Pi Network 的成败时刻：主网更新和币价十字路口

Pi Network 的 Protocol 23 升级旨在重振苦苦挣扎的 Pi 币。 DeFi 功能和代币经济调整是否足够，或者未来会出现进一步的波动吗？

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，请戴好你们的帽子！ Pi Network 正处于关键时刻。随着主网更新的临近和代币价格的不稳定，是时候剖析正在发生的事情以及这一切意味着什么了。

The State of Pi: A Rocky Road

《圆周率之国》：崎岖之路

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!

说实话，Pi Coin 最近并没有表现得那么耀眼。徘徊在 0.2368 美元左右，每日交易量低于蛇腹，与曾经大肆宣传的 170 亿美元市值相去甚远。社区成员变得焦躁不安，对进展缓慢和集中控制表示担忧。哎哟!

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用户直言：“需求极低，Pi的链上使用率很差。”一些交易员甚至窃窃私语称其可能跌至 0.10 美元。双哎哟！

Protocol 23: The Great Hope?

协议23：伟大的希望？

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.

进入协议 23，舞台右侧！此次主网升级预计将于 2025 年第四季度末或 2026 年第一季度初进行，被誉为潜在的游戏规则改变者。它与 Stellar Core v23.0.1 保持一致，承诺增强可扩展性、效率和安全性。可以将其视为 Pi Network 的浓缩咖啡数字镜头。

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?

据 Pi 社区专家 Altcoin 博士介绍，此次升级还将带来去中心化金融（DeFi）功能，包括去中心化交易所（DEX）和自动做市商（AMM）。在主网大规模推出之前，用户将可以在安全的测试网环境中使用代币、创建流动性池并测试 DeFi 功能。听起来很有希望，对吧？

But Wait, There's a Catch!

但是等等，有一个问题！

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 博士给大家泼了一盆冷水，他警告说，仅靠技术改进并不能解决 Pi 的流动性危机。他敦促 Pi 核心团队考虑采取代币回购或代币销毁等措施，以加强 Pi 的代币经济并恢复投资者信心。他警告说，如果不采取这些行动，“网络价格的恢复可能仍然遥不可及。”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.

不过，这并不全是厄运和悲观。下一次代币解锁预计将释放更少的代币，从而可能减少抛售压力。此外，最近有 250 万个 Pi 代币从交易所转移到了自我托管钱包中，这表明一些持有者将长期持有该钱包。 Pi 的相对强弱指数 (RSI) 也已降至 24，表明该代币已超卖，可能会出现短期反弹。

The Verdict: A Coin Toss

结论：抛硬币

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.

那么，底线是什么？ Pi币正处于十字路口。 Protocol 23 升级可能是其反弹所需的催化剂，但这并不能保证成功。 Pi Core 团队需要加大力度并解决流动性问题。否则，Pi Coin 可能会经历一段坎坷的旅程。

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.

就我个人而言，我持谨慎乐观的态度。如果升级兑现了承诺，并且团队对代币经济采取了果断行动，Pi 币可能会让我们感到惊讶。但在那之前，最好密切关注局势，不要把农场押在奇迹上。

Final Thoughts

最后的想法

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 的传奇还在继续！协议 23 会成为披着闪亮盔甲的骑士，还是 Pi 币会继续螺旋式下降？只有时间才能证明一切。但有一件事是肯定的：这将是一次有趣的旅程。所以系好安全带，拿点爆米花，让我们看看接下来会发生什么！