Binance just opened a rare community vote to determine whether or not to list Pi Network. As its mainnet launch approaches, Pi has grown into a global phenomenon, and a listing could boost its prestige.
However, the project also has its critics, some of whom have called it a massive pyramid scheme. A bungled launch could seriously damage the credibility of exchanges that host it.
Will Binance List Pi Network Soon?
Since 2021, Pi Network has been one of the most ambitious and highly anticipated crypto projects. After spending years in an Enclosed Mainnet period, Pi’s Open Network is set to launch this week.
This has caused a frenzy of hype in the crypto community, and now Binance is joining in, allowing users to consider listing Pi.
“We have been listening to the vibrant discussions within our community about Pi Network. To ensure users’ voices are heard, Binance is launching a Community Vote. We invite users to participate and share their opinions on the topic,” the exchange claimed.
Normally, when a token lists on Binance, its price skyrockets, but Pi has been generating insane hype all on its own. Last week, launch hype caused its IoU price to jump 78%, and community analysts currently believe the launch price of one token will be somewhere between $61 and $70.
Of course, if the outsized appeal continues, that number could grow.
Also, a community vote for token listing is extremely rare for Binance. The exchange has been highly criticized for its listing policy recently. This is due to the early listing of low-market-cap meme coins, which often seem like pump-and-dump schemes. Even CZ, the former CEO, criticized its listing policy.
However, with Pi Network, Binance is adopting an extremely cautious and proactive strategy. The voting will end on February 27, which is a week after the mainnet launch. So, the listing might not happen right away.
“Users must hold a minimum of 5 USD equivalent assets in their exchange accounts for their votes to be eligible. Each user can vote once during the voting period. The project’s launch is still undergoing evaluation, and the decision will be based on our official review processes and standards,” Binance wrote.
Pi has taken the crypto community by storm for a few reasons. During the Enclosed Mainnet period, new users were only able to mine tokens after getting a referral from an active user.
With a total of 100 billion tokens, it is very easy to obtain mining rewards, and referrals can increase speed even further. A major exchange like Binance could give Pi Network a huge official release.
However, Binance may face a few hurdles if it wishes to list Pi. The token has faced a maelstrom of controversy. So far, Pi has leveraged its ease of mining to attract a huge following of crypto initiates and has particularly taken off in China.
The Chinese government has taken a hard-nosed view of the project, and OKX has been warned not to list it.
Still, Pi Network has its defenders. Its supporters point to factors like its KYC compliance and the features on its L1 blockchain. Additionally, major exchanges like OKX and Bitget have agreed to launch Pi, and Binance would further add to this credibility.
Nonetheless, it can be difficult to separate these well-reasoned defenses from Pi’s horde of social media supporters.
