To be honest, the tokenomics model of the Pi project really does have problems. The project team holds 20% of the proportion—when converted, that comes out to a holding of 20 billion. That number is not small. More importantly, the mapping rights are also in their hands, which creates a completely centralized control.

Just think about it: in the end, who has to foot the bill for all of 3.14’s liquidity and value discovery? Are those merchants and individual investors going to do it? This kind of gameplay looks exactly like the old routines of certain scam coins and “air coins.” With the project team holding such a huge stack of chips and the mapping rights, even if the ecosystem really does take off, who would dare to take on that 20 billion? It’s a deadlock.

On the other hand, if the project team changed strategy—reducing their holding ratio to nearly zero, and instead taking a cut only from transaction fees—so that the general public, the big guys, and the grandpas would throw their chips out first, and then, once the market is sufficiently liquid, the ecosystem would have a chance to slowly develop. That’s the healthy model. With the current setup, frankly, the ceiling has already been put there.