The Pi Network team faces criticism after the launch of Pi Network Ventures, a $100 million fund to support startups developing within its ecosystem.

The initiative announced on May 14 sparked sharp criticism from the project community known as Pioneers, who expected more tangible progress after six years of waiting.

The analyst criticizes the Pi team for using community funds to create unfinished dApps.

Dr. Altcoin expressed his concerns in a recent post on X (formerly Twitter).

"After six years of dedication, mining, promotion, and waiting, Pioneers expected a thriving ecosystem. Instead, we learned that most of the promised 100 dApps do not yet exist, and the $100 million fund will now be used to create them," the post said.

He claimed that the team has repeatedly postponed the mainnet launch from 2022 to 2025. A key reason for these delays was the need to ensure that 100 fully functional Pi apps were either active or ready for the mainnet. However, he suggested that this is not the case.

"The core team plans to use part of the $100 million fund — value created through the efforts, faith, and patience of the Pioneer community — to finally create what should have already been in place," he added.

The analyst also highlighted several issues in Pi Network. They have caused significant frustration among the community and undermined trust.

He asserted that although the team promised referral rewards and bonuses for ambassadors, most Pioneers have not received them. Additionally, he condemned the delays in the KYC process that hindered smooth onboarding.

Concerns about transparency have also arisen. Dr. Altcoin questioned the distribution of millions earned from advertising through the Pi Network's in-app advertising system.

He criticized the lack of accountability on the part of the Core team. The analyst noted that previous initiatives, such as hackathons aimed at encouraging developers to create and launch these decentralized applications (dApps), did not yield the expected results.

Adding to the criticism, another analyst highlighted a procedural issue with the Pi Network Ventures fund. He noted that applications for the $100 million fund are being collected via Google Form. He described this approach as a 'great shame' for the scale and ambitions of the Pi Network project. The market reaction reflected a negative response. BeInCrypto reported that after the announcement of Pi Network Ventures, the price of Pi Coin fell below $1.

"The obvious evidence that the announcement did not meet expectations. If it had, the market would have reacted with confidence, not disappointment," noted Dr. Altcoin.

However, not all Pioneers share this view. User Dimas Navavi responded to the criticism on X.

"If there are influencers and Pioneers who are disappointed with CT's policy, I am sure they do not properly understand the purpose of the Pi Network and have only a personal goal of quickly becoming rich," Navavi stated.

He explained that the announcement of Pi Network Ventures is closely tied to the current development stage of the Mainnet Node environment.

"As I always say, there will be no launch of dApps and implementation of GCV in the ecosystem until Nodes, Supernodes, and Smart contracts are activated," said Navavi.

He reminded the community that Pi is still in the early stage known as the 'Limited Open Network'. Moreover, he believes that only the most dedicated Pioneers will succeed in the long run.