Pi Network creates Web3 record! 17.5 million verified users' smart contract activated

Pi Network has enabled smart contracts on its testnet, supporting decentralized application (dApp) development. Over 17.5 million users have completed KYC verification, making it one of the largest verified communities in the Web3 space. The number of mainnet nodes is expected to increase nearly tenfold by 2025, indicating high network participation and a continuously increasing level of decentralization. With the launch of smart contracts, developers can test payments, logic, and on-chain interactions in a real environment.

Smart Contract Launch Marks Transition from Theory to Practice

(Source: X)

Pi Network has achieved a major technological breakthrough: smart contracts are now live on the testnet. This update opens the door for developers to build real applications on the Pi blockchain, marking the network’s shift from the theoretical stage to the practical stage. Community members emphasize that this transition is more significant than short-term price fluctuations; they focus more on infrastructure development. After the deployment of smart contracts, developers can test payments, logic, and on-chain interactions in a real environment, laying the groundwork for future mainnet applications.

The launch of smart contracts is a milestone for Pi Network. Over the past few years, Pi has been in the “closed mainnet” and “KYC verification” phases, with core functions limited to token transfers and basic wallet operations. The lack of smart contracts has prevented Pi from supporting complex applications like DeFi, NFTs, and gaming, severely limiting ecosystem development. Now, with the testnet smart contract deployment, developers can finally build truly decentralized applications. Pi is transforming from a simple “mining” project into a blockchain platform with practical functionality.

The Pi team and supporters view this phase as a long-term effort. Their goal is not hype but actual application. This attitude contrasts with the current continuous decline in Pi token prices. When the price drops from the community-claimed GCV of $314 to the market price of about $0.19, the technical team remains focused on infrastructure rather than market hype. Whether this “product-first” strategy can ultimately translate into value remains to be seen over time.

Three Major Significance of Pi Network Smart Contract Launch

Unlocking dApp Development: Complex applications like DeFi, NFTs, and games can finally be built and tested on Pi

Real Environment Testing: Testnet provides an environment similar to mainnet for verifying logic and performance

Ecosystem Activation: Expanding from single functions (transfers) to a full blockchain platform, preparing for mainnet launch

Blind_Lounge Demonstration: Hackathon-winning app showcasing the potential of KYC network in privacy applications

The Double-Edged Sword Effect of 17.5 Million KYC Users

The true uniqueness of Pi Network lies in its large user base. Over 17.5 million have completed KYC verification, making Pi one of the largest verified communities in the Web3 space. This is crucial because identity information is often missing in the crypto world, and anonymous wallets pose risks for trust-dependent applications. Pi’s approach disrupts this model: every KYC-verified Pi user represents a real person.

This real-name verification creates a safer environment for social apps, payments, and markets. Supporters often mention Blind_Lounge, an app that recently won at a hackathon. It leverages Pi’s verification network to enable anonymous interactions while reducing spam and abuse, demonstrating how identity and privacy can coexist. For many developers, this balance is the true value of the Pi system. Pi’s users are spread across more than 230 countries/regions, allowing even small applications to reach a substantial user base.

However, the 17.5 million figure is also controversial. Pi claims to have over 50 million registered users, but only 17.5 million have completed KYC, about 35%. This means many registered users either gave up on verification or are not truly active. A more critical question is how many of these 17.5 million KYC users will continue to use the network after mainnet opens? Currently, Pi’s token price is about $0.19, far below early users’ expectations. This disappointment may lead many users to sell immediately after mainnet launch.

Node Growth of Nearly 10x Reflects Decentralization Progress

In addition to smart contracts, Pi Network has seen significant growth in participation. According to community updates, the number of mainnet nodes will increase nearly tenfold by 2025. This growth indicates that more operators want to support the network directly. Nodes play an invisible but vital role, helping validate network activity and maintaining resilience. The ever-increasing number of nodes also reduces reliance on a few providers, contributing to greater decentralization over time.

The surge in node numbers reflects community confidence in Pi Network’s long-term vision. Running a node requires hardware resources, network bandwidth, and time, with no immediate short-term economic incentives. Users willing to run nodes are typically strong supporters who believe in Pi’s long-term value. This unpaid contribution is extremely valuable in blockchain projects, representing genuine community strength rather than speculative hired hands.

However, the authenticity of this node growth still needs verification. Pi Network’s node operation threshold is relatively low; users can participate using personal computers or cloud servers. This low barrier promotes growth but may also mean individual contributions are lightweight. In contrast, Ethereum’s nodes require staking 32 ETH (about $95,000) and have strict operational requirements, ensuring node operators are serious. Whether Pi nodes’ quality and stability can support large-scale mainnet operation remains unknown.

Pi App Studio’s Ecosystem Strategy to Lower Barriers

Pi Network is committed to enhancing app usability. Through Pi App Studio, even non-technical users can create simple applications. The idea is straightforward: identify a real problem and build a small solution. This approach mainly targets everyday scenarios like local businesses, community tools, and simple services. The strategy to lower development barriers aims for rapid ecosystem expansion by involving more participants rather than relying solely on professional developers.

Community voices believe this is Pi Network’s advantage. Human contributions, verified identities, and participation create shared value. Developers are not chasing speculation but focusing on practicality. With the launch of smart contracts and increasingly mature tools, Pi enters a new stage. Technology is online, the user base is large, and the focus shifts to product delivery. The next few months will reveal how much of this potential can be converted into truly usable products. Yet, a real challenge remains: can low-barrier development produce high-quality applications? When everyone can build apps, how do we ensure security and user experience? Whether Pi’s ecosystem can incubate killer apps will determine if this network with 17.5 million KYC users can truly go mainstream.