PI Network（PI）可以在啟動後僅幾週後78％恢復用戶信任，因為Pi Coin Freefalls會出現更多的代幣解鎖和延遲嗎？

從前十月到2月，PI Network（PI）以大多數唯一的加密貨幣的炒作而爆發到現場。

Can Pi Network recover user trust as Pi Coin free-falls 78% just weeks after launch, with more token unlocks and delays on the horizon?

PI網絡能否在發布後幾週就可以恢復用戶信任，因為Pi Coin Freefalls 78％，還有更多的令牌解鎖和延遲？

From top 10 to tumbling

從前10名到翻滾

In February, Pi Network (PI) burst onto the scene with the kind of hype most cryptocurrencies only dream of. The long-awaited mainnet launch of Pi Network finally happened, and within days, the token was rolling in the top 10 by market cap.

2月，PI Network（PI）以大多數唯一夢想的加密貨幣的炒作沖向現場。期待已久的Mainnet Pi Network的發射終於發生了，幾天之內，代幣在前十名中被市值滾動。

Its price soared to an all-time high of $2.98 on Feb. 26, and for a brief moment, it was rubbing shoulders with industry giants. However, fast-forward to Apr. 2, and the picture looks far less glamorous.

它的價格飆升至2月26日的歷史最高高點2.98美元，在短時間內，它與行業巨頭摩擦了肩膀。但是，快進到4月2日，這張照片看起來不那麼迷人。

As of press time, Pi Coin is trading at just $0.66, a steep 78% drop from its peak just over a month ago. The crash has wiped out around $14.5 billion in market value, dragging its capitalization down from nearly $20 billion to just $4.56 billion.

截至發稿時，Pi Coin的交易價格僅為0.66美元，一個月前的峰值下降了78％。這次墜機事故的市場價值已經消除了約145億美元，其資本化從近200億美元降至僅45.6億美元。

The picture gets even murkier when we zoom out. This month alone will see over 124 million Pi tokens being unlocked, according to data from blockchain explorer PiScan. And this is just the beginning.

當我們縮小時，圖片變得更加愚蠢。根據Blockchain Explorer Piscan的數據，僅本月就會將其解鎖超過1.24億個PI令牌。這僅僅是開始。

Monthly unlocks will keep climbing, peaking at 233 million in July. Altogether, more than 1.53 billion new tokens will hit the market over the next year, pushing total circulating supply to 8.2 billion.

每月解鎖將繼續攀爬，7月的達到2.33億。總共有超過15.3億個新令牌將在明年上市，將總循環供應量提高到82億。

That’s a massive jump for a network that already sits at 6.7 billion in supply and is aiming for a maximum cap of 100 billion. At this pace, Pi is quickly earning a reputation as one of the most inflationary digital assets out there.

對於已經有67億個供應的網絡而言，這是一個巨大的跳躍，目標最高為1000億。以這種速度，PI迅速成為最通貨膨脹的數字資產之一的聲譽。

Meanwhile, exchange support remains uneven. OKX was the first major platform to list Pi, followed by Bitget, Gate.io, and MEXC, with Gate.io currently leading in trading volume.

同時，交換支持仍然不平衡。 OKX是第一個列出PI的主要平台，其次是Bitget，Gate.io和Mexc，Gate.io目前在交易量中領先。

But the token still hasn’t made it to most tier-1 exchanges. Binance, Coinbase, Kraken, and Bybit have all stayed away. In fact, Bybit’s CEO went as far as calling Pi a “scam,” a label that Pi's developers strongly deny.

但是令牌仍然沒有達到大多數級別交換。 Binance，Coinbase，Kraken和Bybit都遠離了。實際上，Bybit的首席執行官甚至稱PI為“騙局”，這是PI開發人員強烈否認的標籤。

So, what’s really happening behind the scenes of Pi Network? And with more tokens set to flood the market, what can investors expect in the coming weeks and months?

那麼，PI網絡場景背後真的發生了什麼？隨著更多的代幣淹沒了市場，投資者在未來幾周和幾個月內會期望什麼？

Glitches, delays, and dead ends

故障，延誤和死胡同

Behind Pi Coin’s steep price drop lies a web of internal frictions — issues that have less to do with market sentiment and more to do with operational breakdowns and a lack of transparency from the people in charge.

Pi Coin的陡峭價格下降的背後是內部摩擦的網絡 - 與市場情緒無關的問題，與運營分解有關，負責人缺乏透明度的問題。

One of the biggest sources of frustration for Pi users is the KYC process.

KYC流程是PI用戶最大的挫敗感之一。

This step is mandatory for users to migrate their mined Pi tokens to the mainnet, which means no transactions, no withdrawals, and essentially no access to the value they believe they’ve earned.

該步驟是必須將用戶遷移其挖掘的PI代幣到主網，這意味著沒有交易，沒有提款，並且基本上無法訪問他們認為所獲得的價值。

However, reports indicate that despite the Open Network launch on Feb. 20, and the extended KYC and migration grace period till Mar. 14, the Pi Core Team has struggled to process the backlog for its estimated 60 million-plus users.

但是，報告表明，儘管2月20日開放網絡啟動，而擴展的KYC和Migration Grace時期直到3月14日，PI Core團隊仍在努力為其估計的6000萬用戶處理積壓。

The switch from third-party provider Yoti to a proprietary KYC system was meant to improve scalability, but technical glitches, such as “Tentative Approval” statuses that stall progress, have left many users in limbo.

從第三方提供商YOTI轉換為專有KYC系統的轉換旨在提高可擴展性，但是技術故障，例如停滯不前的“暫定批准”狀態，使許多用戶陷入困境。

Some estimates suggest that only around 14 million users have successfully migrated, highlighting a severe capacity issue.

一些估計表明，只有大約1400萬用戶成功地遷移，突出了嚴重的產能問題。

Social media platforms, especially X, are filled with firsthand accounts of Pi users grappling with this broken experience.

社交媒體平台，尤其是X，充滿了PI用戶與這種破裂體驗的第一手帳戶。

One user shared how her Pi coins were initially marked as migrated, then unexpectedly returned without any explanation, leaving her stuck in a loop of reconfirmations and waiting.

一位用戶分享了她的PI硬幣最初是如何將其標記為遷移的，然後出乎意料地返回而沒有任何解釋，使她陷入了重新確認和等待的環境中。

I’m stuck here 🙄My Pi was migrated, then unexpectedly marked as “Returned” without any prior notice. It was migrated again, I reconfirmed my migration wallet, and yet I’m still waiting! Am starting to feel like this is all a scam.

我被困在這裡🙄MyPi被遷移，然後出乎意料地將其標記為“返回”而沒有任何事先通知。它再次遷移，我重新確認了我的遷移錢包，但我仍在等待！我開始覺得這就是一個騙局。

Another reported losing 1,427 Pi tokens simply because his migration didn’t complete before the grace period expired, despite being in the queue the whole time.

另一位報導說，損失了1,427個PI令牌，僅僅是因為他的遷移在恩典時期之前沒有完成，儘管一直處於排隊狀態。

🥵 This Pioneer lost 1427 $Pi due to MISSING THE GRACE PERIOD DEADLINE According to the Pioneer he was in the migrations queue, he was waiting for his migration.Is that even fair, does that even make sense? Losing Pi due to waiting, in a situation where you can't do…

🥵由於他在移民隊列中的先驅，他在遷移時，這位先驅因錯過了恩典時期的截止日期而損失了1427 $ pi，他在等待他的移民。在您無法做的情況下，由於等待而失去PI…

Stories like these have fueled anger and anxiety, especially among those who spent years mining the token with the hope of eventual access.

這樣的故事激發了憤怒和焦慮，尤其是在那些花了多年以最終獲得挖掘代幣的人中。

What’s intensifying the backlash is the lack of transparency from the Pi Core Team, often referred to as PCT, in keeping its cards too close to its chest.

加劇強烈反對的是PI Core團隊缺乏透明度，通常稱為PCT，以使其卡片過於靠近其胸部。

There’s been little communication on major aspects of the roadmap. Users

路線圖的主要方面幾乎沒有溝通。用戶