Binance has recently initiated an unprecedented community vote to decide on the potential listing of Pi Network. With the upcoming launch of its mainnet, Pi has garnered widespread attention worldwide, making a listing on Binance a significant opportunity to enhance its reputation.
However, amidst its growing popularity, Pi has encountered skepticism from critics who have labeled it as a potential pyramid scheme. The success of the project hinges on a successful launch to safeguard the reputation of hosting exchanges.
The question remains: Will Binance soon list Pi Network?
2021 marked the emergence of Pi Network as one of the most ambitious and eagerly awaited crypto ventures. After undergoing years in an Enclosed Mainnet phase, Pi’s Open Network is primed for launch this week, sparking excitement within the crypto community.
Binance is now engaging its users by offering them a chance to weigh in on the potential listing of Pi. In a statement, the exchange affirmed, “We acknowledge the vibrant conversations within our community regarding Pi Network. To ensure user input is valued, Binance has introduced a Community Vote. We encourage participation to share your viewpoints on the matter.”
Typically, tokens experience a surge in value upon listing on Binance, yet Pi has already generated substantial buzz independently. Recent anticipation surrounding the launch propelled its IoU price by 78%, with analysts speculating the initial token price could range between $61 and $70.
Amidst the impressive hype, the community vote for token listing on Binance is a rare occurrence. The exchange has faced criticism over its listing policies, particularly for prematurely listing low-market-cap meme coins resembling pump-and-dump schemes, drawing disapproval even from its former CEO, CZ.
In the case of Pi Network, Binance is adopting a cautious and proactive approach. The voting period concludes on February 27, a week post the mainnet launch, suggesting that listing might be delayed.
Binance clarified, “Users are required to hold a minimum of 5 USD equivalent assets in their exchange accounts for their votes to qualify. Each user is entitled to vote once during the voting period. The project’s launch is currently under evaluation, and the decision will align with our official review procedures and criteria.”
Pi has captivated the crypto community due to various reasons. During the Enclosed Mainnet phase, new users could only mine tokens after receiving a referral from an active user, facilitating easy access to mining rewards. With 100 billion tokens in play, the process is streamlined, and referrals can accelerate the process further, highlighting the significant impact a major exchange like Binance could have on Pi Network's official launch.
While challenges may arise for Binance in listing Pi, given the controversies surrounding the token, its defenders highlight factors such as KYC compliance and L1 blockchain features. Notably, major exchanges like OKX and Bitget have committed to launching Pi, and Binance's potential listing would bolster its credibility.
Navigating through the sensible defenses in favor of Pi amidst the enthusiastic support from social media followers proves to be a daunting task.