Pi Network Under Fire As PiDaoSwap Launches NFTs On Binance Chain

Critics are taking swipes at Pi Community and the PiCoreTeam after PiDaoSwap raised considerations over prolonged delays for Know Your Enterprise (KYB) approvals. The delays have pressured the hand of PiDaoSwap to roll out non-fungible tokens (NFTs) on Binance Chain as a short-term answer.

Pi Community Faces Criticism for KYB Delays

Decentralized alternate PiDaoSwap has expressed fear over the extended delays of the KYB overview course of on Pi Community. In accordance with a statement on X, PiDaoSwap submitted a KYB software, however 15 days later, the PiCoreTeam (PCT) has but to situation an approval.

To construct on the Pi Community, tasks might want to submit a KYB software to move the PCT’s due diligence course of. An approval will give tasks entry to developer help, funding, and different ancillary perks for constructing within the Pi ecosystem.

Nonetheless, after over two weeks, PiDaoSwap describes the wait as an “agonizing” one. Per the assertion, PiDaoSwap is unable to begin full growth on the Pi mainnet due to the delay.

Following the delay, PiDaoSwap says it’ll launch NFTs on Binance Sensible Chain (BSC) whereas it waits for approval. Binance continues to exclude Pi Community in its Vote To List initiative because it focuses on BSC tasks.

“We have now chosen to launch group NFTs on BSC as an interim answer moderately than persevering with to attend idly,” mentioned PiDaoSwap. “Solely after KYB approval can we proceed with in-depth growth and ecosystem constructing on the Pi mainnet.”

PiCoreTeam Catching Backlash In Current Weeks

Thought leaders within the Pi ecosystem have been vocal of their criticism of the PCT. Dr Altcoin, an energetic member of the ecosystem, took swipes on the PCT over the KYB approval delays. He argues that PiDaoSwap is just not an remoted incident, including that a number of centralized exchanges are ready for KYB approvals.

“That is one instance of a transparent failure by the PCT,” mentioned Dr Altcoin. “I additionally know some CEXs are on the ready record for KYB approval.”

Moreover, Dr Altcoin theorizes that Bybit not listing Pi Network is the fault of the PiCoreTeam. Dr Altcoin disclosed that the delays in centralized exchanges outcome from an absence of transparency by the PCT for token locking and burning mechanisms.

Pi Coin price has fallen by 15% over the past day to settle at $0.55, dousing optimism for a transfer to clinch $1. As buyers scan the horizon for a correction, a list by a high alternate and a string of ecosystem partnerships by the PCT can ship costs to new highs. Regardless of the criticisms, the PCT is continuing with its area public sale, receiving over 200,000 bids within the newest replace.