2022 to 2025. Even as of May 2025, most network activities are still happening in a closed environment, with not much transparency and user control.
Pi Community Faces Delayed Referral Rewards and KYC Delays
Besides a lag in mainnet launch, Pioneers are also complaining that they have not received the promised referral and ambassador bonuses. These rewards are meant to help build the Pi community and drive network adoptions. But, users claim that they have been waiting for years without getting paid for helping build the network.
“Most Pioneers never earned over 1000 Pi—not due to inactivity, but because referral rewards were never credited, and Ambassador bonus promises were quietly ignored,” Dr Altcoin claimed.
KYC verification also remains a challenge for users. Users have to wait a long time to get verified while others get rejected without clear reasons for the rejections. As a result, millions of Pi Network miners have not been able to mine at full capacity, particularly those in regions with inadequate digital infrastructure.
The community is also asking questions about the project’s advertising revenue. Pi Network has run in-app ads for years. Dr. Altcoin questioned how the millions in ad income have been used.
These concerns, together with the recent fund launch, have deepened mistrust among users who have supported the project since 2019.
Google Form Fundraising Raises Red Flags Amid Market Drop
Another analyst criticized the process used to collect applications for the new fund. ETO, the CEO of Earnathon noted that interested developers are being asked to submit proposals using a public Google Form. “This is a big shame, as big as PiCoreTeam claimed, you apply for their 100m pi network venture application with Google form,” he wrote on X.
Blockchain ventures typically use specialized funding portals or smart contract-based systems to manage such applications. Critics argue that Pi Network’s approach appears unprofessional and raises privacy and data security concerns.
Meanwhile, market reaction to the announcement has been sharp. The price of Pi Coin has dropped below $1 as criticism looms. As at press time, Pi coin is trading at $0.8757, according to CoinMarketCap data. Analysts attribute this decline to negative sentiment surrounding the Pi Network Ventures fund.
“Clear proof the announcement did not meet expectations. If it had, the market would have reacted with confidence, not disappointment,” Dr Altcoin claimed.
A Call for Transparency and Developer Support
Industry experts suggest that Pi Network must improve its communication and developer tools. While the Pi Network project claims to have 47 million users, network activity happening on the blockchain is still unclear. Experts are not able to verify the blockchain’s activity since the mainnet is closed.
Additionally, Pi Network’s hackathons have not led to enough functioning apps to support the ecosystem. Unless there are clear rewards for developers, the adoption of Pi Network will continue to lag.
Nonetheless, Pi Network will still keep the rollout of mainnet and dApps on hold. Both users and developers will keep a close eye on the ecosystem as they seek substantial progress.
