Pi Network’s Mainnet Launch Draws Criticism Amid Credibility Concerns
Pi Network faces criticism ahead of its Mainnet launch, with questions about its legitimacy. Analyst Kim Wong defends the project by pointing out:
- Widespread adoption with over 100 million registered users
- Compliance with Know Your Customer (KYC) regulations
- Decentralized Layer 1 blockchain supporting a growing Web3 ecosystem
- Distribution in over 200 countries
- 10.5 million holders of Pi in wallets
Wong claims that Pi Network enables seamless cross-border transactions and provides financial access globally. However, critics raise concerns regarding its referral-based mining system, potential pyramid scheme characteristics, past data breaches, and legal risks.
Despite skepticism, Pi Network is gaining traction:
- Official account surpassed Ethereum on X in followers
- Listed on exchanges like OKX, Bitget, and MEXC
- Gate.io supports trading and has introduced a Launchpool event for staking Pi tokens
- Bitget launched a 150,000 Pi airdrop
US customers are currently excluded from these exchanges, but speculation about a Binance listing could enhance market liquidity and attract investors, potentially increasing Pi's value.