Binance Community Vote Provides Pi Coin’s Ambitions A Lift
On Feb. 17, Binance released a community vote to determine whether Pi Network’s token, Pi Coin, should be listed on its exchange platform.
The users must log in with their authenticated Binance accounts and have a minimum of $5 value of assets stored in their exchange wallets during the voting period for their votes to be valid.
Up to Feb. 18, 85% of the voters supported the listing of Pi Network on Binance. However, the exchange clarified that the vote is not conclusive to list. Voting closes on Feb. 27 at 23:59 UTC.
Pi Network’s Mining Model and Vision
Launched on March 14, 2019, Pi Network aims to mainstream cryptocurrency beyond Bitcoin. Users can mine Pi Coins (PI) directly from their phones without energy-intensive processes.
Rewards from mining vary with the time when users joined—early adopters get at a higher rate. Referrals and security circles give additional rewards.
OKX Adds Pi Coin Trading Pair Ahead of Mainnet
Crypto platform OKX has announced support for the PI/USDT trading pair, which goes live on Feb. 20.
With the mainnet launch of Pi Coin now underway, early miners can finally convert tokens to fiat for the first time. However, the surge in sellers could lead to volatile price swings.
The launch also opens the Pi ecosystem, exposing users to 80+ community-built apps. These feature:
- Pi Map – Connects buyers and sellers who accept Pi Coin
- Pi Game – Web-based gaming platform for spending Pi Coin
- Care for Pi – Community-powered support app
- 1pi Mall – Web-based shop to sell and purchase Pi
- Controversies and Criticism of Pi Network
Controversies and Criticism of Pi Network
Despite having a growing community, Pi Network has been criticized for being late and not receiving the exchange listings. Some have criticized it as being close to a Ponzi scheme in its referral-based mining method.
The project was accused of leaking 17GB of personal data of 10,000 Vietnamese citizens in May 2021—something that the team denied.
Analyst Defends Pi Coin’s Authenticity
As opposed to skepticism, analyst Kim Wong defended Pi Network in a Feb. 16 X post. He noted its:
- 200+ countries covered
- 100M+ registered users (65M active)
- 19M KYC-verified
- 10.5M with Pi in wallets
Wong described Pi as a Layer 1 blockchain that is “decentralized, scalable, fast, secure, and Web3-ready.” He emphasized its versatility to support multiple various blockchain applications besides payments.
“If you still have no idea what Pi Network is, or if you still believe it’s a scam, you’re actually lagging behind and need to catch up!” he concluded.
What’s Next for Pi Coin?
As Binance’s voting ends on Feb. 27, the world waits with baited breath. Listing could bring more liquidity, but post-mainnet market dynamics remain uncertain
