尽管有革命的承诺，但PI网络还是偶然发现了

作为移动开采的革命，PI网络宣布吸引了数百万个投资者，然后以其自身承诺的重量进行动摇。

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宣布是一场移动采矿的革命，在自己承诺的重量下动摇了数百万个投资者。自2025年2月推出其主网以来，该项目面临挫折：代币锁定，在主要平台上缺乏上市以及其资金的不确定性。结果是在三个月内下降了75％以上，而幻想的社区下降了。在最初的兴奋之后，人们对这种“包容性”加密的真正生存能力感到怀疑。

From initial enthusiasm to a 75 % drop

从最初的热情到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在经过五年的开发和社区采矿之后，于2025年2月正式推出，寄予厚望。 Pi令牌的开端很出色，短暂地触及了2.98美元，这是社区庆祝的水平。

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，一系列故障迅速阻碍了网络采用的有效采用，很快就受到了这种积极的势头。发布后的第一个问题涉及锁定硬币，许多采矿专家由于KYC问题而无法要求其令牌。

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.

对于已经参与长达五年的投资者来说，这是一个令人沮丧的局势，这损害了原本应该标志着一个新时代的发布的形象。

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 :

在接下来的几周中，尽管短暂的反弹超过1.20美元，但令牌损失了其价值的75％以上，低于象征性的$ 1分。这一发展反映了缺乏强大的经济和技术基本面。此外还有一系列关键信号：

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.

这些事实标志着一个项目的一个混乱的开端，从纸上看，这一切都可以吸引大部分的加密货币公众。在日益增长的怀疑中，团队是否可以重新控制对沟通的控制并恢复信心，还有待观察。

Transparency challenged and absence of network activity

透明度挑战和缺乏网络活动

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.

尽管该项目拥有超过50亿美元的资本化，并且现在排名前30名加密货币，但其缺席Binance或Coinbase等主要交换平台引起了问题。

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.

社区成员推测，团队的行动可能是缺乏上市的原因。原因是PI网络团队缺乏透明度，这对于主要交易所至关重要。

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

如果没有关于治理结构的明确沟通，代币的实际分配或安全审计，潜在的机构合作伙伴保持距离。

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，在主要网络上也完全没有Defi应用程序或活动。迄今为止，没有贷款平台，没有DEX，没有智能合同，没有具体用例，将区块链留给区块链。

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项目捐赠了一笔宣布的1亿美元基金来支持Web3初创公司，但迄今为止仍没有正式公告或活动证明。到目前为止，还没有发展任何增长。

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.

这些结构差距对项目的生存能力产生了越来越多的怀疑。尽管社区保持庞大而活跃，但缺乏具体的结果可能会改变集体意见。如果没有快速行动来通过可靠的列表，DEFI公告或具体交付成果来恢复信任，那么风险很高，PI网络将被降级为具有很高潜力但执行失败的项目状态。