Pi Network 的成敗時刻：主網更新和幣價十字路口

Pi Network 的 Protocol 23 升級旨在重振苦苦掙扎的 Pi 幣。 DeFi 功能和代幣經濟調整是否足夠，或者未來會出現進一步的波動嗎？

Hold onto your hats, folks! The Pi Network is at a critical juncture. With the mainnet update on the horizon and the coin price doing the limbo, it's time to dissect what's happening and what it all means.

各位，請戴好你們的帽子！ Pi Network 正處於關鍵時刻。隨著主網更新的臨近和代幣價格的不穩定，是時候剖析正在發生的事情以及這一切意味著什麼了。

The State of Pi: A Rocky Road

《圓周率之國》：崎嶇之路

Let's be real, Pi Coin hasn't been strutting its stuff lately. Hovering around $0.2368, with daily trading volumes lower than a snake's belly, it's a far cry from its once-hyped $17 billion market cap. Community members are getting antsy, voicing concerns about slow progress and centralized control. Ouch!

說實話，Pi Coin 最近並沒有表現得那麼耀眼。徘徊在 0.2368 美元左右，每日交易量低於蛇腹，與曾經大肆宣傳的 170 億美元市值相去甚遠。社區成員變得焦躁不安，對進展緩慢和集中控製表示擔憂。哎喲!

One X user put it bluntly: "Demand is extremely down, and the on-chain usage of Pi is poor." And some traders are even whispering about a potential tumble to $0.10. Double ouch!

一位X用戶直言：“需求極低，Pi的鏈上使用率很差。”一些交易員甚至竊竊私語稱其可能跌至 0.10 美元。雙哎喲！

Protocol 23: The Great Hope?

協議23：偉大的希望？

Enter Protocol 23, stage right! This mainnet upgrade, expected in late Q4 2025 or early Q1 2026, is being touted as a potential game-changer. Aligned with Stellar Core v23.0.1, it promises enhanced scalability, efficiency, and security. Think of it as a digital shot of espresso for the Pi Network.

進入協議 23，舞台右側！此次主網升級預計將於 2025 年第四季度末或 2026 年第一季度初進行，被譽為潛在的遊戲規則改變者。它與 Stellar Core v23.0.1 保持一致，承諾增強可擴展性、效率和安全性。可以將其視為 Pi Network 的濃縮咖啡數字照片。

According to Pi community expert Dr. Altcoin, this upgrade will also bring Decentralized Finance (DeFi) features to the table, including a Decentralized Exchange (DEX) and an Automated Market Maker (AMM). Users will get to play around with tokens, create liquidity pools, and test DeFi functionalities in a secure testnet environment before the big mainnet rollout. Sounds promising, right?

據 Pi 社區專家 Altcoin 博士介紹，此次升級還將帶來去中心化金融（DeFi）功能，包括去中心化交易所（DEX）和自動做市商（AMM）。在主網大規模推出之前，用戶將可以在安全的測試網環境中使用代幣、創建流動性池並測試 DeFi 功能。聽起來很有希望，對吧？

But Wait, There's a Catch!

但是等等，有一個問題！

Dr. Altcoin throws a bit of cold water on the party, cautioning that technical improvements alone won't solve Pi's liquidity crisis. He's urging the Pi Core Team to consider measures like token buybacks or coin burns to strengthen Pi's tokenomics and restore investor confidence. Without these actions, he warns, "The network's price recovery may remain out of reach." Yikes!

Altcoin 博士給大家潑了一盆冷水，他警告說，僅靠技術改進並不能解決 Pi 的流動性危機。他敦促 Pi 核心團隊考慮採取代幣回購或代幣銷毀等措施，以加強 Pi 的代幣經濟並恢復投資者信心。他警告說，如果不採取這些行動，“網絡價格的恢復可能仍然遙不可及。”哎呀！

Glimmers of Hope?

希望的曙光？

It's not all doom and gloom, though. The next token unlock is expected to release fewer coins, potentially reducing selling pressure. Plus, 2.5 million Pi tokens have recently been moved off exchanges into self-custody wallets, suggesting that some holders are in it for the long haul. The Relative Strength Index (RSI) for Pi has also dropped to 24, indicating the token is oversold and could be due for a short-term rebound.

不過，這並不全是厄運和悲觀。下一次代幣解鎖預計將釋放更少的代幣，從而可能減少拋售壓力。此外，最近有 250 萬個 Pi 代幣從交易所轉移到了自我託管錢包中，這表明一些持有者將長期持有該錢包。 Pi 的相對強弱指數 (RSI) 也已降至 24，表明該代幣已超賣，可能會出現短期反彈。

The Verdict: A Coin Toss

結論：拋硬幣

So, what's the bottom line? Pi Coin is at a crossroads. The Protocol 23 upgrade could be the catalyst it needs to bounce back, but it's not a guaranteed success. The Pi Core Team needs to step up its game and address the liquidity issues. Otherwise, Pi Coin could be in for a bumpy ride.

那麼，底線是什麼？ Pi幣正處於十字路口。 Protocol 23 升級可能是其反彈所需的催化劑，但這並不能保證成功。 Pi Core 團隊需要加大力度並解決流動性問題。否則，Pi Coin 可能會經歷一段坎坷的旅程。

Personally, I'm cautiously optimistic. If the upgrade delivers on its promises and the team takes decisive action on tokenomics, Pi Coin might just surprise us. But until then, it's best to keep a close eye on the situation and not bet the farm on a miracle.

就我個人而言，我持謹慎樂觀的態度。如果升級兌現了承諾，並且團隊對代幣經濟採取了果斷行動，Pi 幣可能會讓我們感到驚訝。但在那之前，最好密切關注局勢，不要把農場押在奇蹟上。

Final Thoughts

最後的想法

The Pi Network saga continues! Will Protocol 23 be the knight in shining armor, or will Pi Coin continue its downward spiral? Only time will tell. But one thing's for sure: it's going to be an interesting ride. So buckle up, grab some popcorn, and let's see what happens next!

Pi Network 的傳奇還在繼續！協議 23 會成為披著閃亮盔甲的騎士，還是 Pi 幣會繼續螺旋式下降？只有時間才能證明一切。但有一件事是肯定的：這將是一次有趣的旅程。所以係好安全帶，拿點爆米花，讓我們看看接下來會發生什麼！