Pi Coin has received overwhelming support in a recent Binance community vote regarding its potential listing, just days before its highly anticipated mainnet launch.
On February 17, Binance initiated a community poll to gauge interest in adding Pi Network’s token, Pi Coin, to its trading platform. The voting process requires participants to log into their verified Binance accounts and maintain a minimum balance of $5 in their exchange wallets throughout the voting period. Users who do not meet this requirement will have their votes disqualified.
As of February 18, an impressive 85% of voters were in favor of listing Pi Coin on Binance. However, the exchange has clarified that this poll does not guarantee a listing. Voters have until 23:59 UTC on February 27 to cast their final decisions.
Pi Network’s Mission and Mining Model
Since its launch on March 14, 2019, Pi Network has positioned itself as a more accessible alternative to Bitcoin. Unlike traditional cryptocurrencies that require power-hungry mining operations, Pi allows users to mine directly from their smartphones, making it a more energy-efficient option.
Mining rewards are structured around a user’s signup date—the earlier they joined, the higher their earning rate. Additional rewards can be unlocked by inviting new members or forming security circles within the network.
Market Interest and Potential Selling Pressure
The growing excitement around Pi Coin has already led crypto exchange OKX to announce the launch of the PI/USDT trading pair, set to go live on February 20. However, once Pi Coin is fully launched, it may face significant selling pressure as long-time miners finally gain the ability to cash out their holdings.
The listing is set to coincide with Pi Network’s long-awaited transition to its mainnet, a move that will enable Pi holders to convert their tokens into fiat currency after years of mining. Additionally, the mainnet launch will expand the Pi ecosystem, granting users access to around 80 community-built applications. These include Map of Pi, which connects buyers and sellers who accept Pi Coin, as well as platforms like Pi Game, Care for Pi, and 1pi Mall.
Controversy Surrounding Pi Network
Despite its strong community backing, Pi Network has faced persistent criticism regarding its prolonged development timeline and absence from major exchanges. Skeptics have compared it to Ponzi schemes, while some critics claim the team has intentionally delayed its launch to maintain user engagement.
Concerns have also been raised about its referral-based mining structure, which some have likened to a pyramid scheme. In 2021, the project was embroiled in controversy when it was accused of a data breach that allegedly exposed 17GB of personal information from 10,000 Vietnamese users—a claim the team has denied.
Analysts Defend Pi’s Potential
Despite ongoing skepticism, Pi Network continues to attract support from industry analysts. On February 16, analyst Kim Wong defended the project in a post on X (formerly Twitter), calling it the only cryptocurrency capable of enabling “instantaneous cross-border bartering and transactions.”
Wong highlighted Pi’s impressive global reach, stating that it has over 100 million registered users across 200+ countries, with 65 million actively engaged. He further noted that 19 million users have successfully completed KYC verification, and approximately 10.5 million currently hold Pi in their wallets.
Beyond its growing user base, Wong positioned Pi as a robust Layer 1 blockchain that is decentralized, scalable, fast, and Web3-ready. He emphasized its versatility, stating that while Pi Coin has the potential to become a widely used digital currency, its broader ecosystem also supports various blockchain applications.
“If you still don’t know what Pi Network is, or if you still think it’s a scam, you’re really falling behind and need to catch up!” Wong concluded.
