PI Network的痛苦跌落：移動採礦項目的興衰

加密貨幣世界目睹了另一個警告性的故事，隨著PI網絡（備受推崇的移動礦業項目）的發展，它的代幣價格崩潰了

The cryptocurrency world is no stranger to hype cycles, but few projects have seen such a dramatic build-up of anticipation as Pi Network. The Stanford-born mobile mining project, which launched in 2019, promised to bring cryptocurrency to the masses through a minimal effort 'mining' system accessible through a smartphone app.

加密貨幣世界對炒作週期並不陌生，但是很少有項目看到像PI網絡這樣的戲劇性的預期。出生於2019年的斯坦福大學移動採礦項目，承諾通過最小的努力“採礦”系統將加密貨幣帶入大眾，可以通過智能手機應用程序訪問。

Over three years later, and with over 35 million users engaging in daily routines on the app to collect the Pi token, the project’s ‘enclosed mainnet’ period—where tokens couldn’t be traded on major exchanges—saw the token reach prices of $20-$100 on various gray markets.

三年後，有超過3500萬用戶在該應用程序上進行日常工作，以收集PI令牌，該項目的“封閉的主網”時期（在主要交易所都無法交易代幣時，代幣在各個灰色市場上都達到了20- $ 100的價格。

But as institutions go, the startup has been slow to integrate with the broader crypto ecosystem. Despite rumors of an imminent open mainnet launch and potential exchange listings earlier in 2023, the Pi Core Team announced on June 15th a two-phase migration process for gradually converting Pi to an open network.

但是隨著機構的發展，該初創公司與更廣泛的加密生態系統集成在一起。儘管有傳言稱即將在2023年早些時候開放的Mainnet發布和潛在的交流列表，但PI Core團隊於6月15日宣布了將PI逐漸轉換為開放網絡的兩階段遷移過程。

The announcement, which also touched upon KYC procedures and potential transfer limits for the token, was met with immediate disappointment from the community who had been anticipating more immediate launch details.

該公告還涉及了代幣的KYC程序和潛在的轉移限制，該公告立即感到失望，這些社區一直期待著會更加立即發布的啟動細節。

In the immediate aftermath, the brunt of the fallout was felt in the rapid collapse of gray market prices.

在不久之後，在灰色市場價格的迅速崩潰中，人們首當其衝。

Before the announcement, the bulk of unofficial Pi trading was taking place in Telegram groups and smaller platforms, with the token changing hands at rates that varied wildly.

在宣布這一消息之前，大部分非官方的PI交易都在電報組和較小的平台中進行，而代幣則以差異的速度換手。

“The gray market prices were completely divorced from reality,” explains blockchain analyst Mark Jefferies of CryptoInsight.

“灰色市場價格與現實完全脫離了現實，” CryptoInsight的區塊鏈分析師Mark Jefferies解釋說。

“They reflected pure speculation based on promises rather than actual adoption or use cases. In essence, it was a classic case of a narrative-driven token, which becomes dangerous when the narrative shifts.”

“他們反映了基於承諾而不是實際採用或用例的純粹猜測。從本質上講，這是敘事驅動的令牌的經典案例，當敘事發生變化時，這變得危險。”

This speculative bubble reached its peak in early 2023 when rumors swirled about an imminent open mainnet launch and potential exchange listings, pushing gray market prices to their all-time highs.

這種投機性泡沫在2023年初達到了頂峰，當時有傳言稱即將開放的Mainnet發射和潛在的交換清單，將灰色市場價格推向了歷史最高水平。

The stage was set for either a spectacular validation or a painful reckoning of the community’s high expectations.

該階段是為了對社區高期望的巨大驗證或痛苦的估計設定。

However, the announcement on June 15th ultimately failed to deliver on the hopes of millions of Pi users. Instead of revealing launch details for major exchanges or full mainnet functionality, the Pi Core Team introduced a two-phase migration process that would gradually convert Pi from its current enclosed mainnet version to an open network.

但是，該公告在6月15日最終未能發揮數百萬PI用戶的希望。 PI Core團隊沒有揭示主要交易所或完整的Mainnet功能的啟動詳細信息，而是引入了兩階段遷移過程，該過程將逐漸將PI從其當前封閉的Mainnet版本轉換為開放網絡。

Crucially, the announcement contained no timeline for when Pi would actually become tradeable on major exchanges, nor did it mention any partnerships with established platforms. This omission was particularly glaring given the rumors that had been circulating in recent months about pending listings on Binance, Huobi, and other leading exchanges.

至關重要的是，該公告沒有時間表，因為PI何時可以在主要交易所進行交易，也沒有提及與已建立平台的任何合作夥伴關係。鑑於最近幾個月來關於待辦事項，惠比（Huobi）和其他領先的交流的謠言，這種遺漏尤其明顯。

The market reaction was swift and brutal. Within hours of the announcement, gray market prices collapsed by over 80% as disillusioned investors rushed to unload their holdings.

市場反應迅速而殘酷。在宣布這一消息後的幾個小時內，由於幻滅的投資者急於卸貨，灰色市場價格跌幅超過80％。

“It was like watching a slow-motion train wreck,” recalls Raj Patel, a Pi trader who lost nearly $15,000 in paper value.

“這就像看著慢動作火車的殘骸，” Pi Trader Raj Patel回憶說，他損失了近15,000美元的紙質價值。

“The Telegram groups went from celebratory mood to panicked selling within minutes. It was total chaos as people tried to offload their Pi at any price.”

“電報團體從慶祝的心情變成了恐慌的銷售。幾分鐘之內賣出了銷售。這完全是混亂的，因為人們試圖以任何價格卸載他們的PI。”

Even more concerning were reports of a 400% increase in Pi-related scam complaints in the days following the announcement, according to blockchain forensics firm Chainalysis.

根據區塊鏈法醫公司鏈分析的報導，有關PI相關的騙局投訴的報導更加令人擔憂。

As disappointed community members grew desperate for any news of the token’s listing, several fake “Pi listing” websites and email scams emerged, preying on the community’s anxieties.

隨著失望的社區成員急切地渴望獲得令牌上市的任何消息，出現了幾個假的“ PI列表”網站和電子郵件騙局，捕捉了社區的焦慮。

Several structural flaws in Pi Network’s model made this price collapse almost inevitable. Unlike traditional cryptocurrencies that derive value from network usage and scarcity mechanisms, Pi’s value proposition was almost entirely based on future promises.

PI Network模型中的幾個結構性缺陷幾乎使這種價格崩潰幾乎不可避免。與傳統的加密貨幣從網絡使用和稀缺機制中獲得價值不同，PI的價值主張幾乎完全基於未來的承諾。

The project’s unique “mobile mining” approach, while innovative, created billions of tokens with no real-world utility or use case outside of speculative trading.

該項目的獨特“移動採礦”方法雖然創新，但在投機交易之外創造了數十億個代幣，沒有現實世界的實用程序或用例。

“Pi Network fell into the classic trap of prioritizing user growth over token economics,” notes Dr. Sarah Zhang of the Blockchain Innovation Lab.

“ PI網絡陷入了將用戶增長優先於代幣經濟學的經典陷阱，” Blockchain Innovation Lab的Sarah Zhang博士指出。

“By giving away tokens so freely through their mining app, they essentially guaranteed massive sell pressure whenever trading finally became possible.”

“通過通過他們的採礦應用如此自由地贈送代幣，他們基本上確保了最終可能會有交易的巨大銷售壓力。”

Compounding this problem was the project’s opaque governance structure and lack of transparency about the token distribution. Only 20% of the total token supply was allocated to users through the mining program, with the remaining 80% reserved for the core team, future development, and an initiative called the “Community Node Program.”

這個問題更加複雜的是該項目的不透明治理結構以及對令牌分佈缺乏透明度。通過採礦計劃將只有20％的令牌供應分配給用戶，其餘80％保留給核心團隊，未來發展和一項名為“社區節點計劃”的計劃。

These structural weaknesses became more apparent when the promised “open market” launch failed to materialize in the announced next phase of the network. Despite hinting at the possibility of early access to a limited number of users, the statement made no mention of any specific plans for expanding the network or integrating it with major exchanges.

當承諾的“公開市場”發射未能在網絡的下一階段宣布的情況下實現，這些結構性弱點變得更加明顯。儘管暗示可能會儘早訪問有限數量的用戶，但該聲明沒有提及擴展網絡或將其與主要交易所集成的任何具體計劃。

In the days following the price collapse, the Pi community fractured into various factions. Some loyalists remained optimistic, attributing the delay to the complexities of launching such a large-scale project. They

在價格崩潰後的幾天裡，PI社區分為各種派系。一些忠誠主義者仍然樂觀，將延誤歸因於發起這樣一個大規模項目的複雜性。他們