儘管有革命的承諾，但PI網絡還是偶然發現了

作為移動開采的革命，PI網絡宣布吸引了數百萬個投資者，然後以其自身承諾的重量進行動搖。

Announced as a revolution in mobile mining, Pi Network has captivated millions of investors before wavering under the weight of its own promises. Since the launch of its mainnet in February 2025, the project has faced setbacks: tokens locked, lack of listing on major platforms, and uncertainty around its funding. The result is a drop of over 75 % in three months and a disillusioned community. Behind the initial excitement, doubts are settling about the real viability of this “inclusive” crypto.

Pi Network宣布是一場移動採礦的革命，在自己承諾的重量下動搖了數百萬個投資者。自2025年2月推出其主網以來，該項目面臨挫折：代幣鎖定，在主要平台上缺乏上市以及其資金的不確定性。結果是在三個月內下降了75％以上，而幻想的社區下降了。在最初的興奮之後，人們對這種“包容性”加密的真正生存能力感到懷疑。

From initial enthusiasm to a 75 % drop

從最初的熱情到75％

Officially launched in February 2025 after five years of development and community mining via a mobile app, the Pi Network mainnet had high hopes resting upon it. The PI token had a spectacular start, briefly touching $2.98, a level celebrated by the community.

PI Network Mainnet在經過五年的開發和社區採礦之後，於2025年2月正式推出，寄予厚望。 Pi令牌的開端很出色，短暫地觸及了2.98美元，這是社區慶祝的水平。

However, this positive momentum was quickly hampered by a series of malfunctions that slowed down the efficient adoption of the network. The first problem after the launch concerned locked coins and the inability of many mining specialists to claim their tokens due to KYC issues.

但是，一系列故障迅速阻礙了網絡採用的有效採用，很快就受到了這種積極的勢頭。發布後的第一個問題涉及鎖定硬幣，許多采礦專家由於KYC問題而無法要求其令牌。

A frustrating situation for investors who had been involved for up to five years, which tarnished the image of a launch that was supposed to mark a new era.

對於已經參與長達五年的投資者來說，這是一個令人沮喪的局勢，這損害了原本應該標誌著一個新時代的發布的形象。

In the following weeks, the token lost more than 75 % of its value and fell below the symbolic $1 mark, despite an ephemeral rebound above $1.20. This development reflects a lack of strong economic and technical fundamentals. Added to this are a series of critical signals :

在接下來的幾周中，儘管短暫的反彈超過1.20美元，但令牌損失了其價值的75％以上，低於象徵性的$ 1分。這一發展反映了缺乏強大的經濟和技術基本面。此外還有一系列關鍵信號：

These facts mark a chaotic start for a project which, on paper, had everything to attract a large portion of the general crypto public. It remains to be seen if the team can regain control over communication and restore confidence amid growing skepticism.

這些事實標誌著一個項目的一個混亂的開端，從紙上看，這一切都可以吸引大部分的加密貨幣公眾。在日益增長的懷疑中，團隊是否可以重新控制對溝通的控制並恢復信心，還有待觀察。

Transparency challenged and absence of network activity

透明度挑戰和缺乏網絡活動

While the project boasts a capitalization of over 5 billion dollars and is now ranked in the top 30 cryptos, its absence from major exchange platforms like Binance or Coinbase raises questions.

儘管該項目擁有超過50億美元的資本化，並且現在排名前30名加密貨幣，但其缺席Binance或Coinbase等主要交換平台引起了問題。

Community members have speculated that the team’s actions might be the cause of this lack of listing. The reason would be an alleged lack of transparency from the Pi Network team, a criterion that is essential for major exchanges.

社區成員推測，團隊的行動可能是缺乏上市的原因。原因是PI網絡團隊缺乏透明度，這對於主要交易所至關重要。

Without clear communication on the governance structure, actual allocation of tokens, or security audits, potential institutional partners remain at a distance.

如果沒有關於治理結構的明確溝通，代幣的實際分配或安全審計，潛在的機構合作夥伴保持距離。

Furthermore, there is also a total absence of DeFi applications or activity on the main network. No lending platform, no DEX, no smart contract deployed to date, leaving the blockchain without a concrete use case.

此外，在主要網絡上也完全沒有Defi應用程序或活動。迄今為止，沒有貸款平台，沒有DEX，沒有智能合同，沒有具體用例，將區塊鏈留給區塊鏈。

The Pi Ventures project, endowed with an announced fund of 100 million dollars to support Web3 startups, remains to date without official announcements or proof of activity. So far, there has been no development showing any growth.

Pi Ventures項目捐贈了一筆宣布的1億美元基金來支持Web3初創公司，但迄今為止仍沒有正式公告或活動證明。到目前為止，還沒有發展任何增長。

These structural gaps cast increasing doubt on the project’s viability. While the community remains large and active, the lack of concrete results could shift collective opinion. Without quick action to restore trust through credible listings, DeFi announcements, or concrete deliverables, the risk is high that Pi Network will be relegated to the status of a project with high potential but failed execution.

這些結構差距對項目的生存能力產生了越來越多的懷疑。儘管社區保持龐大而活躍，但缺乏具體的結果可能會改變集體意見。如果沒有快速行動來通過可靠的列表，DEFI公告或具體交付成果來恢復信任，那麼風險很高，PI網絡將被降級為具有很高潛力但執行失敗的項目狀態。