Founder of Pi Network, Nicolas Kokkalis, made a rare public appearance at CoinDesk’s Consensus 2025 on May 16, 2025, after years of limited visibility. His speech, focused on AI and blockchain’s role in mainstream adoption, disappointed many in the Pi Network community expecting concrete updates on the project’s progress. This article explores Kokkalis’s remarks, the community’s response, and the ongoing challenges facing Pi cryptocurrency.
Kokkalis’s First Major Public Speech
Founder of Pi Network, Nicolas Kokkalis, co-created the project in 2019 with Chengdiao Fan and Vincent McPhillip, attracting millions globally with its mobile-based, “free” crypto mining model. Until Consensus 2025, Kokkalis had remained largely out of the spotlight, with only a brief appearance in a June 2022 internal video. His keynote at the world’s leading blockchain conference in Toronto was highly anticipated by the Pi Network community as a potential turning point for the project.
Kokkalis opened with an emotional address to Pi’s global users, calling them “pioneers building a fairer digital world.” However, his speech centered on long-term visions, the integration of AI and blockchain, and the historical pace of technology adoption, rather than addressing immediate concerns about Pi cryptocurrency’s development. He acknowledged that Pi Network’s mainnet remains partially closed, emphasizing the need for proper KYC (Know Your Customer) verification, fraud prevention, and a functional economy where Pi tokens can be used. Yet, he provided no specific timeline for full mainnet activation or exchange listings, leaving many questions unanswered.
Read more: What Is Pi Network? A Beginner-Friendly Guide
Community Expectations and Disappointment
Founder of Pi Network had been hyped prior to the event, with users hoping for announcements about a complete mainnet launch or plans to list Pi cryptocurrency on major exchanges. The lack of concrete updates fueled frustration across social media platforms like X, Telegram, and Facebook. Posts described the speech as “vague” and “irresponsible,” reflecting dissatisfaction with the project’s slow progress. The Pi Network community, numbering over 60 million users, has grown increasingly vocal about the need for tangible milestones.
The market reflected this sentiment. Since the conference began on May 14, Pi tokens have plummeted over 58%. Prices dropped from $1.24 to $0.72 by May 19, 2025. This sharp decline underscores the volatility and uncertainty surrounding Pi cryptocurrency. Despite years of development, the project has struggled to deliver on its promises.
Pi Network’s Ongoing Challenges
7-day price movement of PI, screenshot from CoinMarketCap taken at 2 PM on May 19, 2025.
Founder of Pi Network, Nicolas Kokkalis, faces mounting pressure to address Pi’s limitations. Launched in 2019 and partially “open” since 2023, the project lacks critical blockchain features like smart contracts, open-source code, and external token transfers. Recent initiatives, such as domain auctions, the PiFest shopping event, and small-scale apps, have been criticized as insufficient to prove Pi tokens’ real-world utility. The absence of a clear roadmap further erodes confidence in the Pi Network community.
Online discussions highlight a divide: some users remain loyal, citing Pi’s mobile-first approach and inclusivity, while others question its viability. The project’s reliance on KYC and node deployment, as Kokkalis mentioned, aims to ensure legitimacy. However, delays in these processes have fueled skepticism. Industry observers note Pi’s massive user base offers potential. Nevertheless, without robust infrastructure, it risks losing momentum in the competitive crypto market.
Conclusion
Founder of Pi Network, Nicolas Kokkalis, stepped into the spotlight at Consensus 2025, but his speech failed to meet the Pi Network community’s expectations for clarity on Pi cryptocurrency’s future. As Pi tokens face a 58% price drop and ongoing criticism, the project must deliver substantive progress to regain trust. While Kokkalis’s vision of a decentralized, inclusive economy resonates, the crypto market demands results to sustain Pi’s global following.
