自2月20日PI Network Mainnet推出以來，它的目標是其雄心勃勃的目標。但是，它也面臨著實質性的批評

自2月20日PI Network Mainnet推出以來，它的目標是其雄心勃勃的目標。然而，它也面臨著實質性的批評。

Since its mainnet launch on February 20, Pi Network has been making headlines for its ambitious goals and facing substantial criticism.

自2月20日的主網啟動以來，PI Network一直因其雄心勃勃的目標並面臨實質性批評而成為頭條新聞。

With an impressive user base of reportedly 60 million, also known as Pioneers, keeping a close eye on its performance, Pi Network has come under scrutiny for its underwhelming price performance, lack of decentralized applications (dApps), and other issues.

據報導，有6000萬的用戶群（也被稱為先驅者）密切關注其性能，PI Network因其巨大的價格性能，缺乏分散申請（DAPP）和其他問題而受到審查。

This has raised questions about whether the project can meet the high expectations of its massive community.

這引發了有關該項目是否可以滿足其龐大社區的高期望的疑問。

Here are five key areas of underperformance that emerged as focal points for observers in early 2025.

以下是2025年初的觀察者的五個關鍵領域，成為觀察者的焦點。

1. Absence of Binance Listing Despite Community Vote

1。儘管社區投票

A primary concern among Pioneers was the lack of listing on major cryptocurrency exchanges, particularly Binance. In a February community vote, 86% of participants voted in favor of listing Pi Coin (PI).

開拓者的主要關注點是缺乏在主要的加密貨幣交換（尤其是binance）上上市。在2月份的社區投票中，有86％的參與者投票贊成上市Pi Coin（PI）。

However, despite this show of support, Binance, known for its stringent listing criteria, decided not to include PI.

然而，儘管有這種支持，但以其嚴格的清單標準而聞名的Binance決定不包括PI。

On May 15, the exchange posted its logo on X (formerly Twitter) featuring several mathematical symbols, including π, sparking speculation among Pioneers. Still, no official listing announcement followed.

5月15日，交易所在X（以前為Twitter）上發布了其徽標，其中包括幾個數學符號，包括π，引發了先驅者之間的猜測。儘管如此，尚未遵循官方上市公告。

This is what happens when devs touch art with 0 design sense. pic.twitter.com/8kzFW8KcEM

當開發人員觸摸藝術具有0個設計意義時，就會發生這種情況。 pic.twitter.com/8kzfw8kcem

— Binance (@binance) May 15, 2025

- binance（@binance）2025年5月15日

The absence of a listing led to renewed scrutiny over Pi Network’s credibility. Binance applies a rigorous evaluation process before listing any asset.

缺乏上市導致對PI網絡的信譽進行了重新審查。在列出任何資產之前，Binance應用了嚴格的評估過程。

The exchange considers user adoption, business model viability, relevance, tokenomics, technical security, team background, and compliance with regulatory standards. The decision not to list Pi Coin may indicate that the project failed to meet one or more of these critical benchmarks.

交易所認為用戶採用，業務模型可行性，相關性，代幣學，技術安全，團隊背景以及遵守監管標準。不列出PI硬幣的決定可能表明該項目未能符合這些關鍵基準中的一個或多個。

“I now better understand why Pi is not listed on major exchanges such as Binance and Coinbase. It is likely that the Pi Core Team has not been transparent enough about the locking and burning mechanism involving the billions of Pi coins currently owned by the PCT,” Pioneer Dr. Altcoin posted on March 22.

“我現在更好地理解了為什麼不在諸如Binance和Coinbase之類的主要交易所中列出PI。PI Core團隊很可能對涉及PCT目前擁有數十億個PI硬幣的鎖定和燃燒機制的透明度不夠透明，” Pioneer Altcoin博士於3月22日發布。

Coinbase, another top exchange, also abstained from listing Pi, further fueling disappointment among Pioneers about the token’s potential for mainstream adoption. Nonetheless, Pi Coin is available for trading on HTX, Bitget, MEXC, and OKX.

Coinbase是另一位頂級交流，也棄權不列出PI，進一步激發了先驅者對代幣主流採用潛力的失望。儘管如此，PI硬幣還是可以在HTX，BITGET，MEXC和OKX上進行交易。

2. Price Performance Fails to Impress

2。價格表現未能給人留下深刻的印象

Pioneers have been actively mining Pi Coin for around six years, anticipating major gains. However, its price performance on exchanges was a letdown for many.

開拓者已經積極地挖掘PI硬幣已有六年了，預計會有重大收益。但是，它在交流上的價格績效對許多人來說是令人失望的。

Upon launch, Pi Coin was listed on OKX with a floor price of just $2, a stark contrast to its IOU trading value, which reached several hundred dollars in 2023.

推出後，Pi Coin在OKX上列出，平價僅為2美元，與其IOU交易價值形成鮮明對比，該價值在2023年達到了數百美元。

The underwhelming debut worsened as PI dipped below the $1 mark shortly after listing. While the token rebounded to an all-time high of $3 in late February, the rally was short-lived.

列出後不久，PI下跌以下1美元以下時，首次亮相的處女作惡化了。雖然代幣在2月下旬反彈至3美元的歷史最高點，但集會卻是短暫的。

PI soon resumed its downtrend, falling below $1 again by late March. Last week, the level was briefly reclaimed as support. Yet once more, PI failed to hold above it.

PI很快恢復了下降趨勢，到3月下旬再次下跌低於1美元。上週，該水平被短暫地作為支持。然而，Pi再也沒有握住它。

These declines came despite some bullish catalysts. The launch of the Pi Ventures Fund was followed by a sharp price drop rather than a recovery. Additionally, Pi Network founder Nicolas Kokkalis made a rare public appearance at Consensus 2025 on May 16.

儘管有一些看漲的催化劑，但這些下降還是下降了。 Pi Ventures基金的成立之後是價格下降而不是恢復。此外，PI Network創始人Nicolas Kokkalis於5月16日在2025年共識中罕見地公開露面。

Many hoped it would restore investor confidence. Instead, the token plunged. BeInCrypto data showed that PI dipped 42.6% over the past week. At press time, Pi Coin’s price was $0.7, down 3.1% over the past day.

許多人希望這將恢復投資者的信心。取而代之的是，令牌墜落。 Beincrypto的數據顯示，過去一周的PI下降了42.6％。發稿時，Pi Coin的價格為0.7美元，過去幾天下跌了3.1％。

As reported by BeInCrypto, allegations of insider selling and concerns about a potential rug pull have further compounded investor worries.

據Beincrypto報導，內幕銷售和對潛在地毯拉力的擔憂的指控使投資者的擔憂進一步加劇了。

3. Fate of the $100 Million Ventures Fund Remains Uncertain

3。耗資1億美元的Ventures Fund的命運仍然不確定

On May 14, the Pi core team introduced Pi Network Ventures. The initiative aims to support startups building on the network.

5月14日，PI Core團隊推出了PI Network Ventures。該倡議旨在支持網絡上建立的初創公司。

While the official announcement mentions a funding pool of up to $100 million, Pi Network Foundation retains full discretion over the deployment of these funds.

儘管官方公告提到了最高1億美元的資金池，但PI Network Foundation保留了這些資金的全部酌處權。

“The Pi Foundation is not obligated to invest the entire $100 million, based on the quality of applicants and number of startups accepted into the initiative,” the blog stated.

博客說：“根據申請人的質量和倡議中接受的初創公司的數量，PI基金會沒有義務投資整個1億美元。”

The initiative also allows for phased investments over time. Additionally, the Foundation can discontinue funding at any stage. This condition has not been well received by some in the community, who expected more immediate and guaranteed support for ecosystem development.

該計劃還允許隨著時間的推移進行分階段的投資。此外，基金會可以在任何階段停止資金。社區中的某些人沒有得到這種狀況，他們期望對生態系統開發的立即和保證的支持。

“The $100M promise investment will discontinue from time to time if they don’t see any investors coming or having no impact at all LOL,” a user wrote.

一位用戶寫道：“如果沒有看到任何投資者來或根本沒有影響，那麼這項耗資1億美元的承諾投資將不時停止。”

4. Where Are the Decentralized Apps?

4。分散的應用在哪裡？

The concerns extend beyond the fund’s stability. Dr. Altcoin asserted that the team is busy building DApps, which should have already been completed.

這些擔憂超出了基金的穩定性。 Altcoin博士斷言，該團隊忙於建造DAPP，這應該已經完成​​。

He explained

他解釋說