Pi Network: Binance Launches Community Vote For Listing

Binance recently opened a community vote to determine whether the coin should be listed on the platform or not. As the launch of Pi's mainnet approaches, its eventual listing on Binance could increase its prestige.

However, the token is also the subject of criticism, with many labelling it a pyramid scheme. The launch on exchanges could jeopardise the platforms credibility.

Pi has been one of the most anticipated and followed crypto projects. Launched in 2021, it has operated in a closed mainnet phase to date. The network is scheduled to open this week.

The news sparked enthusiasm in the crypto community and Binance decided to take action. The exchange launched a poll, allowing users to voice their opinions on Pi's listing.

"We have been following the intense discussions in our community on Pi Network. To ensure that users' voices are heard, Binance is launching a Community Vote. We invite users to participate and share their opinions on the matter," said the exchange.

Every time a coin is listed on Binance, its price tends to soar. However, Pi already boasts a solid user base and has generated a lot of hype on its own. Last week, news of the mainnet's launch sent the token's value soaring by 78%. Analysts estimate that the starting price will be between $61 and $70.

The community vote to list the token is also important for Binance. The exchange has recently been criticised for its listing policy, having listed low capitalisation coins often involved in pump-and-dump schemes. Binance's previous CEO, CZ, also raised concerns about the policy.

For Pi Network, Binance is taking precautionary measures. According to the exchange, voting will end on 27 February, one week after the launch of the mainnet, which suggests that the listing may not happen immediately.

Binance said:

"Users must hold at least USD 5 in equivalent assets in their accounts on the exchange for their vote to be considered valid. Each user can only vote once during the voting period. The project launch is still under evaluation and the final decision will be made based on our official review processes and standards."

Pi Network has attracted attention for several reasons, including the ease of mining. Users can mine tokens through a referral system. With a total of 100 billion tokens available, obtaining mining rewards is relatively easy.

However, Binance may find it difficult to mine tokens due to the criticism and controversy surrounding it. Pi exploits the ease of mining to attract users and has boomed in China, so much so that local authorities have begun monitoring the project. The OKX exchange has been warned not to provide the listing on its platform.