Pi Network的价值崩溃，而创始人保持亿万富翁

加密货币界的过山车又进行了又一个尖锐的下降 - 这是PI网络引起了头条新闻。

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.

加密货币以其起伏而闻名，但在过去的几个月中，市场的情绪发生了明显的转变。尽管比特币继续打破记录，但另一个加密货币项目PI Network看到了其价值的局面。

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.

在今年早些时候达到了190亿美元的高峰估值之后，PI Network在短短六个月内发生了近80％的崩溃。到6月14日，该平台的估值已降至44.8亿美元。

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).

考虑到Pi Token在2月达到最高点，这种迅速下降甚至更加惊人，只是看到766％从1.43美元下降到0.16美元（在写作时）。

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，在这种崩溃中，令人惊讶的转折发生了：PI网络的联合创始人仍然是纸上的加密亿万富翁。这种对市场低迷的韧性归功于创始人在公开移民开始之前对代币的早期分配。

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.

根据网络的标记学，这些创始人尼古拉斯·科卡利斯（Nicolas Kokkalis）和昌格迪亚（Chengdiao）的粉丝收到了分配给先驱者的650亿个PI令牌中的很大一部分，该术语是PI Network的用户群，在迁移开始之前。尽管目前在长期的归属计划下锁定了这一早期访问，但尽管标记的价格崩溃和整体市值下降，但仍在数十亿美元的净资产仍然存在。

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.

当然，这些令牌是锁定的，不能立即清算，并且纸质价值基于当前的交易率，给人以巨大的财富幻想。

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，这笔巨大的代币将逐渐发布，直到2028年5月，这是控制代币价值并防止市场洪水的更广泛战略的一部分。目前，每月发布约1.31亿个令牌，目前以大约8,700万美元的价格发布。

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.

该受控释放旨在保护令牌的价值并确保可持续的长期增长计划。但是，这也意味着创始人的财富，就像其他代币持有人一样，在短期内仍然是无法访问的。

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网络的令牌学，至关重要的是要注意，整个令牌结构旨在与用户迁移到主网同步。当开拓者迁移他们的采矿PI代币时，其他分配（包括向核心团队，基金会和流动性池的分配）可以按比例地访问。

• 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.

•所有令牌桶都与主网迁移的速度相关。如果迁移滞后，则为团队和其他利益相关者释放令牌。这样可以确保公平，以防止任何政党比社区获得优势。

• 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.

•为了确定任何时间的有效总供应，迁移的奖励总额划分为65％。其余的供应 - 发现，团队，流动性 - 然后根据该比率限制。例如，如果130亿个社区代币迁移（650亿个中的20％），则只有20％的其他存储桶也可以活跃。

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.

这种紧密的相互依赖性意味着没有任何群体可以过早地转储令牌，而实际的价值只能通过真正的用户采用和迁移来产生。这是防止投机性滥用的保障，也是保留长期价值的竞标。

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，尽管从技术上讲，所有1000亿个PI代币都被创造了，但目前很少有生态系统循环。该网络在很大程度上取决于先驱者完成KYC验证并迁移其令牌。在此之前，这些纸质估值仍然是纸张。

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.

尽管头条新闻可能强调创始人的亿万富翁地位，但现实却更加细微。尼古拉斯·科卡利斯（Nicolas Kokkalis）和钦迪亚（Chengdiao）的粉丝确实控制着大量的PI令牌，但是由于结构化的锁定系统，现在大多数财富都无法访问。

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基金会本身控制着100亿个令牌，目前的价格总计约为66亿美元。这些令牌也遵循相同的归属和迁移绑定的解锁规则。

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.

这意味着这是双重的：PI的开发人员正在对网络的成功进行长期押注，用户也必须不仅投资金钱，而且投资时间和参与。这是耐心和持久性的标记游戏。

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的令牌最近几个月发生了重大崩溃，因为该平台的市值从190亿美元跌至44.8亿美元。

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.

这种快速下降是投资者利益下降，慢速主网迁移以及更广泛的加密货币市场调整的结果，这使价值集体下降。

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

尽管有这种挫折，但PI Network的创始人仍然是亿万富翁，因为在公开移民开始之前，他们对代币的早期分配。

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

根据该网络的标记学，这些创始人在迁移开始之前，收到了分配给Pioneers的650亿PI令牌（用于PI Network的用户群）的大部分。目前以长期归属时间表锁定的早期访问可确保其净资产保留在