PI Network成為通過Mobile進行加密民主化的承諾，今天面臨著最大的動盪。

隨著其PI代幣危險地接近其歷史低谷，將於4月發布超過1.266億個新令牌。

Launched as a promise of crypto democratization via mobile, Pi Network today faces its greatest turbulence. As its Pi token dangerously approaches its historic lows, more than 126.6 million new tokens are set to be released in April. This puts additional pressure on an already weakened asset, despite a massive community and stated ambitions. In a market that has become ruthless, the illusion of success is no longer enough: the Pi ecosystem is wavering, and doubts are settling in.

PI Network成為通過Mobile進行加密民主化的承諾，今天面臨著最大的動盪。隨著其PI代幣危險地接近其歷史低谷，將於4月發布超過1.266億個新令牌。儘管社區龐大，並表示雄心勃勃，但這給已經削弱的資產造成了額外的壓力。在一個變得無情的市場中，成功的幻想已經不夠了：PI生態系統正在動搖，並且疑問正在解決。

A programmed inflation : when supply exceeds demand

編程通貨膨脹：當供應超過需求時

For several weeks now, the Pi token has been trading at critical levels. According to data published by CoinMarketCap, its price stands at $0.6414, very close to its historic floor reached on February 20 at $0.6152.

幾週來，PI令牌一直在關鍵水平上進行交易。根據CoinMarketCap發布的數據，其價格為0.6414美元，非常接近其歷史悠久的地板，於2月20日至0.6152美元。

This bearish dynamic is directly correlated to a now-structural phenomenon: the monthly release of new tokens. Indeed, more than 126.6 million PI tokens are expected this month, representing nearly 1.87% of the circulating supply.

這種看跌的動態與現在的結構現象直接相關：新令牌的每月釋放。實際上，本月預計將有超過1.266億個PI令牌，佔循環供應的近1.87％。

This aggressive unlocking policy feeds constant selling pressure. Thus, as analyst Alex Obchakevich summarizes:

這種積極的解鎖政策供應不斷的銷售壓力。因此，正如分析師Alex Obchakevich總結的那樣：

Monthly unlockings exceed demand, which greatly affects the value of the token.

每月解鎖超出需求，這極大地影響了令牌的價值。

The phenomenon fits into a much broader dynamic, which has intensified since the mainnet launch. Data provided by PiScan confirms a strategy of continuous offer release :

這種現象符合一種更廣泛的動態，該動態已經加劇了，自主網發射以來。 Piscan提供的數據確認了連續要約的策略：

This inflationary pressure adds to still limited adoption. The arrival of PI on Bitget, OKX, and MEXC exchanges, which marked the end of a long period of trading restrictions, did not stop the decline.

這種通貨膨脹壓力增加了有限的採用。 PI在BITGET，OKX和MEXC交流中的到來標誌著長期交易限制的結束，並沒有停止下降。

On the contrary, it facilitated the massive outflow of freshly released tokens, which further accentuated the drop in price. The economic equation of the project now seems unbalanced, pulled between supply growth and increased demand weakness.

相反，它促進了新鮮釋放的令牌的大量流出，這進一步加劇了價格下降。該項目的經濟方程式現在似乎不平衡，在供應增長和需求疲軟之間增加。

A project under pressure : between technological ambitions and growing distrust

在壓力下的項目：技術野心和日益不信任之間

Beyond market dynamics, Pi Network also faces increasing criticism regarding its business model and legitimacy. While the project claims an innovative approach (based on a mobile application and a simplified mining mechanism through daily check-ins), it remains at the center of controversies.

除了市場動態外，PI網絡還對其業務模型和合法性越來越批評。雖然該項目聲稱採用創新方法（基於移動應用程序和通過每日檢查的簡化採礦機制），但它仍然是爭議的中心。

In February, Ben Zhou, CEO of the Bybit exchange, publicly questioned the very nature of the project: “Yes, I still think you are a scam, and no, Bybit will not list you.” This particularly virulent statement has rekindled suspicions surrounding a project that relies on a referral model encouraging viral expansion, without clear evidence of concrete use cases or effective decentralization.

2月，Bybit Exchange的首席執行官Ben Zhou公開質疑該項目的本質：“是的，我仍然認為您是一個騙局，不，Bybit不會列出您。”這種特別有力的陳述重新點燃了圍繞一個依賴於鼓勵病毒擴展的推薦模型的項目的懷疑，而沒有明確的具體用例或有效的權力下放化的證據。

Despite these criticisms, some analysts continue to see Pi Network as an underutilized potential. Alex Obchakevich believes that the project “has the potential to one day compete with the top ten cryptos,” provided it strengthens its development and the adoption of its network.

儘管有這些批評，但一些分析師仍將PI網絡視為未充分利用的潛力。 Alex Obchakevich認為，如果該項目有可能與前十名加密貨幣競爭，只要它加強了其發展和採用網絡，就有可能。

The founding team, which comes from Stanford University, still relies on a massive community base to launch the ecosystem. However, in a market where competition is fierce and financing conditions are stricter, promises are no longer enough to convince.

來自斯坦福大學的創始團隊仍然依靠一個龐大的社區基礎來啟動生態系統。但是，在競爭激烈且融資條件更嚴格的市場中，承諾不足以說服。

The current situation thus presents a strategic dilemma: continue to play the community card with incentive mechanisms, or pivot towards more technical development focused on real utility. Thus, the future of Pi Network could depend on its ability to move out of ambiguity and deliver a tangible product. Without this, distrust could well take over and lead to a sustained correction, which would lead to a slow but irreversible erosion of the project’s credibility.

因此，目前的情況帶來了戰略困難：繼續使用激勵機制發揮社區卡，或者朝著更加針對真正的實用性的技術發展的樞紐。因此，PI網絡的未來可能取決於其擺脫歧義和提供有形產品的能力。沒有此事，不信任就可以接管並導致持續的更正，這將導致對項目信譽的緩慢但不可逆轉的侵蝕。