- Pi Network disappointed users by launching a $100 million investment fund instead of the long-promised ecosystem, causing frustration over slow progress and lack of transparency.
- The token’s price dropped sharply, reflecting market skepticism, while experts warn of risks without clear ecosystem development.
Pi Network has once again stirred disappointment among its users by unveiling a $100 million investment fund instead of the long-promised ecosystem. This move has left the community questioning the future viability of the cryptocurrency project after years of anticipation.
ALSO READ:PI Network’s Sharp 25% Drop Raises Alarm Over Prolonged Downtrend
Anticipation Turns to Disappointment
The Pi Core Team (PCT), the developers behind Pi Network, had promised to reveal a new ecosystem on May 14. This announcement followed the launch of the Open Network phase over two months prior, which included a shift from three central nodes to 23 global nodes aimed at improving decentralization.
However, instead of the expected ecosystem launch, the PCT revealed the creation of Pi Network Ventures and the Pi Foundation on May 15. Pi Network Ventures is described as a $100 million fund combining Pi tokens and U.S. dollars, intended to strategically invest in startups and businesses that enhance Pi’s real-world adoption and utility. The Pi Foundation is positioned as an “ownerless” organization to guide the long-term development and sustainability of the network.
ALSO READ:XRP Price Crash to $2.3, Is It the End of the Rally? Here’s What the Chart Reveals
Pi Network Community Voices Frustration
Users like Hoang Ha, a Vietnamese miner since 2022, expressed disappointment over the slow progress and lack of a price surge following the announcement. Despite investing both time and money, Hoang noted that after more than six years, the project has advanced sluggishly.
Many users echoed this frustration on social media, accusing the Pi Core Team of stalling and lacking transparency. One investor, Hoang Khang, suggested the fund announcement was merely a tactic to prolong the project without delivering on its original promises. Minh Anh, another user, pointed out that the team had promised 100 decentralized applications by the Open Network launch in February but has yet to deliver.
Pi Network Market Reacts Negatively
The token price plummeted from $1.69 to $0.81 immediately after the fund announcement, signaling the market’s skepticism. Though it recovered slightly, the damage highlighted investors’ loss of confidence.
Challenges Ahead
Experts remain cautiously optimistic but warn of significant challenges. Nguyen Ha Minh Thong, founder of Cabo Capital, believes the venture fund could succeed if the team commits fully to ecosystem development and leverages Pi’s 60 million-strong user base. However, he cautions that price volatility, lack of transparency, and the inability to withdraw tokens freely pose serious risks, especially for inexperienced investors vulnerable to pump-and-dump schemes.
Launched in 2019 with the promise of free mobile mining, Pi Network has drawn millions of users, particularly in Vietnam. Yet, nearly six years later, the project remains incomplete, lacking smart contract capabilities and meaningful ecosystem applications. Besides a few minor updates like a domain auction and shopping campaigns, the network’s progress is slow.
For Pi Network to regain user trust and market credibility, it must deliver tangible ecosystem features and demonstrate transparency in fund management. Until then, the community’s patience and enthusiasm may continue to wane.
DISCLAIMER:
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of the publisher. The publisher does not endorse or guarantee the accuracy of any information presented in this article. Readers are encouraged to conduct further research and consult additional sources before making any decisions based on the content provided.
