Although promoted as a community-led project, Pi Network still faces significant control from the Pi Core Team, as important decisions such as protocol upgrades, network migrations, and development guidelines are still determined by this group.
Community member Mr. Spock commented:
"The Pi Core Team cannot behave like Satoshi Nakamoto, who left Bitcoin only after the network was fully decentralized."
The lack of decentralization makes it difficult for Pi to enter top exchanges like Binance or Coinbase, although some smaller exchanges in the US have listed it.
Mainnet Not Completed and Lack of Practical Utility
Most of Pi's activities are still on Testnet, despite the project claiming it has entered the Open Network phase.
The actual number of active Mainnet nodes is very low, making decentralization merely theoretical. The Pi Core Team has recently had to call on users to complete KYC to expedite the transition to Mainnet.
Additionally, the Pi token currently lacks practical utility, as rewards from referrals, verifications, ecosystem contributions, etc., are displayed but have not yet been transferred to users' wallets.
Pressure from the Community and Price Developments
The Core Team's silence on core issues has caused frustration in the community, leading to the belief that this ambiguity facilitates fake news and negative speculation.
Nonetheless, the price of Pi Coin has recovered from a low of $0.33 to $0.39 (+7% in a day), with trading volume reaching $88 million, creating positive short-term signals.
However, analysts believe that to break through and be listed on Binance, Pi needs to decisively resolve issues related to decentralization, Mainnet, and utility.