Pi Network 的主网：加密货币里程碑揭示了复杂的市场图景

Pi Network 主网的推出标志着加密货币的里程碑，但其代币的历程反映了市场挑战，价格走势由供需决定。

Once touted as a revolutionary step for widespread crypto adoption, the Pi Network's Mainnet launch was indeed a significant crypto milestone. Yet, a glance at the market in early 2026 reveals a complex picture, one where initial excitement has been tempered by the realities of tokenomics and market dynamics. While the community eagerly anticipated its transition to a fully operational blockchain, the subsequent performance of its native token, PI, illustrates the hurdles even widely recognized projects can face in the volatile crypto landscape.

Pi Network 主网的推出曾被誉为加密货币广泛采用的革命性一步，但它确实是加密货币的一个重要里程碑。然而，纵观 2026 年初的市场，就会发现一幅复杂的图景，最初的兴奋已被代币经济学和市场动态的现实所冲淡。虽然社区热切期待其向全面运营的区块链的过渡，但其原生代币 PI 的后续表现表明，即使是广泛认可的项目在不稳定的加密货币环境中也可能面临障碍。

The Mainnet Dream Meets Market Reality

主网梦想与市场现实相遇

Back in late 2023, the Pi Core Team was gearing up to announce its Mainnet migration roadmap, promising a new era where mobile-mined Pi Coins would gain real-world utility and integration into the broader Web3 ecosystem. The vision was clear: a user-friendly entry point into crypto, transitioning from an in-app "test" coin to a verifiable, tradable asset. This move was celebrated as a crucial step for a project designed to make blockchain accessible to everyone.

早在 2023 年底，Pi 核心团队就准备宣布其主网迁移路线图，承诺开启一个新时代，移动开采的 Pi 币将获得现实世界的实用性，并融入更广泛的 Web3 生态系统。愿景很明确：一个用户友好的加密货币入口点，从应用程序内的“测试”硬币转变为可验证、可交易的资产。这一举措被认为是一个旨在让每个人都能访问区块链的项目的关键一步。

Fast forward to February 2026, and the PI token, having traversed its Mainnet journey, finds itself trading around $0.16. This figure represents a notable retreat, down over 94% from its February 2025 peak near $2.98, occasionally dipping to all-time lows. This trajectory underscores a crucial distinction between a technological milestone and sustained market valuation.

快进到 2026 年 2 月，PI 代币完成了主网之旅，发现自己的交易价格约为 0.16 美元。这一数字显着回落，较 2025 年 2 月接近 2.98 美元的峰值下降了 94% 以上，有时还会跌至历史低点。这一轨迹强调了技术里程碑和持续市场估值之间的重要区别。

Unpacking the Price Pressures

缓解价格压力

So, what exactly has been weighing down the PI token? Analysts point to a confluence of factors, primarily the ongoing schedule of token unlocks. With an estimated 4.6 million PI tokens entering circulation daily as of late January 2026, the market has faced a persistent supply surplus. This influx, coupled with what's described as muted demand, has naturally exerted downward pressure on the price, pushing it back towards its late 2025 lows.

那么，到底是什么拖累了 PI 代币呢？分析师指出，这是多种因素共同作用的结果，主要是持续的代币解锁时间表。截至 2026 年 1 月下旬，估计每天有 460 万个 PI 代币进入流通，市场面临持续的供应过剩。这种涌入，加上所谓的需求疲软，自然对价格产生了下行压力，将其推回 2025 年末的低点。

Furthermore, the transition to open markets has reportedly exposed deeper issues concerning liquidity and exchange support. Some platforms, which initially provided access, have scaled back or dropped PI listings, complicating ease of access and limiting arbitrage opportunities. This reduced market responsiveness, as observed by analysts, further dampens investor confidence and makes any significant upward momentum challenging.

此外，据报道，向开放市场的过渡暴露了有关流动性和交易支持的更深层次问题。一些最初提供访问权限的平台已经缩减或放弃了 PI 列表，使访问变得更加复杂，并限制了套利机会。正如分析师所观察到的，市场反应能力的下降进一步削弱了投资者的信心，并使任何显着的上升势头都变得充满挑战。

Community Optimism vs. Cold Hard Data

社区乐观与冷酷数据

Despite the challenging market figures, the Pi Network community, known for its unwavering engagement, continues to discuss the token's potential. Forums buzz with optimistic, albeit highly speculative, forecasts ranging from modest rebounds to ambitious long-term moonshot scenarios. Yet, market professionals, like Alex Obchakevich of Obchakevich Research, offer a more grounded assessment: "Excess supply is outpacing demand, making a price recovery challenging in the short term."

尽管市场数据充满挑战，但以坚定不移的参与而闻名的 Pi Network 社区仍在继续讨论该代币的潜力。论坛上充斥着乐观但充满猜测的预测，从温和的反弹到雄心勃勃的长期登月计划。然而，市场专业人士，如奥布查科维奇研究公司的亚历克斯·奥布查科维奇，提出了更合理的评估：“供应过剩超过了需求，使得短期内价格复苏面临挑战。”

This sentiment highlights a key tension: the passionate belief of a dedicated user base against the dispassionate mechanics of supply, demand, and market liquidity. While Pi Network successfully built a massive, engaged community through its inclusive mobile mining model, translating that community energy into sustained token value post-Mainnet requires more than just participation; it demands robust utility, widespread exchange adoption, and balanced tokenomics.

这种情绪凸显了一个关键的张力：专注的用户群对冷漠的供需和市场流动性机制的热情信念。虽然 Pi Network 通过其包容性的移动挖矿模式成功建立了一个庞大的、参与度很高的社区，但将社区能量转化为主网后持续的代币价值需要的不仅仅是参与；它需要强大的实用性、广泛的交易所采用和平衡的代币经济学。

Looking Ahead: More Than Just a Number

展望未来：不仅仅是一个数字

The journey of Pi Network through its Mainnet launch is a case study in the broader crypto narrative. While other projects, like Ethereum layer-2 MegaETH, demonstrate rapid technological scaling, or ZKP offers privacy-first, built-out infrastructure before public sale, Pi Network's path emphasizes community-driven adoption. Its Mainnet launch was undoubtedly a crypto milestone, proving the viability of its ambitious vision to bring blockchain to the masses. The current market performance, however, serves as a stark reminder that even milestones need sustained practical application and shrewd market management to truly flourish.

Pi Network 的主网启动历程是更广泛的加密货币叙事中的一个案例研究。虽然其他项目（例如以太坊第 2 层 MegaETH）展示了快速的技术扩展，或者 ZKP 在公开销售之前提供隐私优先的内置基础设施，但 Pi Network 的路径强调社区驱动的采用。它的主网发布无疑是一个加密里程碑，证明了其将区块链带给大众的雄心勃勃的愿景的可行性。然而，当前的市场表现清楚地提醒我们，即使是里程碑也需要持续的实际应用和精明的市场管理才能真正蓬勃发展。

As the crypto world continues its roller-coaster ride, with Bitcoin and Ethereum navigating their own choppy waters, Pi Network remains a project to watch. Whether it can leverage its massive user base into a sustained market presence, overcoming the current supply-demand imbalances, is a question that continues to intrigue. Perhaps, like a true New Yorker navigating a crowded subway, it’s all about finding your footing and making the most of the ride, no matter how bumpy.

随着加密货币世界继续像过山车一样，比特币和以太坊在各自的波涛汹涌的水域中航行，Pi Network 仍然是一个值得关注的项目。它是否能够利用其庞大的用户群来维持持续的市场地位，克服当前的供需失衡，这是一个持续引起人们关注的问题。也许，就像一个真正的纽约人在拥挤的地铁里穿行一样，最重要的是找到自己的立足点并充分利用这段旅程，无论多么颠簸。