The Pi Core Team (PCT) has released an update regarding the .pi domain name auction. This marks a new step in expanding the Pi Network ecosystem. However, the community’s reaction has been mixed.
Many Pioneers expressed disappointment, citing a lack of other meaningful updates beyond the .pi domains. It appears that PCT’s recent moves diverge from what Pi holders want. Meanwhile, the price of the PI token has dropped by 60% since last month.
Pioneers Show Little Interest in .pi Domains Compared to Other Updates
Pioneers—long-term believers and investors in Pi Network—anticipate the latest announcements and developments from the Pi Core Team. They believe each new update could build the foundation for price appreciation.
In the latest announcement, PCT revealed that the .pi domain auction has become a standalone Pi app, separated from the Pi Wallet. This allows the inclusion of features like a stats page and email notifications.
However, many Pioneers seem to expect something more impactful, especially ahead of Pi2Day. With the Pi price plunging 60% in just one month, they hope for a game-changing announcement.
“If the Pi2Day announcement consists only of Pi domains and there is no further major news on Pi2Day, a very dark cloud will arise over Pi Network. Pi domains are not a bad thing, but it would be very bad if it stayed with this outdated announcement.” Pi Network News Global commented.
This concern seems well-founded. Data shows limited interest in the PI domain auction compared to Pi’s market cap and trading activity.
According to Piscan, in the more than three months since the auction began, over 3 million Pi tokens have been used in domain bids, amounting to a total value of more than $1.8 million. However, this figure is quite small compared to the daily trading volume of over $100 million, which means it is unlikely to have a significant impact on the price of Pi.
Previously, Pi founder Nicolas Kokkalis compared .pi domains to the traditional Internet domain name system. Some investors hoped companies would purchase branded domains to gain an edge in the Pi Network community. That hope now seems to contrast sharply with reality.
Is Pi Network Stalling?
In addition, the number of businesses that have completed KYB (Know Your Business) remains at just six. Pi Network has not secured listings on any new exchanges.
Moreover, launched last month, the $100 million Pi Network Ventures fund has not yet announced any startup investments.
Some investors believe the PCT should prioritize more substantive issues. These include resolving KYC (Know Your Customer) delays and developing new features to enhance the ecosystem.
“Great, but when will you fix KYC delays and deliver real tools? Tired of hype with no substance,” a crypto trader posted on X.
Overall, the .pi domain update is a positive move. But it falls short of meeting the community’s expectations. At the time of writing, Pi token is trading around $0.60 after a 35% drop last week.
Additionally, over 248 million PI will be unlocked next July, marking the largest monthly total until October 2027. This could create significant selling pressure.
To regain trust, the Pi Core Team may need to improve communication, accelerate the rollout of key features like smart contracts, and resolve lingering KYC problems. Without these efforts, the risk of community disengagement will grow, posing a major challenge for the future of Pi Network.
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