PI Network（PI）可以在启动后仅几周后78％恢复用户信任，因为Pi Coin Freefalls会出现更多的代币解锁和延迟吗？

从前十月到2月，PI Network（PI）以大多数唯一的加密货币的炒作而爆发到现场。

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网络能否在发布后几周就可以恢复用户信任，因为Pi Coin Freefalls 78％，还有更多的令牌解锁和延迟？

From top 10 to tumbling

从前10名到翻滚

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）以大多数唯一梦想的加密货币的炒作冲向现场。期待已久的Mainnet Pi Network的发射终于发生了，几天之内，代币在前十名中被市值滚动。

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.

它的价格飙升至2月26日的历史最高高点2.98美元，在短时间内，它与行业巨头摩擦了肩膀。但是，快进到4月2日，这张照片看起来不那么迷人。

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.

截至发稿时，Pi Coin的交易价格仅为0.66美元，一个月前的峰值下降了78％。这次坠机事故的市场价值已经消除了约145亿美元，其资本化从近200亿美元降至仅45.6亿美元。

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.

当我们缩小时，图片变得更加愚蠢。根据Blockchain Explorer Piscan的数据，仅本月就会将其解锁超过1.24亿个PI令牌。这仅仅是开始。

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.

每月解锁将继续攀爬，7月的达到2.33亿。总共有超过15.3亿个新令牌将在明年上市，将总循环供应量提高到82亿。

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.

对于已经有67亿个供应的网络而言，这是一个巨大的跳跃，目标最高为1000亿。以这种速度，PI迅速成为最通货膨胀的数字资产之一的声誉。

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.

同时，交换支持仍然不平衡。 OKX是第一个列出PI的主要平台，其次是Bitget，Gate.io和Mexc，Gate.io目前在交易量中领先。

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.

但是令牌仍然没有达到大多数级别交换。 Binance，Coinbase，Kraken和Bybit都远离了。实际上，Bybit的首席执行官甚至称PI为“骗局”，这是PI开发人员强烈否认的标签。

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?

那么，PI网络场景背后真的发生了什么？随着更多的代币淹没了市场，投资者在未来几周和几个月内会期望什么？

Glitches, delays, and dead ends

故障，延误和死胡同

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的陡峭价格下降的背后是内部摩擦的网络 - 与市场情绪无关的问题，与运营分解有关，负责人缺乏透明度的问题。

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

KYC流程是PI用户最大的挫败感之一。

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.

该步骤是必须将用户迁移其挖掘的PI代币到主网，这意味着没有交易，没有提款，并且基本上无法访问他们认为所获得的价值。

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，报告表明，尽管2月20日开放网络启动，而扩展的KYC和Migration Grace时期直到3月14日，PI Core团队仍在努力为其估计的6000万用户处理积压。

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.

从第三方提供商YOTI转换为专有KYC系统的转换旨在提高可扩展性，但是技术故障，例如停滞不前的“暂定批准”状态，使许多用户陷入困境。

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

一些估计表明，只有大约1400万用户成功地迁移，突出了严重的产能问题。

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

社交媒体平台，尤其是X，充满了PI用户与这种破裂体验的第一手帐户。

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.

一位用户分享了她的PI硬币最初是如何将其标记为迁移的，然后出乎意料地返回而没有任何解释，使她陷入了重新确认和等待的环境中。

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.

我被困在这里🙄MyPi被迁移，然后出乎意料地将其标记为“返回”而没有任何事先通知。它再次迁移，我重新确认了我的迁移钱包，但我仍在等待！我开始觉得这就是一个骗局。

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.

另一位报道说，损失了1,427个PI令牌，仅仅是因为他的迁移在恩典时期之前没有完成，尽管一直处于排队状态。

🥵 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…

🥵由于他在移民队列中的先驱，他在迁移时，这位先驱因错过了恩典时期的截止日期而损失了1427 $ pi，他在等待他的移民。在您无法做的情况下，由于等待而失去PI…

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

这样的故事激发了愤怒和焦虑，尤其是在那些花了多年以最终获得挖掘代币的人中。

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.

加剧强烈反对的是PI Core团队缺乏透明度，通常称为PCT，以使其卡片过于靠近其胸部。

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

路线图的主要方面几乎没有沟通。用户