- Pi Network continued to face listing headwinds within 7 days of its mainnet launch.
- Bybit rejection and DApps shortfall remain key hurdles for the Pi Core team to solve.
The Pi Network is currently in the market spotlight due to controversy surrounding its token listing. The controversy is primarily due to opposing listing decisions from two major crypto exchanges, Bybit and OKX.
Split Decisions on PI Token Listing
Crypto exchange Bybit has outrightly rejected listing the Pi Network (PI) token, as revealed by CEO Ben Zhou in an X post. The CEO disclosed that the exchange does not want to get involved with the project, citing concerns about its legitimacy.
While Bybit’s CEO dismissed the possibility of adding PI to the exchange, OKX, a top US-based exchange, announced earlier that it would list the tokens. In his post, Zhou cited past experiences with financial disputes, where investors demanded their money back after losses. He said he does not want a repeat of such an incident and, therefore, would not get involved with the Pi project.
The crypto market shares mixed sentiments regarding the legitimacy of the Pi Network. Some view the project as an innovative decentralized concept, while several others are still questioning the idea. This set of individuals has expressed concerns about the project’s referral-based mining and the long wait for its main network launch.
As outlined in our recent blog post, Pi Network confirmed that the much-anticipated launch of its Open Network will occur on February 20. Amid anticipation for the functional mainnet launch, OKX decided to list the token, raising questions about whether Pi is legit.
Also, some industry participants have pointed out that Pi Network is only getting huge attention in regions where people are not quite knowledgeable about finance. Adding more fire to the ongoing concerns, Pi Network still needs 100 decentralized applications before its mainnet launch.
As we covered in our latest report, the project disclosed that only 80 to 85 are in place. However, the Pi Core Team encouraged users that it is actively working to meet this benchmark.
Support for Pi Network
Pi Network still has a massive and loyal user base, even with the ongoing controversy surrounding the network. Over 10 million users have conducted their Know-Your-Customer (KYC) verification, a major step towards the mainnet launch.
Both miners and pioneers stand to benefit from the mainnet launch. Following the launch, developers can introduce applications within the system. For pioneers, the launch will give them access to liquidity for their mined tokens.
Launched over seven years ago, Pi Network allows users to mine tokens directly from their smartphones. There are rising speculations that Pi Coin could launch at $3.14, referencing the mathematical constant pi.
Amid this optimism and rising support, experts have warned about a potential “pump-and-dump.” They warned that early miners might try to cash out big once transactions go live. This selling pressure might cause a drastic price drop for the PI token.
