Critics Slam Pi Network's $100 Million Venture Fund Amid Slow Ecosystem Advancement
The Pi Network Crew is under fire over the launch of Pi Network Ventures, a $100 million fund aimed at bolstering startups developing within its ecosystem.
This announcement, made on May 14, has sparked biting criticism from the PiNetwork community, the Pioneers. Expecting tangible progress after a six-year wait, many feel let down as they face yet another delay in the ultimate goal of a thriving ecosystem.
Analyst Rips into Pi Team Using Community's Dough to Build Half-Baked DApps
In a recent rant on X (formerly Twitter), Dr. Altcoin voiced his bitter complaints.
"After six years of blood, sweat, and tears, Pioneers longed for a flourishing ecosystem. Instead, we've learned that most of the 100 promised DApps don't exist yet, and now a whopping $100 million will be used to conjure them," his rant declared.
He alleges that the team repeatedly pushed back the mainnet launch from 2022 to 2025, citing an essential prerequisite for these delays: guaranteeing 100 fully operational Pi apps on the Mainnet. However, he suspects that this isn't the case.
"The Core Team plans to use part of the $100 million fund – generated from the hard work, faith, and patience of the Pioneer community – to finally create what should have already come to fruition," he added.
Transparency issues, fragmented rewards, delayed KYC processes, and misallocated revenue have also plagued the Pi Network, causing significant frustration and eroding trust within the community.
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The analyst also called out the Core Team's perceived lack of accountability. He pointed out that previous initiatives like hackathons, designed to engage developers and create decentralized apps (DApps), didn't deliver as expected.
Adding fuel to the fire, another analyst highlighted a procedural blunder with the Pi Network Ventures fund. They noted the use of a Google Form for applications as a disappointing move for a project of Pi Network's scale and ambition.
The market's reaction was a reflection of the backlash. As per BeInCrypto, the price of Pi Coin nosedived below $1 following the announcement of Pi Network Ventures.
"This clear proof the announcement didn't meet expectations. If it did, the market would've reacted with confidence, not disillusionment," Dr. Altcoin noted.
However, not all Pioneers share his sentiment. In response to the criticism, a user named Dimas Nawawi spoke up on X.
"If certain influencers and Pioneers are disappointed with CT's policy, I believe they don't fully grasp the purpose of Pi Network and only seek a quick buck," Nawawi declared.
He linked the Pi Network Ventures announcement to the current stage of development within the Mainnet Node environment.
"As I always say, no dApps will launch, and GCV implementation won't happen in the Ecosystem until Nodes, Supernodes, and Smart Contracts are enabled," he said.
He reminded the community that Pi is still in its infancy, the 'Limited Open Network' stage. Furthermore, he believes that only the most dedicated Pioneers will prevail in the long run.
- The Pi Network's $100 million fund, Pi Network Ventures, has generated criticism, with some claiming that decentralized applications (DApps) promised for years remain incomplete, and the fund may be used to develop them.
- In a heated critique, Dr. Altcoin expressed disappointment, stating that instead of a flourishing ecosystem, they've learned that most of the 100 promised DApps don't exist, and now, $100 million will be used to create them.
- The Core Team's decision to use part of the funding, generated from the community's hard work, has raised concerns about accountability and transparency, as delays in key milestones, such as the mainnet launch, persist.
- Another analyst pointed out a procedural issue with the Pi Network Ventures fund, expressing disappointment that a Google Form was used for applications, considering the project's scale and ambition.
- The market's response to the Pi Network Ventures announcement was negative, with the price of Pi Coin falling below $1 following the announcement, indicating a lack of market confidence in the project's direction.
