The Core Team’s decision to delist the Network’s native token, IOU, which had been listed on exchanges, was supported by roughly 61% of the pioneers who participated in the newsway opinion poll that was tweeted yesterday (January 9th). 1,142 people participated in the voting, and 39% of them chose to keep the IOU Pi on exchanges.
Should Pi be delisted on exchanges?
— Newsway (@newswayng) January 9, 2023
Pi Network is planning to upgrade to Open Mainnet. According to the company, there are about 35 million members who have been mining Pi coins using its smartphone-based blockchain mining app. In order to onboard its members to the updated network where they can trade their Pi coins, it is currently processing their KYC.
The network is currently in the Enclosed Mainnet state, which makes any third-party contact “technically impossible.”
On December 29, the blockchain project released a similar statement, noting that it was aware of rumors that a number of unlicensed exchanges attempted to list Pi or other products billed as the native coin.
The unofficial listing of Pi currencies has been clarified again by smartphone blockchain mining project Pi Network, who claim that the coins are not yet ready for trading.
“It is important to reiterate that Pi is currently in the Enclosed Network and is not approved by Pi Network for listing on any exchange or for trading, and Pi Network was not involved with any of these purported postings or listings,” the December 29 announcement said.
Recently, Pi Network users and influencers have been aggressively advertising the impending Open Mainnet on social media, which has attracted a lot of attention from both investors and crypto exchanges. The network announced on November 15 that it had surpassed two million Twitter followers, an indication of its rising fame.
However, officially, neither listing nor buying of Pi coins is permitted. To mine them, interested parties must sign up for the network.
Some cryptocurrency exchanges have added the Pi coin on their platforms in anticipation of the asset’s future becoming more promising. According to a tweet from cryptocurrency journalist Justin Wu, one of them is apparently Justin Sun’s Huobi.
Core Team’s reaction
The project team reiterated in their statement from January 6 that in its Enclosed Mainnet state, the network is protected by a firewall and that no exchange or third party is permitted to engage with it without authorization, which was not the case.
“Pi Network has no association with any of these exchanges, which are acting without the consent, authority, or involvement of the network. Further, the products being traded on these exchanges are not the real Pi tokens,” it added.
The fact that Alameda Research frontran tokens before their listings on exchanges follows news of some exchanges’ unauthorized listing of alleged Pi coins.