$PI Pi Coin founders (Chengdiao Fan and Nicolas Kokkalis) recently proposed a "counterintuitive" view at the consensus conference: that cryptocurrencies are not exit strategies, but tools for sustainable growth and real-world applications.

A one-sentence summary: this view is logically sound and may even be the only way for the crypto industry to break through; but it indeed runs counter to the current mainstream trend of hype and speculation in the cryptocurrency market.
We can analyze this perspective from two dimensions: "logical review" and "industry comparison":
1. Is this view tenable? — Theoretically flawless, still catching up in practice
From the essence of blockchain technology, this view is very solid; it exposes the biggest falsehood in the crypto market:
1. Without practical tokens, it’s ultimately a "Ponzi relay race" Currently, most tokens operate on the logic: issuing tokens (pie in the sky) → speculation → retail investors buying high → team cashing out (exit). When everyone is looking for the "next sucker," tokens become purely speculative assets. Pi’s founders emphasize "tokens are tools," aiming to shift the narrative from "speculating on code" to "writing code," so tokens can truly reflect real-world assets or services.
2. "Exit" is the result, not the goal For an ecosystem with real practical value (such as used for cross-border payments, supply chain traceability), the demand for its tokens will naturally increase with user base and transaction volume. Participants’ returns are a natural outcome of ecosystem prosperity, not something forcibly extracted through "dumping" to profit from the market.
Where are the limitations?
Pi itself faces skepticism of "idealism versus reality." Although over 16 million users have migrated to the mainnet, truly high-frequency, irreplaceable "killer apps" are still incubating within the ecosystem. As industry insiders say: "Practicality" is a long-term lottery, while most people just want to buy today and see a surge tomorrow. Therefore, the practical challenge of this view lies in how to endure the long and boring infrastructure phase.
2. Does this contradict mainstream crypto views? — Yes, it goes against the "human nature" trend
If you look for mainstream opinions in the current crypto space, it’s definitely: "Crypto is a one-day world, a year in the human realm," "Better to farm than to trade," "Consensus equals value, pumping equals justice." From this perspective, Pi’s founders’ view is not only contrary but downright "disappointing."
Dimension | Mainstream crypto habits | Direction advocated by Pi founders |
---|---|---|---|
Ultimate goal | Exit for profit, pursue short-term financial freedom | Ecosystem circulation (Utility), pursue long-term sustainability |
Token attributes | Speculative chips, tools for emotional betting | Practical credentials, tickets for buying/exchanging real services |
User behavior | "Mine, pump, sell," profit and run / complain when losing | Hold tokens, buy within the ecosystem, and reinvest |
Why is this "contradiction" necessary?
Mainstream circles have also recognized the problem. Over the past few years, countless projects relying solely on hype (even nonsensical Meme coins) have thrived in bull markets but zeroed out in bear markets. If Web3 wants to truly break out of its niche, it must prove that "without tokens, we can’t do things," and "with tokens, we can do better."
Summary
The words of Pi’s founders may sound like cliché "chicken soup," but in reality, they are a remedy for the industry’s stubborn ailments.
In a circle filled with leverage, contracts, and myths of quick wealth, advocating "practicality" and "not exiting" is destined to be lonely and difficult. It’s like talking about "houses are for living in" in front of real estate speculators—logically correct, but hard to be accepted by frenzied speculators in the short term. Whether this theory can stand the test depends not on how loudly slogans are shouted, but on whether Pi can truly enable millions of people to use tokens to buy a cup of coffee or pay for a ride.