Pi Network的價值崩潰，而創始人保持億萬富翁

加密貨幣界的過山車又進行了又一個尖銳的下降 - 這是PI網絡引起了頭條新聞。

Cryptocurrency is known for its ups and downs, but the past few months have seen a stark shift in the market’s mood. While Bitcoin continues to break records, another cryptocurrency project, Pi Network, has seen its value plummet.

加密貨幣以其起伏而聞名，但在過去的幾個月中，市場的情緒發生了明顯的轉變。儘管比特幣繼續打破記錄，但另一個加密貨幣項目PI Network看到了其價值的局面。

After reaching a peak valuation of $19 billion earlier this year, Pi Network has seen a nearly 80% crash in just six months. By June 14, the platform’s valuation had dropped to $4.48 billion.

在今年早些時候達到了190億美元的高峰估值之後，PI Network在短短六個月內發生了近80％的崩潰。到6月14日，該平台的估值已降至44.8億美元。

This rapid decline is even more striking considering that Pi token reached its highest point in February, only to see a 766% decrease from $1.43 to $0.16 (at the time of writing).

考慮到Pi Token在2月達到最高點，這種迅速下降甚至更加驚人，只是看到766％從1.43美元下降到0.16美元（在寫作時）。

However, amidst this collapse, an astonishing twist unfolds: the co-founders of Pi Network remain crypto billionaires on paper. This resilience to the market downturn is due to the founders’ early allocations of tokens before public migration began.

然而，在這種崩潰中，令人驚訝的轉折發生了：PI網絡的聯合創始人仍然是紙上的加密億萬富翁。這種對市場低迷的韌性歸功於創始人在公開移民開始之前對代幣的早期分配。

According to the network’s tokenomics, these founders, Nicolas Kokkalis and Chengdiao Fan, received a large portion of the 65 billion Pi tokens allocated to Pioneers—the term used for Pi Network’s user base—before the migration started. This early access, though currently locked under a long-term vesting schedule, ensures their net worth remains in the billions despite the token price crashing and the overall market cap plummeting.

根據網絡的標記學，這些創始人尼古拉斯·科卡利斯（Nicolas Kokkalis）和昌格迪亞（Chengdiao）的粉絲收到了分配給先驅者的650億個PI令牌中的很大一部分，該術語是PI Network的用戶群，在遷移開始之前。儘管目前在長期的歸屬計劃下鎖定了這一早期訪問，但儘管代幣的價格崩潰和整體市場上限下降，但仍在數十億美元的淨資產仍然存在。

Of course, these tokens are locked and cannot be immediately liquidated, and the paper value is based on current trading rates, giving the illusion of immense wealth.

當然，這些令牌是鎖定的，不能立即清算，並且紙質價值基於當前的交易率，給人以巨大的財富幻想。

Moreover, this vast sum of tokens will be released gradually until May 2028, part of a broader strategy to control the token’s value and prevent market flooding. At present, around 131 million tokens are released each month, which, at current prices, amounts to approximately $87 million.

此外，這筆巨大的代幣將逐漸發布，直到2028年5月，這是控制代幣價值並防止市場洪水的更廣泛戰略的一部分。目前，每月發布約1.31億個令牌，目前以大約8,700萬美元的價格發布。

This controlled release aims to protect the token’s worth and ensure a sustainable long-term growth plan. However, it also means the founders’ wealth, like that of other token holders, remains largely inaccessible in the short term.

該受控釋放旨在保護令牌的價值並確保可持續的長期增長計劃。但是，這也意味著創始人的財富，就像其他代幣持有人一樣，在短期內仍然是無法訪問的。

To understand Pi Network’s tokenomics, it’s crucial to note that the entire token structure is designed to synchronize with user migration to the Mainnet. As Pioneers migrate their mined Pi tokens, other allocations—including those to the Core Team, Foundation, and liquidity pools—become accessible proportionally.

要了解PI網絡的令牌學，至關重要的是要注意，整個令牌結構旨在與用戶遷移到主網同步。當開拓者遷移他們的採礦PI代幣時，其他分配（包括向核心團隊，基金會和流動性池的分配）可以按比例地訪問。

• All token buckets are tied to the pace of Mainnet migration. If migration lags, so does the release of tokens for the team and other stakeholders. This ensures fairness, preventing any party from gaining an outsized advantage over the community.

•所有令牌桶都與主網遷移的速度相關。如果遷移滯後，則為團隊和其他利益相關者釋放令牌。這樣可以確保公平，以防止任何政黨比社區獲得優勢。

• To determine the Effective Total Supply at any time, the total amount of migrated rewards is divided by 65%. The rest of the supply—Foundation, Team, Liquidity—is then capped based on this ratio. For instance, if 13 billion community tokens have migrated (20% of 65 billion), only 20% of the other buckets can also become active.

•為了確定任何時間的有效總供應，遷移的獎勵總額劃分為65％。其餘的供應 - 發現，團隊，流動性 - 然後根據該比率限制。例如，如果130億個社區代幣遷移（650億個中的20％），則只有20％的其他存儲桶也可以活躍。

This tight interdependency means that no group can dump tokens prematurely, and real value is only generated through genuine user adoption and migration. It’s a safeguard against speculative abuse and a bid to preserve long-term value.

這種緊密的相互依賴性意味著沒有任何群體可以過早地轉儲令牌，而實際的價值只能通過真正的用戶採用和遷移來產生。這是防止投機性濫用的保障，也是保留長期價值的競標。

Interestingly, even though all 100 billion Pi tokens were technically minted at genesis, very few are currently circulating in the ecosystem. The network depends heavily on Pioneers completing KYC verification and migrating their tokens. Until then, these paper valuations remain just that—paper.

有趣的是，儘管從技術上講，所有1000億個PI代幣都被創造了，但目前很少有生態系統循環。該網絡在很大程度上取決於先驅者完成KYC驗證並遷移其令牌。在此之前，這些紙質估值仍然是紙張。

While headlines may emphasize the founders’ billionaire status, the reality is more nuanced. Nicolas Kokkalis and Chengdiao Fan do control massive amounts of Pi tokens, but most of this wealth is inaccessible now due to the structured lock-up system.

儘管頭條新聞可能強調創始人的億萬富翁地位，但現實卻更加細微。尼古拉斯·科卡利斯（Nicolas Kokkalis）和欽迪亞（Chengdiao）的粉絲確實控制著大量的PI令牌，但是由於結構化的鎖定係統，現在大多數財富都無法訪問。

The Pi Foundation itself controls 10 billion tokens, which at current prices total approximately $6.6 billion. These tokens, too, follow the same vesting and migration-tied unlock rules.

PI基金會本身控制著100億個令牌，目前的價格總計約為66億美元。這些令牌也遵循相同的歸屬和遷移綁定的解鎖規則。

The implication is twofold: Pi’s developers are making a long-term bet on their network’s success, and users must likewise invest not just money, but time and participation. It’s a tokenomics game of patience and persistence.

這意味著這是雙重的：PI的開發人員正在對網絡的成功進行長期押注，用戶也必須不僅投資金錢，而且投資時間和參與。這是耐心和持久性的標記遊戲。

Pi Network’s tokens have seen a significant crash in recent months, as the platform’s market cap plunged from $19 billion to $4.48 billion.

PI Network的令牌最近幾個月發生了重大崩潰，因為該平台的市值從190億美元跌至44.8億美元。

This rapid decline is a result of declining investor interest, slow Mainnet migration, and the broader cryptocurrency market adjustments, which saw a collective decline in value.

這種快速下降是投資者利益下降，慢速主網遷移以及更廣泛的加密貨幣市場調整的結果，這使價值集體下降。

Despite this setback, Pi Network’s founders remain billionaires due to their early allocations of tokens before public migration began.

儘管有這種挫折，但PI Network的創始人仍然是億萬富翁，因為在公開移民開始之前，他們對代幣的早期分配。

According to the network’s tokenomics, these founders received a large portion of the 65 billion Pi tokens allocated to Pioneers—the term used for Pi Network’s user base—before the migration started. This early access, currently locked by a long-term vesting schedule, ensures their net worth remains in the

根據該網絡的標記學，這些創始人在遷移開始之前，收到了分配給Pioneers的650億PI令牌（用於PI Network的用戶群）的大部分。目前以長期歸屬時間表鎖定的早期訪問可確保其淨資產保留在