Here’s what happened at the first major event in the PI network:

tl; dr

The team behind the project recently summarised the first ever Pifest. Despite this, Pi’s token continues to bleed, falling below $0.7 early today.

First Pifest

Despite the controversy surrounding the project, the community continues to grow stronger. This is a story that was further examined after the end of the first Pifest rally organized by the team. A blog post published yesterday depicts the event that occurred during March 14th (called PI Day because it resembles the π number) and March 21st.

“Pifest 2025 marked the first global commerce event fully supported by open network external connections, setting a new standard for real-world PI utilities at scale,” reads the post.

The team said Pifest brought together settlers and local merchants. He can now use the open network that saw the light of day in February to “expand the adoption of local commerce digital transactions via the PI mainnet blockchain.”

The project highlighted a significant number of registered merchants at the event has increased. Additionally, the post states that over 1.8 million pioneers use PI’s maps, and the number of reviews they submitted has increased to over 45,000.

“Reflecting the growing reach and practical use of PI, I engage in real-world transactions ranging from everyday essentials to professional services. The event featured participation from a variety of business types who utilize PI wallets as a payment method for PI, including cozy cafes, fashion boutiques, car shops, and freelance designers.

In this post, we discussed Pifest as an event that exemplifies and demonstrates the practicality of Pi. With the open network currently live, “Pifest shows that Pi can support authentic commerce and strengthen the local economies around the world.”

Pi continues bleeding

Despite the aforementioned major events and other positive developments within the PI ecosystem, the project’s native token continues to suffer a fierce downfall.

The PI has dropped by 6% in the last 24 hours, below $0.7 support. Its price lost almost 78% of its value since its all-time high on February 26th. What’s even more worrying is the fact that most other crypto assets have either marked profits in the past few days or at least remained at the same level as before, while PI has dropped by 18% per week.