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Pi Network Faces Growing Criticism as Delays, Price Dips, and Frustrations Mount
The once-hyped Pi Network is currently facing growing criticism from its community and developers due to prolonged delays in approving “Know Your Business” (KYB) applications. This has led to a catastrophic drop in investor confidence and price dips.
The primary issue at hand lies in the extended waiting period for KYB approvals, which are required for projects to officially build on the Pi mainnet. Many developers are now feeling stuck, leading some to explore other blockchain platforms, such as Binance Smart Chain (BSC).
PiDaoSwap, a decentralized exchange, has recently opted to launch their NFT project on BSC instead of waiting indefinitely for KYB approval from the PiCoreTeam (PCT). They claimed that they couldn’t afford to idle away while awaiting approval and instead chose to move forward with an interim solution. This decision highlights a greater concern since Binance Smart Chain is already ignoring Pi Network in its “Vote to List” campaigns, choosing to prioritize more active projects.
Pi DaoSwap submitted their KYB application 15 working days ago but has yet to receive a response from the PCT. They have thus chosen to launch their NFT project on BSC as an interim solution.
The PCT’s lack of transparency regarding essential token mechanics like locking and burning is also contributing to a growing sense of frustration within the Pi community. According to prominent community figure Dr Altcoin, these delays are hindering Pi Coin from being listed on major platforms such as Bybit.
Source: https://coinpedia.org/news/pi-network-faces-growing-criticism-as-delays-price-dips-and-frustrations-mount/
