The Latest Update of Pi Network Causes a Strong Reaction

The latest update from Pi Network regarding the .pi domain auction has drawn criticism from users. While the Pi Core Team introduced a new app to manage domain bidding, featuring functionalities such as follow statistics and email alerts, many in the community feel that this is not the significant progress they were hoping for, especially with Pi2Day 2025 approaching. No major updates? Pioneers, supporters, and users of Pi Network have hoped for stronger announcements that could help the Pi token achieve real value. Instead, many view this domain auction update as unimpressive and unrelated to what users actually want. However, the Pi network has not impressed the cryptocurrency community and now they doubt the future of Pi, which seems bleak and dark. Users also see the price of Pi drop sharply if they do not make new announcements.

The auction has little interest in the context of sharply falling prices. Since the auction began three months ago, about 3 million PI tokens ( worth 1.8 million dollars ) have been spent on domain auctions, according to Piscan. However, this figure is small compared to Pi's daily trading volume of over 100 million dollars. The update hasn't done much to boost interest or prices. Pi is currently trading at around $0.60, down 35% in the past week and 60% in the past month. The initial hope that businesses would quickly purchase branded .pi domain names has faded. Even Pi founder Nicolas Kokkalis once compared them to regular internet domains, but that excitement has yet to materialize in actual numbers. The calls for updates are becoming increasingly louder. Users are currently requesting a more meaningful process. Many are still stuck in the KYC process (Know Your Customer) and only six businesses have completed the KYB (Know Your Business). The Pi Network Ventures fund worth $100 million, launched last month, has yet to announce any startup investments. A frustrated user wrote on X, "Great, but when will you fix the KYC delays and provide real tools?" Greater pressure on the front team The team is currently facing increasing pressure. More than 248 million PI tokens will be unlocked next month, which could lead to even more selling. Without clear steps such as listing on exchanges, ecosystem tools, and faster KYC processing, the network risks losing the community's trust. Currently, the update of the .pi domain is considered too little and too late.