#PI# #PI# The holdings of Centralized Exchanges have surged, but the trading volume remains sluggish. Earlier this month, BeInCrypto reported that the number of Pi on exchanges had reached a record 370 million. According to Piscan's data, by the end of July, this number had exceeded 405 million PI, an increase of nearly 10%. This number may further rise in August, as an additional 161.6 million PI will be unlocked and enter circulation. However, in stark contrast to the surge in exchange holdings, the trading volume of Pi has continued to remain low. Data from CoinMarketCap shows that Pi's 24-hour trading volume remained below $100 million for most of July. In contrast, Pi's daily trading volume in May ranged between $500 million and over $2 billion. This indicates that despite more Pi entering the exchanges, there is not enough buying pressure to support its price, resulting in Pi facing ongoing downward pressure throughout the month. Three Core Issues Facing Pi Network Recently, prominent Pi advocate Kim H Wong highlighted two major issues hindering the development of the Pi Network, while NoOnes CEO Ray Youssef expressed similar views. Together, the Pi Network faces the following three core issues: 1. Lack of decentralized applications (dApps) with practical use: Kim H Wong pointed out that there are very few, if any, decentralized applications (dApps) on the Pi Network that support barter or the exchange of real goods and services. This severely limits the practical use of Pi coins, reducing users' motivation to hold them. Ray Youssef also emphasized that Pi has only successfully attracted users without providing meaningful utility. 2. Limited liquidity of user Pi coins: Most users' Pi coins are locked once transferred to their wallets. This reduces the flexibility and usability of Pi coins, negatively impacting the overall development of the network. Kim H Wong believes the solution is to open available applications as soon as possible and conduct a second Pi migration promptly. 3. Insufficient developer participation and lack of technical transparency: Ray Youssef believes that the anonymity of the Pi Network leadership team and the lack of technical transparency may hinder developer participation. He pointed out, "Pi has succeeded with consumers—millions have mined the token. But what about developers? That stable market is quite weak." Without active participation from developers and technical promotion, even major upgrades cannot produce bullish momentum. Ecosystem utility is key to Pi's long-term value. The project has launched several noteworthy updates in the past month, including the "Buy Pi" feature (allowing users to purchase Pi with fiat), Pi App Studio, and the ecosystem directory staking. However, these efforts are still insufficient to trigger a price rebound. Ray Youssef believes the issue lies in who conveys the message. "In blockchain, developers are your safety net. They act as guarantors of token prices," he explained. Individual users can drive mass adoption, but developers are key to protecting token prices through ecosystem support and technical promotion. He compared this to Ethereum's early success, emphasizing how Vitalik Buterin actively interacted with developers to establish a technical community that validates each upgrade and builds long-term trust. Conclusion: The price of Pi has fallen close to historical lows, reflecting severe challenges in practical utility, user liquidity, and developer participation. Despite the Pi Network core team's continued updates, if these core issues cannot be effectively addressed, the selling pressure from users will persist, and the price of Pi will struggle to escape the downward trend. Building ecosystem utility and a developer community will be crucial for Pi Network to realize long-term value.