2 months ago
The Pi Network assemblage is increasing progressively frustrated arsenic the token hits grounds lows and users dependable concerns implicit the project’s direction.
On April 3, Pi Network Turkey, the largest assemblage radical supporting the task successful the region, released a connection accusing the squad of sidelining idiosyncratic voices.
According to the group, the developers person adopted a top-down attack that contradicts Pi Network’s founding rule of decentralization.
It stated:
“The things we erstwhile looked guardant to with excitement person present go specified disappointments. What benignant of conscience is it to truthful easy devour people’s religion and hopes? What benignant of morality is it to disregard the labor, clip and dreams of truthful galore people?”
Key issues
In a elaborate breakdown, Pi Network Turkey outlined respective grievances, which see the indefinite hold of the unfastened mainnet launch, constricted transparency astir finances and partnerships, and uncertainty surrounding the network’s DApp ecosystem.
According to the group, there’s small clarity connected however galore decentralized applications are operational oregon supply existent value.
Additional concerns see the lack of meaningful concern integrations and a increasing distrust owed to repeated delays and unmet promises.
Considering these, the radical revealed plans to statesman an “unfollow protest,” encouraging pioneers to unfollow authoritative Pi Network channels and explicit discontent crossed large platforms.
The radical besides threatened much assertive actions if their demands spell unanswered. These see coordinated one-star reviews connected the Pi Network app and a societal media run nether the hashtag #PiNetworkProtest.
Pi all-time low
The protestation comes arsenic the Pi token plunges to its lowest level since launch.
Data from CryptoSlate shows the plus has dropped astir 14% successful the past 24 hours. It is trading adjacent $0.50, the lowest level since its debut. The token has mislaid implicit 80% of its worth since its Feb. 26 peak.
Some analysts property the diminution to ongoing token unlocks. This period alone, astir 120 cardinal PI tokens, worthy an estimated $62 million, are expected to participate circulation. The network has released 4.9 cardinal PI, with different 1.54 cardinal scheduled implicit the adjacent year.
Some successful the broader crypto abstraction besides suggest that Pi Network is suffering from a damaged reputation arsenic skepticism grows implicit whether the task is capitalizing connected Web3 hype without delivering connected its promises.
The station Pi Network faces assemblage backlash arsenic token terms hits grounds lows appeared archetypal connected CryptoSlate.
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