Core Strengths and Development of Pi Network
Since its launch, Pi Network has attracted a large number of global users with its unique "mobile-first mining" model. The project aims to enable ordinary users to participate in cryptocurrency mining without expensive hardware or specialized technical knowledge through a smartphone application, significantly lowering the barrier to entry. As of mid-2026, Pi Network has over 60 million registered users, with approximately 19 million users having completed KYC verification, and about 16 million wallets migrated to the mainnet. The estimated number of active on-chain addresses is around 13 million, making it one of the largest user communities in the cryptocurrency space.
In terms of technical development, Pi Network's open mainnet was launched on March 14, 2026, enabling external connections and real Pi coin transfers. On May 11, 2026, Protocol 23 was activated on the Pi mainnet, introducing full smart contract functionality and paving the way for decentralized applications such as Pi DEX, lending protocols, and Pi Launchpad to deploy from the testnet to the mainnet. The Pi Network team, led by Stanford University graduates Nicolas Kokkalis and Chengdiao Fan, is committed to building a Web3 platform, including developer tools, identity verification, and a marketplace for applications and services. Pi App Studio now also supports mainnet Pi payment integration.
Furthermore, Pi Network adopts a consensus mechanism based on the Stellar Consensus Protocol (SCP), which significantly reduces energy consumption compared to Bitcoin's PoW system, making it a more environmentally friendly cryptocurrency solution.
Ethereum's Established Position and Robust Ecosystem
Ethereum, as the world's leading smart contract platform, has established a mature and diverse blockchain ecosystem. It is one of the most widely used underlying networks for decentralized applications (dApps), DeFi projects, and NFT platforms. Ethereum is renowned for its powerful smart contract capabilities and the Ethereum Virtual Machine (EVM), providing a solid foundation for developers to deploy various decentralized applications.
In terms of consensus mechanisms, Ethereum successfully transitioned from Proof-of-Work (PoW) to Proof-of-Stake (PoS) in September 2022, focusing on enhancing network sustainability and scalability. The Fusaka upgrade implemented in December 2025 further introduced the PeerDAS protocol, aiming to improve network scalability. As of August 14, 2026, Ethereum's current price is approximately $1,872.49, with a market capitalization of about $225.939 billion to $227.93 billion, and a 24-hour trading volume of approximately $7.33 billion to $7.64 billion. Since January 2024, Ethereum's average transaction fees have dropped from over $2 to below $0.02, significantly improving user experience.
Challenges and Doubts Faced by Pi Network
Despite Pi Network's large user base and positive technical progress, its potential to surpass Ethereum still faces numerous challenges and doubts:
- Ecosystem Maturity: While Pi Network is actively building its ecosystem, there is still a significant gap compared to Ethereum's extensive and mature ecosystem in dApps, DeFi, and developer tools. Pi needs to establish more real-world use cases and robust network functionalities to attract developers and users.
- Value Realization and Market Performance: The market remains cautious about the value realization of Pi coin. Pi coin reached a peak of $2.10 after its mainnet launch in February 2025 and an all-time high of $2.99 in early 2025. However, as of August 1, 2026, Pi coin is trading at approximately $0.0873, with a market capitalization close to $961.9 million. The price has significantly dropped from its high, reflecting that the market is still awaiting proof of its widespread utility.
- Degree of Decentralization: Pi Network's decentralization approach focuses on ease of use and community building, but there are still certain centralized aspects in its consensus model, which differs from Ethereum's highly decentralized vision.
- Activity Gap: There is a significant gap between Pi Network's registered users and actual active on-chain users. Despite having tens of millions of registered users, the estimated daily active wallets are only 20,000 to 32,000, and daily transaction volume is estimated to be 50,000 to 100,000 (unverified), indicating that most users are not actively participating in transactions or ecosystem interactions.
Analysis of Potential to Surpass Ethereum
Whether Pi Network can surpass Ethereum depends on its ability to transform its massive user base into an active, valuable, and decentralized ecosystem. Its mobile mining and user-friendliness indeed offer superior accessibility compared to Ethereum, opening new avenues for cryptocurrency popularization. Some community members believe that Pi's chart trend is similar to Ethereum's early days, signaling potential explosive growth.
However, Ethereum is more mature in terms of decentralization, ecosystem diversity, and market value, with its smart contract functionality and EVM having become industry standards. Pi Network's complexity lies in creating real-world systems that can operate seamlessly at scale and support diverse users and applications, rather than just securely executing smart contracts. Market optimism suggests that Pi's innovative model and user base might eventually rival Ethereum, but this hinges on significant breakthroughs in its ecosystem development and mainstream adoption.
Conclusion
Pi Network, with its unique mobile mining and vast user base, demonstrates immense potential for popularization and has made progress in mainnet and smart contract functionalities. However, Ethereum, as a mature smart contract platform, boasts a deep ecosystem, strong technical capabilities, and significant market value. For Pi Network to truly challenge Ethereum's position, it needs to overcome challenges such as ecosystem maturity, value realization, and decentralization, transforming its existing user base into active on-chain participation and rich practical applications. Its future development still requires market and time validation.
