Pi Network (PI) Important Signal: The new round of mainstream CEX listing bets strong, opportunity or trap?

The Pi coin of Pi Network was the focus of the market in early 2025, with its price skyrocketing by 1,773.5% in just two weeks, reaching a historic high of $2.99. However, the subsequent massive dumping pressure led to a significant price drop, currently hovering around $0.45. Although the Pi coin has been listed on popular exchanges like Gate, the major concern of its large user community remains: When will the Pi coin launch a new round of mainstream CEX listing actions? In this regard, Ray Youssef, CEO of NoOnes and former co-founder of Paxful, has a different perspective. He believes that being listed on a leading global exchange may no longer symbolize honor for Pi Network, but rather become a burden or even a trap.

Today (31st) during the Asian session, Pi coin is temporarily priced at 0.4194 USD, close to the historical low point of 0.4000 USD.

(Source: Gate)

Is the new round of bets on CEX exchanges listing declining?

In his latest podcast, Youssef claimed that the new round of CEX exchange listings for Pi Network has transformed from a growth engine for crypto projects into a "resource-consuming land." He did not hesitate to criticize: "The new round of mainstream CEX exchange listings used to be significant. But now, it has become a kiss of death."

Yusuf believes that after Zhao Changpeng stepped down in 2023 under pressure from U.S. authorities, mainstream CEX exchanges have completely changed. Since then, he has accused the exchange of acting against the interests of users and choosing to list projects based on the interests of users.

He accused the new leadership of mainstream CEX exchanges of prioritizing control and profits over the community and innovation. Youssef also hinted that the Pi Network may have rejected the exchange's request for a large token allocation or high listing fees, leading to the current listing deadlock.

"They don't want to give 50% of the total token supply to the exchange. So the exchange didn't list it. It's that simple."

He describes the current listing model as "exploitative."

They listed some scam tokens, then pulled the money out of the community and dumped it back into the community. They did nothing, just exploited the remaining money.

Yusuf also compared the exchange with the PumpFun platform, believing that both are schemes for making a profit.

"The exchange is now like PumpFun, only with a user interface added. It is all about hunting, dumping, and extracting value."

Why is it not beneficial for Pi Network to be listed on a globally leading exchange?

Despite the Pi Network community continually calling for a new round of listings on CEX exchanges, Youssef believes that not being listed yet may be a "blessing in disguise."

"If Pi coin goes public, their tokens will drop by 10 times. The exchange will dump it just like it dumps other tokens."

CEX exchanges played a key role in promoting ICOs and providing market access for small projects. However, Youssef believes that era has come to an end.

He believes that the current exchange-dominated token issuance is more for acquiring supply rather than driving innovation.

"If you don't give away a large amount of tokens or pay a high listing fee, they won't pay attention to you."

This viewpoint contradicts the long-held belief of the crypto community—that the new round of CEX listings is the last milestone before widespread adoption.

People used to believe that listing on a globally leading exchange was a symbol of legitimacy. Now, it often just represents a temporary spike followed by a long period of dumping. Instead of handing half of the tokens over to intermediaries, there are better ways to engage with the community.

Why is the price of Pi coin continuously dropping?

Despite the significant upgrades and ecosystem projects of Pi coin, its price continues to plummet. Although Pi has made some major progress, such as the launch of Pi App Studio and the establishment of new merchant partnerships, the current trading price of the token is still close to the historical low of around 0.42 USD.

Yusuf believes that the issue lies in who conveys the message. "In blockchain, developers are your safety net. They act as guarantors of token prices."

He explained that individual users can drive mass adoption, but developers are the key factor in protecting token prices through ecosystem support and technological advancement.

"Pi coin has succeeded among consumers, as millions are mining it. But what about developers? The mining pools are very small," he said.

Youssef compared this to the early success of Ethereum. He emphasized how Ethereum co-founder Vitalik Buterin actively interacted with developers to build a technical community that validates each upgrade and establishes long-term trust.

Users in Ghana, Nigeria, and Argentina using the app do not know what zk-SNARK is. They cannot convey this value. Only developers can do this.

He believes that the anonymity of the Pi Network leadership team and the lack of technical transparency may hinder developer participation. Without such a foundation, even significant upgrades cannot generate bullish momentum.

"Perhaps the current framework is not attractive enough for developers. The team hidden behind is hindering themselves," he added.

As a result, this project has millions of users but lacks technical promoters to drive its development. This disconnect may explain why the token price lags behind the growth of the ecosystem.

Conclusion:

Ray Youssef's remarks reflect a broader reality in today's crypto world: the concentration of listing power, regulatory oversight, and the concentration of interests create systemic risks. He believes that despite facing community pressure, Pi Network has not embarked on a new round of CEX exchange listings, which may have helped it avoid pitfalls.

He concluded, "Projects listed on a globally leading exchange all feel like they have seized a golden opportunity. But afterward, they were dumped by the whales. Perhaps, if they had continued to stay on that exchange, they would have been luckier."

As the debate surrounding the future and utility of Pi coin continues, one thing is clear: in today's crypto world, legitimacy is no longer achieved through the same familiar avenues.