As Pi Network struggles to establish itself in the crypto scene, a recent setback raises doubts. With disappointed expectations, technical glitches, and growing frustration among early adopters, is the PI ecosystem losing its patience? Dive into the aftermath of this key event and its revealing implications.
The Pi Network community has expressed disappointment with the recent update on the .pi domain auction. It has been seen as an insufficient technical solution to revitalize the project. While the standalone app offers enhanced features, the downtrend in Pi token prices has dampened pioneer enthusiasm. It has, in fact, plummeted by 60% over the past month.
Data from Piscan shows that the .pi domain auction has seen limited participation since its launch over three months ago. Only 3 million PI tokens, equivalent to $1.8 million, have been committed to the auctions. This figure is minuscule compared to Pi’s daily trading volume exceeding $100 million, indicating a minimal impact on price dynamics or overall market activity.
The community fears that the focus on domain auctions may divert attention from more pressing issues affecting the network’s growth and adoption. Only six companies have completed the Know Your Business (KYB) verification process. Additionally, the network has failed to secure new listings on cryptocurrency exchanges. Furthermore, the $100 million Pi Network Ventures venture fund is yet to announce any investments, raising questions about the deployment strategy.
Source: Piscan
Overall, the Pi Network community eagerly anticipates more substantial developments to build trust and enhance the network’s growth potential. Addressing community concerns regarding the ecosystem and token utility is crucial to ensure broader and lasting adoption of Pi Network.
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