After years of accumulation, Pi Network achieved a crucial leap from a closed testnet to an open ecosystem in 2025. Official and community summary data show that by the end of the year, over 17.5 million pioneers completed KYC verification, and 15.8 million users successfully migrated to the mainnet, paving the way for the potential unlocking of 1.34 billion tokens in 2026. However, the brilliant ecosystem data contrasts sharply with the bleak market prices: the PI token price plummeted over 93% from its nearly $3 all-time high in 2025, hovering around $0.20 at the end of the year. Looking ahead to 2026, the project team emphasizes continuous development of practical scenarios, while the market is divided into two extreme predictions: "zeroing out" and "bullish rally." Pi Network is standing at a critical crossroads to prove its long-term value.