Pi Network's domain auction has received over 200,000 bids, igniting enthusiasm for a rebound to $1.
Pi Network released a policy document guiding its domain auction, but the data related to the event is impressive. Just one week after the auction started, over 200,000 bids have been received, raising speculation that domain prices will rise to $1.
Pi Network's domain auction set astonishing records.
According to an article from the Pi Core Team (PCT), the network is very active around its domain activities. According to the statement, bids for .pi domains have exceeded 200,000 in less than a week since its launch.
Pi Network launched the domain auction on March 14, allowing community users to bid for .pi domains. Currently, there are over 40,000 independent bidders competing for 95,000 domains.
Nearly 3 million Pi are being bid on, with the highest bid for 30,000 Pi domains as of the time of writing. Major companies like Amazon and Samsung are competing for .pi domains.
The statement reads: 'The demand for .pi domains highlights the continuous development of the ecosystem of applications, businesses, and online services driven by Pi, all leveraging blockchain-based domain ownership for branding, accessibility, and business development.'
PCT released the domain auction policy document
Details in the PCT policy document show that the revenue will be injected into the Pi ecosystem through developer programs and Pi activities. Additionally, ecosystem applications do not need to go through the hassle of auctions and can automatically secure domain names.
PCT clarified that .pi domains are similar to traditional domains that require renewal or can be forfeited. Although .pi domains can be used in the Pi browser, the team stated that it does not guarantee support for older browsers.
Pi coin price is expected to break through $1 in the short term.
After Pi Coin fell by 5%, there is increasing enthusiasm about whether the native price can break through $1 again. The drop below $1 was due to recent token unlocks in the network, causing significant selling pressure.
Pi Coin trading price is $0.8862, daily trading volume has decreased by 29.21%. The asset has fallen 70% from its all-time high of $2.98, but the community is excited about recovering the $1 sentiment.
Rumors about Upbit possibly listing Pi Coin could drive a significant rise in Pi Coin, supporting existing on-chain activities. However, an expert stated that the reason exchanges do not list Pi Coin is due to a lack of transparency from PCT.