Pi Network Domain Auction Records Impressive Figures With Over 200K Bids

Pi Network has released a policy document guiding its domain auction but the figures around the event are beyond impressive.

Pi Network has released a policy document guiding its domain auction but the figures around the event are beyond impressive.

According to a post by the Pi Core Team (PCT), the network is buzzing with activity surrounding its domain action. Per the statement, the bids for .pi domains have surpassed 200,000 in less than a week since launch.

Pi Network launched domain auctions on March 14 for community users to stake their claims for .pi domains. At the moment, there are over 40,000 unique bidders jostling for 95,000 domains.

Nearly 3 million Pi are in active bid with the highest bid at press time being 30,000 for a single Pi domain. There is a scramble for .pi domains associated with large corporations including Amazon and Samsung.

“The demand for .pi domains highlights the growing ecosystem of Pi-powered apps, businesses, and online services, all leveraging blockchain-based domain ownership for branding, accessibility, and commerce,” read the statement.

Details in the PCT policy document reveal that proceeds will be funneled into the Pi ecosystem via developer programs and Pi events.

Furthermore, ecosystem apps will not be required to go through the hassle of auctions and can secure domains automatically.

The PCT clarifies that the .pi domains are akin to traditional domains requiring renewals or forfeiture. While .pi domains work in the Pi Browser, the team says it is giving no guarantee that legacy browsers will provide support.

The blockchain network has also been busy with its native token, Pi Coin falling by 5%. The dip below $1 is a result of the recent token unlock in the network, triggering massive selling pressure.

Pi Coin is currently trading at $0.8862 with daily trading volumes having fallen by 29.21%. The asset price is down 70% from its all-time high of $2.98 but community sentiment to reclaim $1 is sizzling.

Rumors of a potential listing by Upbit could send Pi Coin to a massive rally, supporting existing on-chain activity.

However, an expert says the reason behind exchanges not listing Pi Coin is a lack of transparency from the PCT.