PI Network的痛苦跌落：移动采矿项目的兴衰

加密货币世界目睹了另一个警告性的故事，随着PI网络（备受推崇的移动矿业项目）的发展，它的代币价格崩溃了

The cryptocurrency world is no stranger to hype cycles, but few projects have seen such a dramatic build-up of anticipation as Pi Network. The Stanford-born mobile mining project, which launched in 2019, promised to bring cryptocurrency to the masses through a minimal effort 'mining' system accessible through a smartphone app.

加密货币世界对炒作周期并不陌生，但是很少有项目看到像PI网络这样的戏剧性的预期。出生于2019年的斯坦福大学移动采矿项目，承诺通过最小的努力“采矿”系统将加密货币带入大众，可以通过智能手机应用程序访问。

Over three years later, and with over 35 million users engaging in daily routines on the app to collect the Pi token, the project’s ‘enclosed mainnet’ period—where tokens couldn’t be traded on major exchanges—saw the token reach prices of $20-$100 on various gray markets.

三年后，有超过3500万用户在该应用程序上进行日常工作，以收集PI令牌，该项目的“封闭的主网”时期（在主要交易所都无法交易代币时，代币在各个灰色市场上都达到了20- $ 100的价格。

But as institutions go, the startup has been slow to integrate with the broader crypto ecosystem. Despite rumors of an imminent open mainnet launch and potential exchange listings earlier in 2023, the Pi Core Team announced on June 15th a two-phase migration process for gradually converting Pi to an open network.

但是随着机构的发展，该初创公司与更广泛的加密生态系统集成在一起。尽管有传言称即将在2023年早些时候开放的Mainnet发布和潜在的交流列表，但PI Core团队于6月15日宣布了将PI逐渐转换为开放网络的两阶段迁移过程。

The announcement, which also touched upon KYC procedures and potential transfer limits for the token, was met with immediate disappointment from the community who had been anticipating more immediate launch details.

该公告还涉及了代币的KYC程序和潜在的转移限制，该公告立即感到失望，这些社区一直期待着会更加立即发布的启动细节。

In the immediate aftermath, the brunt of the fallout was felt in the rapid collapse of gray market prices.

在不久之后，在灰色市场价格的迅速崩溃中，人们首当其冲。

Before the announcement, the bulk of unofficial Pi trading was taking place in Telegram groups and smaller platforms, with the token changing hands at rates that varied wildly.

在宣布这一消息之前，大部分非官方的PI交易都在电报组和较小的平台中进行，而代币则以差异的速度换手。

“The gray market prices were completely divorced from reality,” explains blockchain analyst Mark Jefferies of CryptoInsight.

“灰色市场价格与现实完全脱离了现实，” CryptoInsight的区块链分析师Mark Jefferies解释说。

“They reflected pure speculation based on promises rather than actual adoption or use cases. In essence, it was a classic case of a narrative-driven token, which becomes dangerous when the narrative shifts.”

“他们反映了基于承诺而不是实际采用或用例的纯粹猜测。从本质上讲，这是叙事驱动的令牌的经典案例，当叙事发生变化时，这变得危险。”

This speculative bubble reached its peak in early 2023 when rumors swirled about an imminent open mainnet launch and potential exchange listings, pushing gray market prices to their all-time highs.

这种投机性泡沫在2023年初达到了顶峰，当时有传言称即将开放的Mainnet发射和潜在的交换清单，将灰色市场价格推向了历史最高水平。

The stage was set for either a spectacular validation or a painful reckoning of the community’s high expectations.

该阶段是为了对社区高期望的巨大验证或痛苦的估计设定。

However, the announcement on June 15th ultimately failed to deliver on the hopes of millions of Pi users. Instead of revealing launch details for major exchanges or full mainnet functionality, the Pi Core Team introduced a two-phase migration process that would gradually convert Pi from its current enclosed mainnet version to an open network.

但是，该公告在6月15日最终未能发挥数百万PI用户的希望。 PI Core团队没有揭示主要交易所或完整的Mainnet功能的启动详细信息，而是引入了两阶段迁移过程，该过程将逐渐将PI从其当前封闭的Mainnet版本转换为开放网络。

Crucially, the announcement contained no timeline for when Pi would actually become tradeable on major exchanges, nor did it mention any partnerships with established platforms. This omission was particularly glaring given the rumors that had been circulating in recent months about pending listings on Binance, Huobi, and other leading exchanges.

至关重要的是，该公告没有时间表，因为PI何时可以在主要交易所进行交易，也没有提及与已建立平台的任何合作伙伴关系。鉴于最近几个月来关于待办事项，惠比（Huobi）和其他领先的交流的谣言，这种遗漏尤其明显。

The market reaction was swift and brutal. Within hours of the announcement, gray market prices collapsed by over 80% as disillusioned investors rushed to unload their holdings.

市场反应迅速而残酷。在宣布这一消息后的几个小时内，由于幻灭的投资者急于卸货，灰色市场价格跌幅超过80％。

“It was like watching a slow-motion train wreck,” recalls Raj Patel, a Pi trader who lost nearly $15,000 in paper value.

“这就像看着慢动作火车的残骸，” Pi Trader Raj Patel回忆说，他损失了近15,000美元的纸质价值。

“The Telegram groups went from celebratory mood to panicked selling within minutes. It was total chaos as people tried to offload their Pi at any price.”

“电报团体从庆祝的心情变成了恐慌的销售。几分钟之内卖出了销售。这完全是混乱的，因为人们试图以任何价格卸载他们的PI。”

Even more concerning were reports of a 400% increase in Pi-related scam complaints in the days following the announcement, according to blockchain forensics firm Chainalysis.

根据区块链法医公司链分析的报道，有关PI相关的骗局投诉的报道更加令人担忧。

As disappointed community members grew desperate for any news of the token’s listing, several fake “Pi listing” websites and email scams emerged, preying on the community’s anxieties.

随着失望的社区成员急切地渴望获得令牌上市的任何消息，出现了几个假的“ PI列表”网站和电子邮件骗局，捕捉了社区的焦虑。

Several structural flaws in Pi Network’s model made this price collapse almost inevitable. Unlike traditional cryptocurrencies that derive value from network usage and scarcity mechanisms, Pi’s value proposition was almost entirely based on future promises.

PI Network模型中的几个结构性缺陷几乎使这种价格崩溃几乎不可避免。与传统的加密货币从网络使用和稀缺机制中获得价值不同，PI的价值主张几乎完全基于未来的承诺。

The project’s unique “mobile mining” approach, while innovative, created billions of tokens with no real-world utility or use case outside of speculative trading.

该项目的独特“移动采矿”方法虽然创新，但在投机交易之外创造了数十亿个代币，没有现实世界的实用程序或用例。

“Pi Network fell into the classic trap of prioritizing user growth over token economics,” notes Dr. Sarah Zhang of the Blockchain Innovation Lab.

“ PI网络陷入了将用户增长优先于代币经济学的经典陷阱，” Blockchain Innovation Lab的Sarah Zhang博士指出。

“By giving away tokens so freely through their mining app, they essentially guaranteed massive sell pressure whenever trading finally became possible.”

“通过通过他们的采矿应用如此自由地赠送代币，他们基本上确保了最终可能会有交易的巨大销售压力。”

Compounding this problem was the project’s opaque governance structure and lack of transparency about the token distribution. Only 20% of the total token supply was allocated to users through the mining program, with the remaining 80% reserved for the core team, future development, and an initiative called the “Community Node Program.”

这个问题更加复杂的是该项目的不透明治理结构以及对令牌分布缺乏透明度。通过采矿计划将只有20％的令牌供应分配给用户，其余80％保留给核心团队，未来发展和一项名为“社区节点计划”的计划。

These structural weaknesses became more apparent when the promised “open market” launch failed to materialize in the announced next phase of the network. Despite hinting at the possibility of early access to a limited number of users, the statement made no mention of any specific plans for expanding the network or integrating it with major exchanges.

当承诺的“公开市场”发射未能在网络的下一阶段宣布的情况下实现，这些结构性弱点变得更加明显。尽管暗示可能会尽早访问有限数量的用户，但该声明没有提及扩展网络或将其与主要交易所集成的任何具体计划。

In the days following the price collapse, the Pi community fractured into various factions. Some loyalists remained optimistic, attributing the delay to the complexities of launching such a large-scale project. They

在价格崩溃后的几天里，PI社区分为各种派系。一些忠诚主义者仍然乐观，将延误归因于发起这样一个大规模项目的复杂性。他们