After years of silence, Nicolas Kokkalis, the co-founder of Pi Network, made his first public appearance at the Coindesk Consensus 2025 event on May 16. However, instead of addressing the pressing concerns of millions of users, Kokkalis delivered a vague and long-term vision-focused speech that left the community disillusioned. The lack of concrete updates caused the PI price to plummet by over 52%, dropping from $1.24 to $0.731 at the time of writing.
A Long-Awaited Appearance
Nicolas Kokkalis is no stranger to the crypto world. Alongside co-founders Chengdiao Fan and Vincent McPhillip, he launched Pi Network in 2019, attracting millions of users with its unique proposition: “mine free coins using your phone.” Despite its popularity, Kokkalis has largely remained out of the public eye since his last appearance in an internal video in Chengdiao Fan. This prolonged absence fueled skepticism about the project’s seriousness and transparency.
The anticipation for his speech at Coindesk Consensus 2025 was immense. Many hoped Kokkalis would finally announce the launch of the complete mainnet, provide a clear roadmap, or reveal plans for listing PI tokens on major exchanges.
A Speech Focused on Vision, Not Action
Kokkalis opened his presentation with an emotional tribute to the global Pi Network community, referring to them as “pioneers building a more equitable digital world.” However, the rest of his speech failed to deliver tangible updates that users have been eagerly awaiting.
Instead of discussing the progress of the network’s opening or development plans, Kokkalis focused on broader topics such as the role of AI , blockchain infrastructure, and the importance of overcoming technological adoption barriers.
“Pi Network is not fully open yet. We don’t just want to open; we want to open properly with KYC, anti-fraud systems, and an economy where Pi can be truly used.”
While this statement acknowledged the challenges ahead, it lacked specificity and timelines, leaving users frustrated. He mentioned ongoing efforts to implement KYB (Know Your Business) and expand network nodes but provided no concrete schedule for these initiatives.
Community Backlash and PI Price Plunge
The announcement of Kokkalis’s appearance had created a wave of excitement within the Pi Network community. Users expected clarity on critical issues such as the mainnet launch, token utility, and exchange listings.
However, when these expectations went unmet, disappointment quickly turned into backlash. Social media platforms like X (formerly Twitter), Telegram, and Facebook were flooded with criticisms.
“Vague,” “irresponsible,” and “disappointing” were among the most common descriptors used by disgruntled users.
Since the event on May 14, the price of PI tokens has dropped dramatically, reflecting the community’s loss of confidence. From $1.24, the price fell to $0.731, marking a staggering 52% decline.
Persistent Concerns About Pi Network’s Progress
Despite being operational since 2019 and promising to “open the network” starting in 2023, Pi Network remains incomplete as a blockchain project. Key elements such as smart contracts , open-source code, and the ability to transfer tokens outside the ecosystem are still missing.
Recent features introduced by the project, including domain name auctions, PiFest shopping events, and small applications, have failed to convince users of the practical utility of PI tokens. These initiatives are seen as insufficient to justify the hype surrounding the project.
Uncertainty Surrounding the Future
The absence of a clear timeline for the mainnet launch and token functionality raises doubts about Pi Network’s readiness to transition into a fully operational blockchain. While Kokkalis emphasized the importance of ensuring proper safeguards like KYC and anti-fraud systems, his reluctance to commit to specific milestones has left many questioning whether the project will ever materialize as promised.
For now, the future of Pi Network remains uncertain. Without actionable updates and a transparent roadmap, regaining user trust will be an uphill battle.
