Pi Coin close to securing potential Binance listing ahead of mainnet launch

Pi Coin received strong support in a recent Binance community vote on its potential listing, just days ahead of its mainnet launch this week.

On Feb. 17, Binance launched a community vote to determine whether Pi Network’s token, Pi Coin, should be listed on its platform.

To participate, users must log into their verified Binance accounts and maintain at least $5 worth of assets in their exchange wallets during the voting period; otherwise, their votes will not be counted.

As of Feb. 18, 85% of voters supported listing Pi Network on Binance. The exchange, however, has clarified that the vote doesn’t guarantee a listing.

Users have until 23:59 UTC on Feb. 27 to cast their votes.

Launched on March 14, 2019, Pi Network’s vision has always been to create a more accessible cryptocurrency than Bitcoin. Its approach enables users to mine Pi Coins (PI) directly from their smartphones without the need for energy-intensive processes like traditional cryptocurrencies.

Users earn mining rewards based on when they signed up—the earlier they joined, the higher their earning rate. They can increase their rewards by inviting new users or creating a security circle.

To capitalize on the hype, crypto exchange OKX has already announced support for the PI/USDT trading pair, set to go live on Feb. 20. 

However, after its launch, Pi Coin may face significant selling pressure as long-time miners finally get the chance to sell their holdings.

The listing is set to take place on the same day as Pi’s long-awaited mainnet launch. Going live on the mainnet means Pi Coin holders will finally be able to convert their coins into fiat currencies after years of mining. 

It also opens the Pi ecosystem to a wider audience and gives users access to about 80 community-built apps. These include Map of Pi, which connects buyers and sellers accepting Pi Coin, as well as Pi Game, Care for Pi, and 1pi Mall.

Controversy around Pi launch

Meanwhile, Pi Network has also faced heavy criticism for its long development process and lack of exchange listings. Some skeptics have compared it to Ponzi schemes, while others accuse the team of delaying the launch to keep users engaged.

The project has been called a pyramid scheme due to its referral-based mining system. In May 2021, it was accused of a data breach that allegedly exposed 17GB of personal data from 10,000 Vietnamese citizens, though the team denied these claims.

Despite the skepticism, analyst Kim Wong defended Pi’s credibility in a Feb. 16 post on X, calling it the only crypto network to enable “instantaneous cross-border bartering and transactions.”

Wong noted that Pi is distributed across 200+ countries, with over 100 million registered users, 65 million of whom are active. He also highlighted that 19 million users have completed KYC verification, and around 10.5 million already hold Pi in their wallets.

Beyond its user base, Wong positioned Pi as a Layer 1 blockchain that is “decentralized, scalable, fast, secure, and Web3-ready.” He emphasized its versatility, noting that while it can serve as a widely used digital currency, its “growing ecosystem also supports all other blockchain functions.”

“If you still don’t know what Pi Network is, or if you still think it’s a scam, you’re really falling behind and need to catch up!” he concluded.

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