• Rumors around the Pi network launching a DEX gained popularity over the last few days.
• The number of KYC verified users on the network surged.

Pi Network, which has been generating buzz around its upcoming mainnet launch, is now facing rumors of a potential delay.

Speculations suggested the development team might prioritize launching a Decentralized Exchange (DEX) before the mainnet goes live.

Rumors and speculation

However, this news was met with skepticism. Currently, Pi tokens hold no value, and there’s been a distinct lack of concrete information regarding the mainnet launch date.

Launching a complex financial instrument like a DEX before establishing a functional mainnet seems highly improbable.

The origins of the Pi DEX rumor were unknown at the time of writing, but there was some speculation around which group was responsible for the spread of this rumor.

It appeared to be the work of the Pi Network shilling team. This dedicated group is known for its daily barrage of news intended to go viral.

Their strategy is to keep the project in the public eye and maintain excitement among Pi Coin holders. But with the lack of a clear roadmap and delays in core functionalities, the effectiveness of this approach is questionable.

Not their first rodeo

Pi Network’s shilling team has a history of generating buzz, sometimes through questionable means.

Previously, they ignited a firestorm by spreading a rumor that billionaire entrepreneur Elon Musk had somehow become involved with the project, even claiming he would accept Pi Coin as payment on his social media platform.

This sent the Pi community into a frenzy. However, when neither Pi nor Musk himself acknowledged these claims, the truth became clear that there was no such partnership.

This incident cast doubt on the shilling team’s tactics and raised questions about the project’s transparency.

Some signs of progress

While the Pi Network’s shilling team’s tactics can be dubious, there maybe evidence of progress beneath the hype.

The project is demonstrably taking steps towards a functional Open Network Mainnet if recent data is to be believed.

Realistic or not, here’s PI’s market cap in BTC’s terms

According to a recent tweet, there have been a growing number of KYC-verified users, a crucial step for establishing a secure and legitimate network.

As of June 2024, over 12 million users have completed KYC verifications, showcasing a significant and active user base.