Pi Coin, a cryptocurrency developed by Pi Network, recently received overwhelming support in a Binance community vote for potential listing on the exchange. This comes just days ahead of the coin’s mainnet launch scheduled for this week.
The community vote was launched by Binance on Feb. 17, allowing users to determine whether Pi Coin should be listed on the platform. To participate in the vote, users had to log into their verified Binance accounts and maintain a minimum of $5 worth of assets in their exchange wallets during the voting period. As of Feb. 18, 85% of voters supported listing Pi Network on Binance, although the exchange clarified that the vote does not guarantee a listing. Users have until 23:59 UTC on Feb. 27 to cast their votes.
Pi Network was launched on March 14, 2019, with the vision of creating a more accessible cryptocurrency than Bitcoin. Users can mine Pi Coins (PI) directly from their smartphones without the need for energy-intensive processes. Mining rewards are based on the user’s sign-up date, with early adopters earning higher rates. Users can also increase their rewards by inviting new users or creating a security circle.
To capitalize on the growing interest in Pi Coin, crypto exchange OKX has announced support for the PI/USDT trading pair, set to go live on Feb. 20. However, after the mainnet launch, Pi Coin may face selling pressure as long-time miners have the opportunity to sell their holdings.
The mainnet launch of Pi Coin is a significant milestone for the project, allowing holders to convert their coins into fiat currencies after years of mining. It also opens up the Pi ecosystem to a wider audience, providing access to around 80 community-built apps, including Map of Pi, Pi Game, Care for Pi, and 1pi Mall.
Despite its popularity, Pi Network has faced criticism for its long development process and lack of exchange listings. Some skeptics have compared it to Ponzi schemes, while others have accused the team of delaying the launch to keep users engaged. The project has also been labeled a pyramid scheme due to its referral-based mining system and faced allegations of a data breach in the past.
Analyst Kim Wong defended Pi’s credibility in a recent post, highlighting its widespread adoption across 200+ countries and a user base of over 100 million, with 65 million active users. Wong emphasized Pi’s potential as a Layer 1 blockchain, describing it as decentralized, scalable, fast, secure, and Web3-ready.
In conclusion, Pi Network’s upcoming mainnet launch and potential listing on Binance mark significant milestones for the project. Despite facing criticism and skepticism, Pi Coin continues to attract a large user base and support from analysts like Kim Wong, who see its potential for widespread adoption as a digital currency and blockchain platform.