Pi Network’s Latest Update Sparks Backlash
The post Pi Network’s Latest Update Sparks Backlash appeared first on Coinpedia Fintech News
The Pi Network’s latest update about its .pi domain auction has sparked criticism from its users. While the Pi Core Team introduced a new app to manage domain bids, with features like stats tracking and email alerts, many in the community feel this isn’t the major progress they were waiting for, especially ahead of Pi2Day 2025 .
No Major Update?
Pioneers, who support and use the Pi Network, had hoped for stronger announcements that could help the Pi token gain real value . Instead, many see this domain auction update as underwhelming and out of touch with what users actually want. However, Pi network failed to impress the crypto community, and now they doubt Pi’s future, which seems bleak and dark. Users also see a severe bloodbath in Pi price if they don’t come up with new announcements.
Auction Sees Low Interest Amid Price Crash
Since the auction began three months ago, around 3 million PI tokens (worth $1.8 million) have been spent on domain bids, according to Piscan . But this is small compared to Pi’s daily trading volume of over $100 million. The update hasn’t done much to boost interest or price. Pi is now trading at around $0.60, down 35% in the last week and 60% for the month.
Early hopes that businesses would rush to buy branded .pi domains have faded. Even Pi’s founder Nicolas Kokkalis once compared them to regular internet domains, but that excitement hasn’t shown up in real numbers.
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Calls for Real Updates Grow Louder
Users are now demanding more meaningful progress. Many are still stuck in the KYC (Know Your Customer) process, and only six businesses have completed KYB (Know Your Business). The $100 million Pi Network Ventures fund , launched last month, has yet to announce any startup investments.
One frustrated user wrote on X, “Great, but when will you fix KYC delays and deliver real tools?”
More Pressure on the Team Ahead
The team now faces added pressure. Over 248 million PI tokens will unlock next month, which could lead to even more selling. Without clear steps like exchange listings, ecosystem tools, and faster KYC processing, the network risks losing its community’s trust.
For now, the .pi domain update is seen as too little, too late.
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FAQs
The unlock of over 248 million PI tokens next month could significantly increase selling pressure, potentially driving the price down further if demand doesn’t rise to absorb the new supply.
Major exchange listings (like Binance or Coinbase) are crucial for Pi Network’s long-term viability. They would provide vital liquidity, wider accessibility, and increased credibility, which are currently lacking.
Technical hurdles include issues with ID document data extraction and liveness video processing. Regulatory hurdles involve ensuring compliance with global AML/CTF laws and the complexity of verifying diverse user data.
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