Analyst Defends Pi Network Amid Mainnet Launch Criticism
As the anticipation builds for Pi Network's Mainnet launch, one analyst steps up to defend the project against the increasing criticisms it faces. Amid doubts about its credibility and legal scrutiny, there are contrasting opinions about whether Pi Network is the real deal or just another scam.
In a recent post on X (formerly Twitter), Analyst Kim Wong refuted the project's critics by highlighting its global reach and utility. Wong emphasized Pi Network's strengths, such as its ability to facilitate instant cross-border transactions, its innovative free mobile mining model, and its rapidly growing user base.
According to Wong, Pi Network has already made a positive impact by distributing wealth to millions of people worldwide for free. The network boasts a presence in over 200 countries, with more than 100 million registered users, 65 million active participants, 19 million KYC-verified users, and 10.5 million users holding Pi in their wallets.
Wong also praised Pi Network's self-developed Know Your Customer (KYC) system, designed to ensure compliance with regulatory requirements and enhance its trustworthiness.
In addition to being a widely accepted digital currency, Pi's Layer 1 blockchain is described as decentralized, scalable, fast, secure, and Web3-ready. Wong challenged skeptics to identify another cryptocurrency network with such a broad scale and real-world application.
While Wong's perspective remains positive, critics maintain their doubts. Some users attribute the project's recent developments to regulatory changes in the industry. Amid allegations of being a pyramid scheme and a data breach source, Pi Network continues to face skepticism from certain quarters.
Despite the challenges, Pi Network has gained significant traction within the crypto community. The project now boasts a higher follower count than Ethereum (ETH) on X and has secured listings on several exchanges, including OKX, Bitget, MEXC, and HTX. The latest addition, Gate.io, has announced its support for Pi trading.
Expanding its presence, Bitget initiated a 150,000 Pi airdrop to mark the availability of deposits, while Gate.io launched a Launchpool event for users to stake Pi tokens in exchange for GT airdrops. Although these exchanges do not currently cater to US customers, speculation is rife about a potential listing on Binance. Such a move could inject liquidity into the market and trigger significant price increases, appealing to both institutional investors and retail traders.