Pi Network stirs up mixed reactions as .pi domain name update fails to impress

The Pi Core Team (PCT) has updated information about the .pi domain auction. This is a new step in expanding the Pi Network ecosystem. However, the community's reaction is quite mixed.

Many pioneers express disappointment, believing there are no meaningful updates beyond the .pi domain. PCT's recent actions seem inconsistent with Pi holders' expectations. Meanwhile, the PI token price has dropped 60% since last month.

Pioneers Are Less Interested in .pi Domain Compared to Other Updates

Pioneers—those who believe in and have long-term investments in Pi Network—expect the latest announcements and developments from the Pi Core Team. They believe each new update can build the foundation for price appreciation.

In the latest announcement, PCT revealed that the .pi domain auction has become an independent Pi application, separate from Pi Wallet. This allows for features like statistics pages and email notifications.

However, many pioneers seem to expect something with a larger impact, especially before Pi2Day. With Pi's price dropping 60% in just a month, they hoped for a game-changing announcement.

"If the Pi2Day announcement only includes the Pi domain and no other major news on Pi2Day, a very large dark cloud will cover Pi Network. The Pi domain is not bad, but it will be terrible if it stops at this outdated announcement." Pi Network News Global commented.

This concern seems well-founded. Data shows limited interest in the PI domain auction compared to Pi's market capitalization and trading activity.

According to Piscan, in over three months since the auction began, more than 3 million Pi tokens have been used in domain auctions, with a total value of over 1.8 million USD. However, this is quite small compared to daily trading volume of over 100 million USD, which means it is unlikely to have a significant impact on Pi's price.

Previously, Pi founder Nicolas Kokkalis had compared .pi domains to traditional internet domain systems. Some investors hoped companies would buy brand domains to gain an advantage in the Pi Network community. That hope now seems completely contrary to reality.

Is Pi Network Stagnating?

Additionally, the number of businesses that have completed KYB (Know Your Business) remains at just six. Pi Network has not been listed on any new exchanges.

Moreover, the Pi Network Ventures fund worth 100 million USD launched last month has not yet announced any startup investments.

Some investors believe PCT should prioritize more substantive issues. This includes addressing KYC (Know Your Customer) delays and developing new features to enhance the ecosystem.

"Great, but when will you fix the KYC delays and provide real tools? Tired of advertising without content," a crypto trader posted on X.

Overall, the .pi domain update is a positive step. But it has not met community expectations. At the time of writing, Pi token is trading around $0.60 after dropping 35% last week.

Additionally, over 248 million PI will be unlocked in July next year, marking the largest monthly total until October 2027. This could create significant selling pressure.

To regain trust, the Pi Core Team may need to improve communication, accelerate the deployment of critical features like smart contracts, and resolve pending KYC issues. Without these efforts, the risk of community departure will increase, posing a significant challenge to the future of Pi Network.