#pi Pi Network project

1. Project Status and Technical Progress

1. Technical Architecture

Pi Network uses an improved Stellar Consensus Protocol (SCP), focusing on low energy consumption and mobile mining. Users participate by clicking a button daily, without the need for specialized equipment. The mainnet was launched in the first quarter of 2025, but the tokens have not yet been fully freely traded, and ecosystem applications are still under construction.

2. Development Progress

• Stage completion status:

• The testnet (2019-2021) and the closed mainnet (2021-2022) have been completed, and the open phase of the mainnet (2022 to present) is ongoing.

• After the mainnet opens in 2025, the team upgraded the wallet functionalities, integrated fiat purchase channels (such as Onramper, TransFi), and plans to gradually decentralize nodes.

• Current issue:

• The actual value of the token has not been verified by the market, and it has not been listed on major exchanges (such as Binance, Coinbase) after the mainnet launch.

• Ecological applications are lacking, payment and DeFi scenarios have not been implemented, and the practicality of the tokens is questionable.

2. Economic Model and Controversies

1. Token Allocation

• 80% of the tokens are allocated to the community, 20% to the team, and mining rewards decrease as the number of users grows.

• The current circulation is approximately 25.9 billion Pi, with a rumored total supply of 100 billion, but this has not been clearly confirmed.

2. Controversial Point

• Uncertainty of value realization: Tokens are not listed on mainstream exchanges, lacking market liquidity, with early users holding a large amount of tokens, which poses a risk of selling pressure.

• Community Activity Doubts: Over 45 million registered users globally, but the actual activity level is questionable, and some data may include "zero-play" users (who have not actually participated in ecosystem building).

• Regulatory risks: If deemed "unregistered securities" by regulatory authorities, it may face delisting or lawsuits.

3. Motivation for the Marathon Event and Projects

1. Recent Activities

• Multiple hackathons will be held in 2025 (at schools such as Harvard, Berkeley, etc.) to attract developers to build ecosystem applications.

• The results of the activities are limited, and most applications are still in the prototype stage, with few practical implementations.

2. Project Party Intent

• Maintain community engagement: Keep users interested through activities to alleviate token selling pressure.

• Creating momentum and financing: Raising funds or attracting investment for token listing on exchanges and ecological development.

4. Assessment and Risk

1. Probability of Success

• Short-term (1-2 years): If the tokens are listed on mainstream exchanges within 2025 and quickly implemented in payment and cross-border transaction scenarios, there may be a short-term speculative increase.

• Long-term (3-5 years): It is necessary to address the issues of token inflation (excessive total supply) and insufficient ecological self-sustainability, with a low probability of success.

2. Risk Factors

• Token oversupply: Total supply of 100 billion Pi, circulation has reached 25.9 billion, high risk of long-term decline.

• Ecological construction is lagging behind: there is a lack of practical application scenarios, and tokens may become "air coins".

• Lack of transparency: Technical details are not fully disclosed, and the execution of the roadmap is questionable.

3. Time Prediction

• Optimistic scenario: If the fiat channel is popularized before the end of 2025 and the DApp ecosystem explodes, the project may continue for 3-5 years, but the probability is low.

• Pessimistic scenario: If there are no substantial breakthroughs in ecological construction, the project may gradually lose its appeal within 1-2 years, being confirmed as a "hype" project.

V. Conclusion and Recommendations

1. Project Nature: Pi Network is more akin to a project that accumulates users through social fission, with its technological implementation and ecological construction progress lagging behind market expectations.

2. Investment Advice:

• Ordinary users: Stay cautious, avoid investing more than you can afford, and be wary of "zero-sum" traps.

• Technicians: Can use it as an observation sample for the "humanity game theory model", but must ensure data isolation protection.

3. Key observation points: The progress of tokens after the mainnet is fully open in 2025, the implementation of ecological applications, and changes in regulatory attitudes.

Final judgment: The Pi Network has not yet proven itself to be a sustainable blockchain project and is more akin to an experimental project that accumulates users through social fission. If key breakthroughs cannot be achieved by 2025, it may be confirmed as a "scam" project.