Pi Network launches $100M Ventures fund to drive real-world crypto use, but community questions lack of DApps and ongoing delays.

Pi Coin plunges over 45% amid token unlock and community backlash, losing $5B in market cap and falling from top 20 rankings.

Pi Network, the cryptocurrency project known for its mobile mining app and vast community, is launching a $100 million Ventures fund to support startups building real-world use cases for the Pi cryptocurrency.

The fund, which is part of the nonprofit Pi Foundation, will be used to invest in startups that are creating innovative solutions in areas such as decentralized finance (DeFi), Web3 applications, and blockchain technology. The fund is also focused on supporting startups that are developing solutions for underserved communities around the world.

“We are excited to be launching this new ventures fund to support the next generation of startups who are working to build a better future with cryptocurrency,” said Dr. Zahra Kalantri, the president of the Pi Foundation. “We believe that these startups have the potential to make a real difference in the world, and we are proud to be supporting them.”

The ventures fund is part of Pi Network’s broader two-track growth strategy. While the fund will be focused on select high-potential businesses, the other track will be driven by grassroots efforts, hackathons, open development tools, and builder platforms aimed at energizing the global Pioneer community to innovate with Pi.

This initiative follows the recent launch of Pi’s Open Network phase, designed to allow the token to integrate with other apps and systems, facilitating broader cryptocurrency adoption.

However, despite years of development, members of the Pi community say there’s little to show in terms of functioning decentralized applications (DApps).

Influential figure Dr. Altcoin called the $100M fund announcement “a betrayal,” highlighting that after six years, the core team has yet to deliver on its commitment of launching 100 working DApps.

He added that the Pioneer base, boasting around 70 million users worldwide, feels neglected. Many users, despite early contributions, couldn’t even reach 1,000 Pi tokens due to limited referral rewards and inconsistent communication.

This lack of transparency and progress has left many feeling sidelined.

The project’s token, Pi Coin (PI), has seen better days. After briefly touching $1.5, PI dropped over 45% this week as part of a broader crypto market downturn.

The token fell from the top 20 crypto list, now trading at $0.88 and losing $5 billion in market cap. This follows a 5.2 million token unlock, leading to increased selling pressure.

Meanwhile, trading volumes soared 35% to reach $951 million, indicating high volatility despite the fund aiming to shape a stronger future for Pi. However, the project must first regain trust within its own community.