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The Pi Network community is embarking on an innovative journey with the development of PiDaoSwap, a decentralized exchange (DEX) dedicated to combating price manipulation issues.
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The launch of PiDaoSwap highlights the commitment of the Pi Network to ensure that the value of PI coin truly reflects market demand, free from the influence of external exchanges.
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A statement from Pi Network VietNames emphasizes, “This initiative will pave the way for a fairer market landscape, restoring confidence among users and investors.”
Discover how PiDaoSwap aims to reshape the Pi Network landscape by addressing price manipulation, ensuring true market value for PI coin in our latest update.
PiDaoSwap to Launch on the Pi Network Ecosystem
Reportedly, PiDaoSwap is in the final stages of launching a multi-functional DEX on the Pi Network mainnet. The platform will ensure that the PI coin price reflects the actual market value of the token rather than being distorted by third-party platforms. This transition is anticipated to revolutionize how Pi coin is perceived and traded across the ecosystem.
The announcement cited price manipulation by outside entities, a malpractice that impedes Pi Network’s growth and development, affecting investor confidence.
“Once completed, the Pi price will be reflected at its true value and will no longer be manipulated by current external exchanges,” Pi Network VietNames claimed, reinforcing the community’s focus on integrity and transparency.
Pi Network VietNames serves as a community-driven profile that actively shares updates, opinions, and news about the Pi Network, strengthening user engagement and awareness.
Although in the final stages of development, PiDaoSwap specified that it was awaiting Know Your Business (KYB) approval from the Pi core team before launching. Regulatory compliance is vital for ensuring a safe trading environment for all participants.
For now, the prospective platform has secured Twitter’s organizational verification, signaling progress in its development and legitimacy within the crypto space.
Meanwhile, Pi Network’s imminent PiDaoSwap launch comes amid escalating frustrations within the PI community. Certain platforms reportedly use bots to alter Pi’s valuation artificially, affecting community sentiment negatively.
Similarly, there are also allegations of fake price listings by external exchanges, raising concerns about the data integrity of existing platforms.
A recent COINOTAG report echoes this sentiment amid allegations of bot activity on CoinMarketCap. This sparked skepticism about centralized price tracking mechanisms, urging the need for crypto projects to champion decentralization.
According to Pi Network VietNames, these manipulations have substantially undermined the project’s credibility and hindered widespread adoption.
Meanwhile, Binance remains evasive regarding the listing of Pi coins. Despite robust community support and requests, the lack of resolution regarding the listing decision has led to frustration among fans, potentially impacting the coin’s market presence.
PI Weekly Price Chart. Source: COINOTAG
Restrictions on Using Pi-Related Branding
Meanwhile, other concerns emerge regarding restrictions on using “Pi-related” branding, stemming from the intellectual property (IP) and trademark policies outlined by the Pi Network.
“As a community-driven ecosystem project under PIDao, with DAO as our core focus, would this still be prohibited? Or do we need to modify our project name and domain accordingly,” PiDaoSwap wrote, seeking clarity from the core team.
Pi Network’s official documentation prohibits using “Pi-related” branding without prior approval. Consequently, this indicates that modifications may be necessary before the prospective PiDaoSwap debuts to the public.
Meanwhile, the price of PI fell below $1 on Saturday, experiencing a drop of over 30% within the last week. This decline has raised additional concerns about market volatility and the need for the upcoming DEX.
Conclusion
The launch of PiDaoSwap represents a pivotal moment for the Pi Network, as it aims to establish a more reliable and fair cryptocurrency ecosystem. With a commitment to bringing market transparency and reducing manipulation, if successful, this DEX could significantly enhance the credibility and stability of PI coin in the long run. Stakeholders are hopeful that these advancements will lead to greater adoption and trust within the community.
