Pi Network Faces Backlash Over $100 Million Venture Fund

The Pi Network team has come under fire after launching Pi Network Ventures, a $100 million fund aimed at supporting startups within its ecosystem. Announced on May 14, the initiative was met with sharp criticism from the project’s community, known as Pioneers, who had anticipated more tangible progress after six years of waiting.

Dr. Altcoin, a prominent analyst, voiced his concerns on X (formerly Twitter), stating that Pioneers expected a thriving ecosystem but were instead informed that most of the promised 100 decentralized applications (DApps) still do not exist. He argued that the team had repeatedly postponed the mainnet launch from 2022 to 2025, citing the need to ensure that 100 fully operational Pi apps were either live or ready for the Mainnet. However, he suggested that this is not the case. Dr. Altcoin criticized the Core Team for planning to use part of the $100 million fund, generated through the community’s dedication and patience, to finally build what should have already been in place.

Dr. Altcoin also highlighted several issues within the Pi Network that have caused significant frustration among the community and eroded trust. He claimed that while the team promised referral rewards and ambassador bonuses, most Pioneers never received them. Additionally, he condemned the delays in the Know Your Customer (KYC) process, which hindered smooth onboarding. Transparency concerns have also surfaced, with Dr. Altcoin questioning the allocation of millions in ad revenue generated over the years through the Pi Network’s in-app advertising system. He criticized the Core Team’s perceived lack of accountability, noting that previous initiatives like hackathons, designed to encourage developers to create and launch these DApps, have not yielded the expected results.

Adding to the criticism, another analyst highlighted a procedural issue with the Pi Network Ventures fund. He pointed out that applications for the $100 million fund are being collected via a Google Form, describing this approach as “a big shame” for a project of Pi Network’s scale and ambition.

Despite the backlash, not all Pioneers share the same sentiment. A user, Dimas Nawawi, addressed the criticism on X, stating that those disappointed with the Core Team’s policy may not properly understand the purpose of the Pi Network and only have a personal goal to get rich quickly. He explained that the Pi Network Ventures announcement is closely tied to the current stage of development of the Mainnet Node environment. Nawawi reminded the community that Pi is still in an early phase called the ‘Limited Open Network’ and believes only the most dedicated Pioneers will succeed in the long run.