Pi Network and Picoreteam were targeted for criticism due to delays in the KYB approval process. The decentralized platform named Pidaoswap stated that there were disruptions in project development due to the approval process that has been waiting for 15 days.
Delays in the KYB process
Projects that want to take part in the Pi Network ecosystem have to apply for KYB to go through the meticulous review of Picoreteam. Providing application approval is considered important in terms of developing supporter support and providing additional financial opportunities.
Pidaoswap’s long -awaited approval process, the project prevents the main network developments. Criticism supports the view that the process points to more problems due to lack of transparency and inadequate communication.
Criticism of Picoreteam
Pidaoswap officials announced that they have made a community -based NFT launch on Binance Smart Chain as an intermediate solution. The statement below contains the declaration of the authorities:
Pidaoswap officials: ık We chose to start the community NFTs on Binance Smart Chain.
Dr. Altcoin, known from the Pi ecosystem, stated that the process is not only specific to Pidaoswap, and that central stock exchanges are in the state of waiting for similar approval. Criticism also emphasizes the lack of transparency in token locking and burning mechanisms.
Dr. Altcoin: “This reveals a significant failure of Picoreteam. I know that some central stock exchanges are waiting for KYB approval.”
The recent depreciation of Pi Coin in recent years has negatively affected market expectations. The price decrease seems to have increased investors’ concerns about the approval process.
Despite the problems experienced in the KYB process, Picoreteam continues its various activities for other projects and interactions. For example, according to the latest update, more than 200,000 offers were reported at the auction for domain names.
In the general assessment, it can be stated that the delays in the PUK approval process adversely affect the project progress in the ecosystem, but the situation is tried to be partially balanced by Pidaoswap’s search for temporary solutions and other activities. Market players observe that it is possible for the ecosystem to grow in a healthier way with the acceleration of development processes and an increase in transparency.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
