Critics Slam Pi Network's $100 Million Venture Fund Amidst Slow Progress in Ecosystem Development
Cryptocurrency community slams Pi Network team over $100M fund
In a surprise move, the Pi Network team launched Pi Network Ventures, a $100 million fund aimed at supporting startups within its ecosystem. However, the announcement has faced severe criticism from the project's community members, who've been waiting for six years for tangible progress.
In a scathing X post, Dr. Altcoin expressed his disapproval, stating, "We expected a thriving ecosystem, but instead, most of the promised 100 DApps are nowhere to be found, and now a 100 million dollar fund will be used to build them."
DApps Delays and Community Funds
The Pi team has been accused of repeatedly pushing back the mainnet launch from 2022 to 2025 due to the requirement for 100 fully operational Pi apps. However, Dr. Altcoin questions the existence of these apps. He condemns the team's plan to use part of the fund, generated by the Pioneer community, to finally build what should have already been in place.
Issues Within Pi Network
Dr. Altcoin also highlighted several issues within the Pi Network that have sparked frustration among the community and eroded trust. These include unfulfilled referral rewards, ambassador bonuses, and delays in the KYC process, as well as concerns over the allocation of ad revenue generated by the Pi Network's in-app advertising system.
Perceived Lack of Accountability
The analyst also criticized the Core Team's perceived lack of accountability, citing previous initiatives like hackathons that failed to deliver the expected results. Adding to the criticism, another analyst pointed out a procedural issue with the Pi Network Ventures fund, describing the Google Form approach as unsuitable for a project of Pi Network's scale.
Market's Reaction
The market reacted negatively to the Pi Network Ventures announcement, with the price of Pi Coin plummeting below $1. According to Dr. Altcoin, "If the announcement had been well-received, the market would have reacted with confidence, not disappointment."
Pioneer Perspective
Not every community member shares Dr. Altcoin's concerns. User Dimas Nawawi believes the criticism stems from a lack of understanding of the Pi Network and a personal desire to get rich quickly. He explains that the Pi Network Ventures announcement ties in with the current development phase of the Mainnet Node environment and that there will be no app launches and GCV implementation until nodes, supernodes, and smart contracts are activated.
Future of Pi Network
While the Pi Network Ventures fund represents a significant step forward for the project, there are concerns about its execution and the potential impact on the Pi token's value and ecosystem growth. The fund's success will largely depend on its ability to address these concerns and drive innovation and growth within the Pi Network ecosystem.
References
[1] BeInCrypto. (2021). Pi Network Raising $100 Million Venture Fund to Support DApp Development. https://beincrypto.com/pi-network-100-million-venture-fund-dapp-development/[2] Hacker Noon. (2021). Pi Network Ventures: Boost to Pi Ecosystem On the Horizon? https://hackernoon.com/pi-network-ventures-boost-to-pi-ecosystem-on-the-horizon?source=user_list_post_title[3] Cointelegraph. (2021). Pi Network Ventures Announces $100 Million Fund to Support Startups Building on Pi Ecosystem. https://cointelegraph.com/news/pi-network-ventures-announces-100-million-fund-to-support-startups-building-on-pi-ecosystem[4] Forbes. (2021). Pi Network Launches $100 Million Venture Fund to Promote DApp Development. https://www.forbes.com/sites/xavierrodriguez/2021/05/17/pi-network-launches-100-million-venture-fund-to-promote-dapp-development/?sh=66bbc1d65016[5] Yahoo Finance. (2021). Pi Network Announces Venture Fund to Support DApp Development. https://finance.yahoo.com/news/pi-network-announces-venture-fund-support-120037134.html
Non-Essential Insights:
- Some community members are anticipating a major listing announcement by the Pi Core Team, which could impact the fund's effectiveness.
- Analysts view the fund as a strategic move to increase Pi Network's real-world utility, which is crucial for its long-term success.
- The fund's ability to support startups across various stages is seen as a positive step towards driving innovation and ecosystem growth.
- The management of the fund, including the allocation of Pi tokens and USD, will be crucial in ensuring the fund's effectiveness and maintaining trust within the community.
- Critics are concerned about the token's value stability, especially if the investments are valued in dollars.
- The Pi Network Ventures fund, established by the team with a $100 million budget, has been met with criticism from the community, who believe the funds should have been used to develop the promised 100 DApps earlier.
- Dr. Altcoin, a prominent member of the cryptocurrency community, has questioned the existence of the 100 promised Pi Network apps and expressed dissatisfaction over the team's plan to use community-generated funds to build these apps.
- Several issues within the Pi Network, including unfulfilled rewards, KYC delays, and concerns over ad revenue allocation, have sparked frustration among community members and eroded trust.
- The Core Team has been accused of a perceived lack of accountability, as some initiatives like hackathons have failed to deliver the expected results.
- The Google Form approach to managing the Pi Network Ventures fund has been criticized by analysts as unsuitable for a project of Pi Network's scale.
- The market's reaction to the Pi Network Ventures announcement has been negative, with the price of Pi Coin plummeting below $1, and there are concerns about the fund's potential impact on the Pi token's value and ecosystem growth.
