SEC’s Next Crypto Roundtable Will Discuss Real-World Asset Tokenization

As PI Day approaches, many Pi Network users or Pioneers could lose their accumulated Pi coins.

The risk comes following widespread complaints about the inability to complete the Know Your Customer (KYC) verification process.

Growing Frustration Among Pi Network Users

In a late February announcement, the Pi Network team stated that users who fail to complete KYC and migrate their balance to Mainnet within the extended grace period—ending at 8:00 AM UTC on March 14, 2025—”risk losing most of their mobile balance.”

“…the end of the Grace Period is inevitable to make sure the network can move on in its new phase without large sums of unverified and unclaimed mobile balances. Thus, this is the last chance for any Pioneer to complete the required steps to avoid forfeiting their past mobile balances,” read the announcement.  

This announcement has sparked widespread frustration among Pioneers. Based on discontent shared on X (Twitter), many claim they have attempted but failed to complete KYC. Crypto enthusiast Rod Thompson called the situation the biggest con job of crypto, with up to 10,000 PI Coins on the line for him.

“The Pi Network has been earning ad revenue for every one of my daily mining sessions, but I’m going to lose over 10,000 pi coins because people I haven’t spoken to in two years haven’t done KYC. At least one of them passed away over a year ago. That’s over $10,000 due to me for my efforts,” Thompson lamented.

Thompson is not the only Pioneer questioning the fairness of the Pi Network system. Another user, S.O.H., described the situation as “mass social engineering on blockchain.” Meanwhile, others, such as Ahmady Ala, reported that despite mining Pi for six years, they have yet to be allowed to complete KYC.

In the same tone, some users have had their KYC documents pending for over two years without resolution.

“My KYC verification has been pending for 2.5 years. Even if it won’t be approved, shouldn’t there be an option to reapply?” user H. Ibrahim posed in frustration.

Unfair Reward Distribution, Centralization, and Migration Delays

In addition to KYC-related frustrations, many users have reported balance inconsistencies. They claim their unverified balance keeps increasing while their transferable balance is significantly reduced.

This makes the migration process confusing, and the lack of transparency leads some to label Pi a “scam network.” Another major concern is the alleged unfair distribution of rewards.

“I mined consistently for 4 years, stayed loyal to Pi Network, brought in 39 people, and even completed KYC for 17 of them—yet I got nothing. Meanwhile, others with no referrals and irregular mining have more Pi than me. How is that fair?” another user, Mango Fan Token, stated.

Meanwhile, despite claiming a user base of 60 million, on-chain data indicates only about 11 million active users. This led to concerns over Pi Network’s actual adoption rate.

Additionally, questions about centralization have emerged. Some critics argue that the project’s control mechanisms limit the potential for a truly decentralized network. Another issue plaguing the network is the failure of many users to migrate their Pi coins to Mainnet.

BeInCrypto reported recently that Pioneers have struggled with transferring their balances, even after fulfilling all required steps. Some users, frustrated by prolonged lockup periods, have resorted to selling their PI Coin accounts on unofficial markets, raising further concerns about the platform’s credibility and long-term viability.

While criticism of the network continues to mount, Pi Coin has recently seen double-digit gains as investors gear up for Pi Day. Some analysts speculate that the surge is driven by optimism surrounding potential developments on March 14.

CoinGecko data shows that PI Coin’s price was $1.71 as of this writing, up nearly 15% in the last 24 hours. However, whether the price momentum can be sustained in the face of ongoing technical issues and community dissatisfaction remains uncertain.

The post Pi Network Pioneers Risk Losing Their PI Coins Over KYC Issues As Pi Day Approaches appeared first on BeInCrypto.

Pi Network will mark its annual Pi2Day event on June 28, 2025, amid heightened speculation around ecosystem progress and potential exchange listings. The date, stylized as 6.28, doubles the symbolic Pi Day (3.14) and serves as a checkpoint for network development.

This year, the event centers around the launch of a KYC sync feature, renewed ecosystem engagement, and broader expectations for Mainnet migration.

What is Pi2Day?

Pi2Day is Pi Network’s mid-year celebration, held annually on June 28. The date references the mathematical constant Pi (π ≈ 3.14) and its multiple (2π ≈ 6.28).

The event allows the Core Team to highlight ecosystem updates, user growth, and infrastructure milestones. It also serves to rally its global user base, now numbering over 47 million participants.

The most significant development ahead of Pi2Day is the release of a new Know Your Customer (KYC) sync feature. This update connects Pi Browser and the main Pi App, allowing users to reconcile identity verification data.

Millions of users stuck in “pending” or “tentative” KYC status may now finalize migration to the open Mainnet. This change could lead to a surge in Mainnet activity after Pi2Day.

The feature has been rolled out gradually. Many users report updates to their status within 48 hours of sync.

What Pi2Day Means for Pi Network

This year’s Pi2Day arrives at a critical time for Pi Network. The project has faced growing pressure to deliver on ecosystem promises.

Since Open Mainnet launched, dozens of dApps, the .pi domain system, and events like PiFest have emerged. New updates could drive usage even further.

A successful rollout of the KYC sync tool would bring more users into the network’s functional phase. This would improve validator distribution and increase application testing.

Additionally, the community anticipates announcements around new applications or developer tools. Any signs of real-world utility could shift the narrative from speculative mining to actual use.

Rumors of a Pi token listing on major exchanges, including Binance, have intensified ahead of the event. Community polls show strong belief in a new listing.

A confirmed Binance listing could bring liquidity and price discovery. But premature trading without full migration risks harming network integrity.

What Happens Afterwards

After June 28, attention will shift to how many users complete KYC and migrate to Mainnet. This number directly impacts decentralization and transaction capacity.

Ecosystem developers may also begin rolling out new dApps or integrations, especially if the Core Team signals greenlights during the Pi2Day broadcast or blog updates. 

Also, the Core Team may provide updated timelines for future features or governance.

Will Pi’s Price Be Impacted?

Pi’s price has hovered around $0.53–$0.56. The altcoin has dropped over 35% in the past week, and buying pressure is currently near an all-time low.

If Pi2Day triggers increased ecosystem activity, it may drive higher perceived value. A new exchange listing, if it happens, would introduce price discovery and liquidity.

Conversely, a lack of major updates could lead to community disappointment and selloffs on unofficial platforms.

The post What is Pi Network’s Pi2Day and Should Pioneers be Excited appeared first on BeInCrypto.

Many cryptocurrency projects such as Aave, dYdX, Jupiter, and Hyperliquid have recently announced token buyback mechanisms.

Traditional stock markets inspire the token buyback strategy. But does this strategy help crypto projects build a sustainable economic model and contribute to increasing the price of their tokens?

The Booming of Crypto Projects’ Token Buyback Programs

Token buybacks occur when crypto projects repurchase their tokens from the market. These repurchased tokens can be held as reserves or even burned. In theory, buybacks reduce circulating supply, creating scarcity, which may drive up token prices. Although not a new strategy, BeInCrypto has observed that this trend is rapidly expanding.

For example, in early March 2025, the lending protocol Aave (AAVE) announced the implementation of a new Aavenomics. Aave will repurchase tokens to reduce supply and shift from staking rewards to a more sustainable liquidity model. This included a weekly AAVE token buyback worth $1 million for six months, funded by protocol fees.

In an ideal scenario, this buyback plan could reach a total value of $100 million (3% of the circulating supply).

“We consider it the most important proposal in our history, feel free to have a read and provide feedback,” said Marc Zeller, founder of the Aave Chan Initiative (ACI).

Also in March, the decentralized exchange (DEX) dYdX approved “Proposal #225” to buy back DYDX tokens. The protocol will use platform revenue for the buyback.

Other crypto projects like Hyperliquid (HYPE) and Jupiter (JUP) have similar plans. Estimates suggest Hyperliquid will repurchase $600 million worth of tokens annually, using 50-100% of transaction fees. This protocol dominates decentralized finance (DeFi) despite the market downturn.

Jupiter has committed to using 50% of fees for buyback, estimated at $250 million annually. Recently, this project surpassed Raydium and became Solana’s second-largest protocol.

These are just a few of the most typical crypto projects. Many other projects, including Gnosis, Gains Network, and Arbitrum, employ similar strategies. So, could this reshape the current cryptocurrency market?

What’s Driving This Token Buyback Trend?

Discussing this buyback strategy, an X (formerly Twitter) user commented:

“Buybacks create steady demand and reduce circulating supply, which can stabilize or even increase token prices.” commented Capitanike.

The fundamental economic principle of supply and demand is the key driver. By reducing circulating supply, crypto projects aim to increase token scarcity, which could push prices higher. According to SolanaFloor, projects with token buyback programs outperformed those without buybacks by 46.67% in 2024 (-0.6% vs. -47.15% YTD).

Secondly, the buyback can signal strong financial health for crypto projects. This is particularly effective in reassuring investors amid market volatility.

Thirdly, unlike the token burn strategy, many projects (such as AAVE and Gains Network) redistribute repurchased tokens to stakers or holders, aligning incentives. This approach could indicate the maturity of a project’s tokenomics model over time.

However, token buybacks are not without weaknesses. As this strategy becomes more widespread, regulators like the SEC may scrutinize it for potential manipulation or illicit activities. 

Additionally, an improperly calculated buyback strategy could overly reduce token supply. If a project fails to balance new issuance or staking rewards, it might suffer from decreased trading volume. Moreover, buybacks could potentially mask financial weaknesses.

“What’s more plausible, in our opinion, is that these buybacks serve as proof that the projects raised too much during their ICO, are failing to develop anything useful, and don’t know what to do with their cash balances…” TokenData Research report.

The recent surge in crypto projects adopting token buybacks marks a significant evolution in tokenomics. While buybacks can enhance price stability, investor confidence, and ecosystem growth, they also carry manipulation risks and regulatory problems.

The post From Aave to Hyperliquid: Are Token Buybacks the Next Big Evolution in Crypto? appeared first on BeInCrypto.