PI網絡準備解鎖2.65億以前限制令牌，這可能是2025年最關鍵的時刻之一

當PI網絡準備解鎖以前限制代幣的2.65億個可能成為該項目最關鍵的時刻之一，加密貨幣社區正在嗡嗡作響。這個大規模發行，代表

Anticipation is brewing in the cryptocurrency community as Pi Network prepares to unlock 265 million previously restricted tokens. This event, which could become one of 2025’s most pivotal moments, will see nearly 30% of Pi’s circulating supply released at once. As analysts prepare their outlooks, predictions are stark—suggesting either a 234% price surge or a potential “unlock dump” scenario. For millions of Pi miners who’ve waited years to monetize their holdings, this event brings both opportunity and uncertainty.

由於PI網絡準備解鎖以前限制令牌的2.65億，因此在加密貨幣社區中進行了預期。這項活動可能成為2025年最關鍵的時刻之一，它將立即發布PI循環供應量的近30％。隨著分析師準備自己的前景，預測是鮮明的 - 價格上漲了234％或潛在的“解鎖轉儲”情況。對於數百萬的PI礦工而言，他們已經等待了數年的股份來獲利，這項活動既帶來機會又帶來不確定性。

What makes this token unlock particularly interesting is Pi Network’s unique position in crypto—it’s a mobile-mined currency with over 45 million engaged users but has yet to be widely listed on major exchanges. But as the unlock date approaches, we must delve deeper than surface-level predictions to understand the broader factors at play. This analysis examines the implications of the unlock for Pi’s ecosystem sustainability, the psychological impact on miners, and ultimately, its chances of joining the ranks of legitimate altcoins rather than remaining a speculative experiment.

使該代幣解鎖特別有趣的是Pi Network在加密貨幣中的獨特地位 - 它是一種移動式貨幣，擁有超過4500萬的用戶，但尚未在主要交易所中被廣泛列出。但是，隨著解鎖日期的臨近，我們必須比表面級別的預測更深入地研究，以了解更廣泛的因素。該分析研究了解鎖對PI生態系統可持續性的含義，對礦工的心理影響，以及最終，它加入了合法山寨幣等級而不是進行投機實驗的機會。

Understanding the Unlock: Why 265 Million Pi Network Tokens Matter

了解解鎖：為什麼2.65億PI網絡令牌很重要

The impending release of 265 million Pi tokens—which kicks off on July 15, 2025—isn’t just another crypto vesting event. These tokens accrue years of mining rewards that were initially locked to prevent market flooding during Pi’s development phase. According to Pi Network’s whitepaper, this unlock was always planned as part of its “gradual decentralization” roadmap, but the timing coincides with increasing pressure from the Pi community for greater liquidity.

即將在2025年7月15日開始的2.65億個PI代幣的釋放不僅僅是另一個加密歸屬活動。這些代幣產生了多年的採礦獎勵，這些獎勵最初被鎖定以防止PI開發階段的市場洪水。根據PI Network的白皮書，該解鎖始終是其“逐步權力下放”路線圖的一部分計劃的，但是時間安排與PI社區的壓力增加相吻合，以提高流動性。

This large-scale release is generating significant interest. TokenUnlocks analytics projects that the unlock could increase Pi’s circulating supply by 28% in a single day, placing immediate sell-side pressure on the token. However, Pi’s unusual distribution model—catering mostly to retail users over institutional investors—might yield different behavior than typical unlock events. Early data from grey markets shows some miners are holding for higher prices, while others are desperate to liquidate years of accumulated Pi, setting the stage for dramatic volatility.

這個大規模發行引起了重大興趣。 Tokenunlocks分析項目，即解鎖可能會在一天內將PI的循環供應增加28％，從而立即對代幣造成賣方壓力。但是，PI的不尋常的分銷模型（主要是零售用戶對機構投資者來說）可能與典型的解鎖事件產生不同的行為。來自灰色市場的早期數據表明，有些礦工的價格更高，而另一些礦工則迫切希望清算多年的PI累積，這為急劇波動奠定了基礎。

The Bull Case: Factors That Could Fuel a 234% Surge

公牛案：可能促進234％激增的因素

Several compelling arguments support the optimistic 234% rally prediction currently circulating in Pi network communities. Firstly, the unlock coincides with Pi Network’s long-anticipated open mainnet transition, which would finally bring full wallet functionality and exchange integrations. Historical patterns show similar “mainnet rallies” in projects like Vechain and Tron, which saw 300-400% gains around their network maturity milestones.

一些引人注目的論點支持當前在PI網絡社區中循環的234％的Rally預測。首先，解鎖與PI Network的長期期望的開放式Mainnet過渡一致，這最終將帶來完整的錢包功能和交換集成。歷史模式在Vechain和Tron等項目中顯示出類似的“主網集會”，該項目在其網絡成熟度里程碑周圍獲得了300-400％的收益。

Secondly, consider Pi’s enormous user base—if even 10% of 45 million miners decide to buy more during the unlock rather than sell, it could create unprecedented demand against limited exchange liquidity.

其次，考慮一下PI的巨大用戶群 - 如果4500萬礦工中的10％決定在解鎖而不是出售期間購買更多產品，則可能會對有限的匯率流動性產生前所未有的需求。

Thirdly, recent partnership announcements by Pi Network with payment processors in Southeast Asia suggest potential for increasing real-world utility. Technical analysts also note that Pi’s price has formed a textbook falling wedge pattern on limited-exchange charts, which typically precedes breakout rallies. “The stars are aligning for Pi in ways we rarely see in crypto,” claims market strategist Raj Patel. “If they deliver on just half their roadmap promises during this unlock period, then 234% could be conservative.”

第三，PI Network與東南亞的支付處理器的最新合作夥伴關係表明，增加現實世界實用程序的潛力。技術分析師還指出，PI的價格已經在有限交換圖表上形成了一本教科書掉落的楔形圖案，該圖表通常在突破集會之前。市場策略師拉吉·帕特爾（Raj Patel）聲稱：“恆星以我們在加密貨幣中很少看到的方式對齊PI。” “如果他們在此解鎖期間僅付出一半的路線圖承諾，那麼234％的人可能是保守的。”

The Bearish Reality Check: Risks That Could Trigger A Crash

看跌現實檢查：可能觸發崩潰的風險

For all the bullish enthusiasm, several sobering risks could turn the token unlock into a “sell the news” event.

對於所有看漲的熱情，幾種醒目的風險可能會使令牌解鎖變成“出售新聞”活動。

Pi’s trading history shows extreme sensitivity to supply shocks—the last major unlock in 2023 saw prices temporarily drop 65% before recovering. Yet, this release is six times larger.

PI的交易歷史顯示出對供應衝擊的極端敏感性 - 2023年的最後一次重大解鎖，恢復之前的價格暫時下降了65％。但是，此版本大了六倍。

Furthermore, Pi still lacks listings on top exchanges like Binance and Coinbase, meaning most selling pressure will be concentrated on smaller platforms with known issues of low liquidity and price stickiness in large trades.

此外，PI仍然缺少諸如Binance和Coinbase之類的頂級交易所上的清單，這意味著大多數銷售壓力都將集中在較小的平台上，該平台的流動性低和價格較低，大型交易中的價格較低。

Perhaps most concerning is Pi Network’s opaque governance—the core team hasn’t yet disclosed precise unlock mechanics or whether they’ll be able to intervene with liquidity management measures. “Without clear communication, this could become a classic prisoner’s dilemma,” warns crypto economist Lina Zhang. “If miners think others will dump, they’ll preemptively sell, and vice versa, setting up a self-fulfilling crash.” Chainalysis data also shows concerning patterns—over 60% of Pi’s current trading volume comes from just two exchanges, suggesting artificial liquidity that could vanish during real market stress.

也許最令人擔憂的是PI Network不透明的治理 - 核心團隊尚未披露精確的解鎖機制，或者他們是否能夠干預流動性管理措施。加密經濟學家Lina Zhang警告說：“沒有明確的交流，這可能會成為經典的囚犯困境。” “如果礦工認為其他人會傾倒，他們會先發售，反之亦然，設置自我實現的崩潰。”鏈分析數據還顯示了有關模式的數據 - PI當前交易量的60％僅來自兩次交流，這表明人工流動性可能在實際市場壓力中消失。

These factors suggest that the 234% rally prediction, while possible, represents a best-case scenario requiring flawless execution and ideal market conditions.

這些因素表明，234％的集會預測雖然可能是可能的，但代表了需要完美執行和理想市場條件的最佳情況。

Conclusion: Navigating Crypto’s Most Anticipated Unlock

結論：導航加密貨幣最期待的解鎖

The Pi Network token unlock represents a defining moment—not just for the project’s 45 million users, but also for observing how grassroots crypto communities react to long-awaited liquidity events. While

PI網絡令牌解鎖代表了一個決定性的時刻 - 不僅僅適用於該項目的4500萬用戶，還可以觀察基層加密社區對期待已久的流動性事件的反應。儘管