The Pi Network continues to face significant hurdles in securing a Binance listing despite strong community backing and $88 million in daily trading volume. Community member Mr. Spock highlighted that governance remains centralized under the Pi Core Team, with protocol upgrades, migrations, and developer guidelines all controlled internally. This contradicts the project's community-driven image and has deterred major exchanges like Binance and Coinbase, which require greater decentralization for listings.
Currently, Pi Network operates in a transitional state where most activity occurs on the Testnet despite the Open Network phase announcement. Only a small fraction of nodes are active on the Mainnet, severely hindering decentralization progress. The Core Team's push for KYC completions and Mainnet migration has seen limited adoption, raising doubts about network readiness. Pi Coin's price recently rebounded from $0.33 to $0.39 but remains 85% below its all-time high, reflecting persistent market skepticism.
Additional challenges include limited real-world utility for Pi Coin—features like referral rewards and validator earnings remain inactive in user wallets—and poor communication from the Core Team. This information vacuum has fueled community frustration and allowed speculation to flourish, with no official confirmation from founders Dr. Nicolas Kokkalis and Chengdiao Fan regarding Binance's requirements or timelines.