Pi Network co-founders Nicolas Kokkalis and Chengdiao Fan made their first public appearance at a Seoul meetup to address community concerns as Pi Coin's price tumbled more than 50% in late September. The executives reaffirmed their commitment to long-term utility development over short-term market performance, highlighting the platform's 60 million engaged users and $100 million venture fund launch.
What to Know:
- Pi Network's founders appeared publicly for the first time in Seoul as their token lost over half its value in September
- The platform claims 60 million engaged users, 350,000 testnet nodes, and 14 million completed KYC verifications
- Pi unveiled a $100 million venture fund and AI-powered App Studio tool for non-technical developers
Founders Address Market Volatility With Long-Term Focus
Nicolas Kokkalis and Chengdiao Fan used their Korean community appearance to redirect attention from Pi Coin's recent price collapse to their broader ecosystem strategy. Fan positioned Pi Network as a multi-faceted platform extending beyond cryptocurrency into social networking and developer tools.
The co-founder emphasized Pi's existing scale, noting 350,000 testnet nodes prepared for mainnet transition and over 14 million users completing Know Your Customer verification processes. Fan described the platform's evolution from simple cryptocurrency to comprehensive utility ecosystem.
"Pi is a lot of things…We are a cryptocurrency, a social network, a developer platform, and a utility-focused ecosystem… Our next stage is continuing to expand the community and ecosystem, emphasizing utility and going beyond," Fan stated during the event.
Kokkalis reflected on Pi's origins, recalling early struggles to recruit 54 initial adopters in shopping mall demonstrations. He stressed community building over market speculation as the project's core strength.
The founders directly addressed Pi Coin's price volatility, which saw the token trading at $0.2616 with a 4% decline in 24-hour periods following the September crash. Their appearance came amid widespread speculation about unofficial exchange listings and community frustration over price performance.
New Initiatives Target Developer Adoption and Venture Backing
Pi Network launched App Studio, an artificial intelligence-powered development tool designed for non-technical users to create applications within the ecosystem. The platform reports thousands of applications built during the tool's first three months of operation.
The initiative represents Pi's attempt to democratize blockchain development beyond traditional coding expertise. Fan positioned grassroots app creation as fundamental to the network's expansion strategy.
Complementing individual developer efforts, Pi introduced Pi Ventures with $100 million in funding for teams aligned with the platform's vision.
The venture fund targets what founders describe as "high-potential, disruptive teams" building on Pi's infrastructure.
Fan warned against cryptocurrency's "value extraction culture," arguing that sustainable growth requires focus on real-world applications rather than speculative trading. He emphasized that legitimate Pi tokens exist only on officially recognized, KYB-approved exchanges.
Addressing Technical Challenges and Community Concerns
The founders tackled persistent community issues surrounding KYC processes, infrastructure scaling, and trust verification. Fan highlighted Pi's unique KYC approach, which has processed millions of users without requiring upfront fees from participants.
This clarification followed recent ecosystem improvements addressing KYC bottlenecks that had created user frustration over transparency and migration delays. The verification process remains contentious among community members citing various operational concerns.
Kokkalis acknowledged technical challenges inherent in scaling blockchain infrastructure to accommodate tens of millions of daily users. He noted that Pi's user base requirements exceed typical blockchain project capacities by significant margins.
The executives warned against scams and unauthorized tokens, emphasizing that only officially approved exchange listings represent legitimate Pi trading opportunities. Their statements addressed ongoing community confusion about token authenticity and trading venues.
Understanding Key Terms
Know Your Customer (KYC) verification requires users to provide identity documentation to comply with financial regulations and prevent money laundering. Know Your Business (KYB) processes apply similar verification standards to commercial entities and exchanges.
Testnet nodes represent preliminary network infrastructure that validates transactions and maintains blockchain integrity before full mainnet deployment. Mainnet transition marks the shift from testing environment to live, production-ready blockchain operation.
Closing Thoughts
Pi Network's founders used their Seoul appearance to reinforce long-term development priorities despite significant token price declines and community skepticism. Their emphasis on utility development, venture funding, and infrastructure scaling reflects an attempt to maintain project momentum amid market volatility and operational challenges.