The Pi Network team is under fire after announcing a $100 million venture fund aimed at supporting startups within its ecosystem. The move, revealed on May 14, has sparked outrage among the project’s loyal community, known as Pioneers, who expected more substantial progress after six years of waiting.
Many argue that Pi Network has yet to deliver on key promises, including a fully operational mainnet, 100 functional decentralized apps (DApps), and transparent reward distributions. Analyst Dr. Altcoin voiced his concerns on X (formerly Twitter), stating:
“After six years of dedication, mining, promoting, and waiting, Pioneers expected a thriving ecosystem. Instead, we’ve learned that most of the promised 100 DApps still do not exist, and a $100 million fund will now be used to build them.”
The backlash has been severe, with Pi Coin’s price dropping below $1 following the announcement—a clear sign of dwindling investor confidence.
Unmet promises and transparency concerns
Pi Network’s journey has been marred by repeated delays. Initially slated for a 2022 mainnet launch, the timeline has been pushed to 2025, with the team citing the need for a fully developed ecosystem. However, critics argue that progress has been sluggish.
Key grievances include:
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Unfulfilled referral rewards: Many Pioneers claim they never received promised incentives.
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KYC delays: Slow verification processes have hindered user onboarding.
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Ad revenue doubts: Questions linger over how Pi Network has utilized earnings from in-app advertisements.
Dr. Altcoin further criticized the team’s accountability, pointing out that previous initiatives, such as hackathons meant to spur DApp development, have fallen short.
Adding to the skepticism, another analyst highlighted that Pi Network Ventures is collecting applications via a Google Form—a move deemed unprofessional for a project of this scale.
Defenders argue Pi Network is still in early stages
Not all Pioneers are condemning the venture fund. Some, like community member Dimas Nawawi, believe critics misunderstand Pi Network’s long-term vision.
“If there are influencers and Pioneers who are disappointed with the Core Team’s policy, I’m sure they don’t properly understand the purpose of Pi Network and only have a personal goal to get rich quickly,” Nawawi stated.
He emphasized that the network is still in its ‘Limited Open Network’ phase and that full ecosystem development—including node activation and smart contracts—must precede DApp launches.
Market reaction and future outlook
The immediate market response to Pi Network Ventures was negative, with Pi Coin’s value declining sharply. Analysts suggest this reflects broader skepticism about the fund’s timing and necessity.
“Clear proof that the announcement did not meet expectations. If it had, the market would have reacted with confidence, not disappointment,” Dr. Altcoin remarked.
Despite the controversy, Pi Network maintains that the fund will accelerate ecosystem growth. However, with trust eroding among long-time supporters, the pressure is on for the team to deliver tangible results soon.
Key questions remain:
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Will Pi Network finally launch its mainnet in 2025?
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Can the $100 million fund restore Pioneers’ confidence?
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How will the team address transparency concerns?
The $100 million Pi Network Ventures fund has become a lightning rod for frustration among Pioneers who expected faster ecosystem development after years of delays. While the initiative aims to accelerate growth, critics argue it highlights the project’s failure to deliver on past promises—such as a functional mainnet, 100 DApps, and fair reward distribution.
With skepticism growing, Pi Network’s core team faces mounting pressure to:
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Launch the long-delayed mainnet in 2025 as promised.
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Improve transparency around ad revenue and fund allocation.
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Deliver tangible utility for Pi Coin beyond speculative trading.
As debates rage within the community, one thing is clear: Pi Network must move beyond promises and prove its viability—or risk losing the trust of its most dedicated supporters. The next few months will be critical in determining whether this ambitious project can transition from hype to real-world adoption.
