$PI $PI . Commercial Sponsorship Mechanism (“Paying for Exposure”) Eligibility to participate in industry conferences largely follows commercial logic. Pi Network was one of the official sponsors of the Consensus 2025 conference and received an exclusive 20-minute speaking slot. This means that as long as a project is willing to pay a hefty sponsorship fee, it can gain the opportunity to appear on stage and present to thousands of industry elites and financial or investment institutions in attendance. In essence, this is a commercial marketing activity, not an absolute official endorsement of its value. 2. The “Data Packaging” Enabled by a Huge User Base The Pi coin project team has vigorously amplified its user base in its external promotions, claiming to have tens of millions or even more than 100 million users. Although blockchain data reveals that its actual number of active wallets is far below the claimed figure—for example, it claims 60 million users, while the actual number of active wallets may be only around 9 million—these enormous “reported figures” are sufficient to initially mislead some participants who are unaware of the truth, becoming their “bargaining chip” for attending conferences and engaging in dialogue with the industry.

$PI . Commercial Sponsorship Mechanism (“Paying for Exposure”) Participation in industry conferences largely follows commercial logic. Pi Network was one of the official sponsors of Consensus 2025 and received an exclusive 20-minute speaking slot. This means that as long as a project is willing to pay a hefty sponsorship fee, it can gain the opportunity to appear on stage and present to thousands of industry elites and capital institutions in the audience. In essence, this is a form of commercial marketing, rather than absolute official recognition of its value. 2. “Data Packaging” Brought by a Huge User Base The Pi coin project team has vigorously exaggerated its user base in its external publicity, claiming to have tens of millions or even hundreds of millions of users. Although blockchain data reveals that the actual number of active wallets is far below the claimed figure—for example, it claims 60 million users, while the actual number of active wallets may be only around 9 million—this huge “paper figure” is sufficient to mislead some uninformed participants in the early stages, becoming their “bargaining chip” for attending conferences and engaging in dialogue with the industry.

$PI Ah~ what has blinded my eyes? It was Pi, it was Nicholas, it was Fan Chengdiao, ah~