自2月20日PI Network Mainnet推出以来，它的目标是其雄心勃勃的目标。但是，它也面临着实质性的批评

自2月20日PI Network Mainnet推出以来，它的目标是其雄心勃勃的目标。然而，它也面临着实质性的批评。

Since its mainnet launch on February 20, Pi Network has been making headlines for its ambitious goals and facing substantial criticism.

自2月20日的主网启动以来，PI Network一直因其雄心勃勃的目标并面临实质性批评而成为头条新闻。

With an impressive user base of reportedly 60 million, also known as Pioneers, keeping a close eye on its performance, Pi Network has come under scrutiny for its underwhelming price performance, lack of decentralized applications (dApps), and other issues.

据报道，有6000万的用户群（也被称为先驱者）密切关注其性能，PI Network因其巨大的价格性能，缺乏分散申请（DAPP）和其他问题而受到审查。

This has raised questions about whether the project can meet the high expectations of its massive community.

这引发了有关该项目是否可以满足其庞大社区的高期望的疑问。

Here are five key areas of underperformance that emerged as focal points for observers in early 2025.

以下是2025年初的观察者的五个关键领域，成为观察者的焦点。

1. Absence of Binance Listing Despite Community Vote

1。尽管社区投票

A primary concern among Pioneers was the lack of listing on major cryptocurrency exchanges, particularly Binance. In a February community vote, 86% of participants voted in favor of listing Pi Coin (PI).

开拓者的主要关注点是缺乏在主要的加密货币交换（尤其是binance）上上市。在2月份的社区投票中，有86％的参与者投票赞成上市Pi Coin（PI）。

However, despite this show of support, Binance, known for its stringent listing criteria, decided not to include PI.

然而，尽管有这种支持，但以其严格的清单标准而闻名的Binance决定不包括PI。

On May 15, the exchange posted its logo on X (formerly Twitter) featuring several mathematical symbols, including π, sparking speculation among Pioneers. Still, no official listing announcement followed.

5月15日，交易所在X（以前为Twitter）上发布了其徽标，其中包括几个数学符号，包括π，引发了先驱者之间的猜测。尽管如此，尚未遵循官方上市公告。

This is what happens when devs touch art with 0 design sense. pic.twitter.com/8kzFW8KcEM

当开发人员触摸艺术具有0个设计意义时，就会发生这种情况。 pic.twitter.com/8kzfw8kcem

— Binance (@binance) May 15, 2025

- binance（@binance）2025年5月15日

The absence of a listing led to renewed scrutiny over Pi Network’s credibility. Binance applies a rigorous evaluation process before listing any asset.

缺乏上市导致对PI网络的信誉进行了重新审查。在列出任何资产之前，Binance应用了严格的评估过程。

The exchange considers user adoption, business model viability, relevance, tokenomics, technical security, team background, and compliance with regulatory standards. The decision not to list Pi Coin may indicate that the project failed to meet one or more of these critical benchmarks.

交易所认为用户采用，业务模型可行性，相关性，代币学，技术安全，团队背景以及遵守监管标准。不列出PI硬币的决定可能表明该项目未能符合这些关键基准中的一个或多个。

“I now better understand why Pi is not listed on major exchanges such as Binance and Coinbase. It is likely that the Pi Core Team has not been transparent enough about the locking and burning mechanism involving the billions of Pi coins currently owned by the PCT,” Pioneer Dr. Altcoin posted on March 22.

“我现在更好地理解了为什么不在诸如Binance和Coinbase之类的主要交易所中列出PI。PI Core团队很可能对涉及PCT目前拥有数十亿个PI硬币的锁定和燃烧机制的透明度不够透明，” Pioneer Altcoin博士于3月22日发布。

Coinbase, another top exchange, also abstained from listing Pi, further fueling disappointment among Pioneers about the token’s potential for mainstream adoption. Nonetheless, Pi Coin is available for trading on HTX, Bitget, MEXC, and OKX.

Coinbase是另一位顶级交流，也弃权不列出PI，进一步激发了先驱者对代币主流采用潜力的失望。尽管如此，PI硬币还是可以在HTX，BITGET，MEXC和OKX上进行交易。

2. Price Performance Fails to Impress

2。价格表现未能给人留下深刻的印象

Pioneers have been actively mining Pi Coin for around six years, anticipating major gains. However, its price performance on exchanges was a letdown for many.

开拓者已经积极地挖掘PI硬币已有六年了，预计会有重大收益。但是，它在交流上的价格绩效对许多人来说是令人失望的。

Upon launch, Pi Coin was listed on OKX with a floor price of just $2, a stark contrast to its IOU trading value, which reached several hundred dollars in 2023.

推出后，Pi Coin在OKX上列出，平价仅为2美元，与其IOU交易价值形成鲜明对比，该价值在2023年达到了数百美元。

The underwhelming debut worsened as PI dipped below the $1 mark shortly after listing. While the token rebounded to an all-time high of $3 in late February, the rally was short-lived.

列出后不久，PI下跌以下1美元以下时，首次亮相的处女作恶化了。虽然代币在2月下旬反弹至3美元的历史最高点，但集会却是短暂的。

PI soon resumed its downtrend, falling below $1 again by late March. Last week, the level was briefly reclaimed as support. Yet once more, PI failed to hold above it.

PI很快恢复了下降趋势，到3月下旬再次下跌低于1美元。上周，该水平被短暂地作为支持。然而，Pi再也没有握住它。

These declines came despite some bullish catalysts. The launch of the Pi Ventures Fund was followed by a sharp price drop rather than a recovery. Additionally, Pi Network founder Nicolas Kokkalis made a rare public appearance at Consensus 2025 on May 16.

尽管有一些看涨的催化剂，但这些下降还是下降了。 Pi Ventures基金的成立之后是价格下降而不是恢复。此外，PI Network创始人Nicolas Kokkalis于5月16日在2025年共识中罕见地公开露面。

Many hoped it would restore investor confidence. Instead, the token plunged. BeInCrypto data showed that PI dipped 42.6% over the past week. At press time, Pi Coin’s price was $0.7, down 3.1% over the past day.

许多人希望这将恢复投资者的信心。取而代之的是，令牌坠落。 Beincrypto的数据显示，过去一周的PI下降了42.6％。发稿时，Pi Coin的价格为0.7美元，过去几天下跌了3.1％。

As reported by BeInCrypto, allegations of insider selling and concerns about a potential rug pull have further compounded investor worries.

据Beincrypto报道，内幕销售和对潜在地毯拉力的担忧的指控使投资者的担忧进一步加剧了。

3. Fate of the $100 Million Ventures Fund Remains Uncertain

3。耗资1亿美元的Ventures Fund的命运仍然不确定

On May 14, the Pi core team introduced Pi Network Ventures. The initiative aims to support startups building on the network.

5月14日，PI Core团队推出了PI Network Ventures。该倡议旨在支持网络上建立的初创公司。

While the official announcement mentions a funding pool of up to $100 million, Pi Network Foundation retains full discretion over the deployment of these funds.

尽管官方公告提到了最高1亿美元的资金池，但PI Network Foundation保留了这些资金的全部酌处权。

“The Pi Foundation is not obligated to invest the entire $100 million, based on the quality of applicants and number of startups accepted into the initiative,” the blog stated.

博客说：“根据申请人的质量和倡议中接受的初创公司的数量，PI基金会没有义务投资整个1亿美元。”

The initiative also allows for phased investments over time. Additionally, the Foundation can discontinue funding at any stage. This condition has not been well received by some in the community, who expected more immediate and guaranteed support for ecosystem development.

该计划还允许随着时间的推移进行分阶段的投资。此外，基金会可以在任何阶段停止资金。社区中的某些人没有得到这种状况，他们期望对生态系统开发的立即和保证的支持。

“The $100M promise investment will discontinue from time to time if they don’t see any investors coming or having no impact at all LOL,” a user wrote.

一位用户写道：“如果没有看到任何投资者来或根本没有影响，那么这项耗资1亿美元的承诺投资将不时停止。”

4. Where Are the Decentralized Apps?

4。分散的应用在哪里？

The concerns extend beyond the fund’s stability. Dr. Altcoin asserted that the team is busy building DApps, which should have already been completed.

这些担忧超出了基金的稳定性。 Altcoin博士断言，该团队忙于建造DAPP，这应该已经完成​​。

He explained

他解释说