币界网报道:Pi Coin, the cryptocurrency project by Stanford PhDs, faces uncertainty as it remains unlisted on major exchanges despite its large user base. With over 47 million engaged users mining the token, concerns grow over potential supply shocks if it ever hits trading platforms. The Pi Network team has delayed open mainnet launch for years, recently stating it will only proceed once "mass KYC" is completed. Critics argue the prolonged closed system prevents price discovery and liquidity, while supporters believe strategic delays ensure stability. The project's future hinges on resolving regulatory compliance and exchange adoption challenges.