PI Network成为通过Mobile进行加密民主化的承诺，今天面临着最大的动荡。

随着其PI代币危险地接近其历史低谷，将于4月发布超过1.266亿个新令牌。

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成为通过Mobile进行加密民主化的承诺，今天面临着最大的动荡。随着其PI代币危险地接近其历史低谷，将于4月发布超过1.266亿个新令牌。尽管社区庞大，并表示雄心勃勃，但这给已经削弱的资产造成了额外的压力。在一个变得无情的市场中，成功的幻想已经不够了：PI生态系统正在动摇，并且疑问正在解决。

A programmed inflation : when supply exceeds demand

编程通货膨胀：当供应超过需求时

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.

几周来，PI令牌一直在关键水平上进行交易。根据CoinMarketCap发布的数据，其价格为0.6414美元，非常接近其历史悠久的地板，于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.

这种看跌的动态与现在的结构现象直接相关：新令牌的每月释放。实际上，本月预计将有超过1.266亿个PI令牌，占循环供应的近1.87％。

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

这种积极的解锁政策供应不断的销售压力。因此，正如分析师Alex Obchakevich总结的那样：

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

每月解锁超出需求，这极大地影响了令牌的价值。

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 :

这种现象符合一种更广泛的动态，该动态已经加剧了，自主网发射以来。 Piscan提供的数据确认了连续要约的策略：

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.

这种通货膨胀压力增加了有限的采用。 PI在BITGET，OKX和MEXC交流中的到来标志着长期交易限制的结束，并没有停止下降。

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，它促进了新鲜释放的令牌的大量流出，这进一步加剧了价格下降。该项目的经济方程式现在似乎不平衡，在供应增长和需求疲软之间增加。

A project under pressure : between technological ambitions and growing distrust

在压力下的项目：技术野心和日益不信任之间

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.

除了市场动态外，PI网络还对其业务模型和合法性越来越批评。虽然该项目声称采用创新方法（基于移动应用程序和通过每日检查的简化采矿机制），但它仍然是争议的中心。

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的首席执行官Ben Zhou公开质疑该项目的本质：“是的，我仍然认为您是一个骗局，不，Bybit不会列出您。”这种特别有力的陈述重新点燃了围绕一个依赖于鼓励病毒扩展的推荐模型的项目的怀疑，而没有明确的具体用例或有效的权力下放化的证据。

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.

尽管有这些批评，但一些分析师仍将PI网络视为未充分利用的潜力。 Alex Obchakevich认为，如果该项目有可能与前十名加密货币竞争，只要它加强了其发展和采用网络，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.

来自斯坦福大学的创始团队仍然依靠一个庞大的社区基础来启动生态系统。但是，在竞争激烈且融资条件更严格的市场中，承诺不足以说服。

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，目前的情况带来了战略困难：继续使用激励机制发挥社区卡，或者朝着更加针对真正的实用性的技术发展的枢纽。因此，PI网络的未来可能取决于其摆脱歧义和提供有形产品的能力。没有此事，不信任就可以接管并导致持续的更正，这将导致对项目信誉的缓慢但不可逆转的侵蚀。