- Pi Network plummeted 85% from $2.85 high to the current $0.40 price level
- Pi coin faces criticism over the slow growth of the network and the delayed listing on major exchanges.
The expected Binance listing of Pi Network still suffers major setbacks, and investors are disappointed with the slow pace of the project in terms of its adoption by major exchanges. The crypto coin has crashed 85% since its $2.85 high to the present price of about $0.40, and the coin is facing fundamental challenges that are impeding the listing on tier-one exchanges.
The community is raising more and more concerns regarding the way the Core Team is managing the key development milestones and communicating with supporters around the globe in a transparent manner.
Centralization Concerns Block Major Exchange Access
The most burning issue of Pi Network is its governance structure, which is highly centralized even though the community claims that it operates in a community-driven manner and is decentralized. The Core Team retains control over protocol upgrades, network migrations, and developer guidelines, which is a contradiction to the decentralization aims of the project in practice.
This centralized model blocks the listing on premium exchanges such as Binance and Coinbase, which demands real decentralization prior to considering tokens. Although smaller US-based exchanges such as Swapfone have adopted the use of the Pi tokens, the larger exchanges have more stringent requirements regarding blockchain governance structures.
The mainnet transition of the network is not yet complete, and most of the activity is still taking place on testnet infrastructure and not on the official blockchain network. Few Pioneer nodes are working on the mainnet, which weakens the arguments of the successful network migration and the readiness to operate.
Moreover, the utility in the real world is still missing, even with the official mainnet; referral rewards, validator earnings, and ecosystem contributions are still stuck in user accounts. These features that are promised are visible in wallets and have not yet been passed to the users, which restricts their practical adoption and real use cases to a large extent.
Member of the community, Mr. Spock, blamed the communication breakdowns of the Core Team, saying that leaders need to take responsibility instead of being the mysterious Satoshi of Bitcoin. The community wants to have clear explanations regarding development schedules, mainnet updates, and real actions toward the attainment of the promised decentralization objectives.
Although the price has recently recovered to the levels of $0.40, showing 10% daily growth and trading volume of $98.53 million, there are still underlying problems that hinder development. Pi Network needs to overcome governance issues, full mainnet migration, and provide actual utility to investors before getting coveted Binance listing opportunities.
Highlighted Crypto News Today:
Ethena Explodes 144% as Golden Cross Signals Uptrend With $1 Target
