Pi Network will celebrate its 6th anniversary on March 14th with the addition of several ecosystem expansions, including the launch of a domain auction platform, UI updates, and the start of the Open Network PiFest shopping phase. The price of the Pi coin has not yet recorded any positive impact from this announcement, declining 2% in the past 24 hours.
On the social media platform X, the PiCoreTeam account, the developers of Pi, discussed the introduction of the .pi Domain Auction, allowing users to create personalized domains and the launch of PiFest, a week-long event to drive Pi commerce.
According to the blog of the network, users will be required to use Pi coins to purchase domains in the auction, which will run from March 14th to June 28th, 2025 and may be extended if there are new bids within the last 24 hours before the end.
The .pi domain auction is open to all members of the Pi community, including individuals who have purchased Pi through centralized exchanges. Users can participate by accessing the Pi Browser, where they can bid on domains with a minimum bid of 10 Pi.
The highest bidder will secure the exclusive use of the domain. Registration and maintenance fees will be similar to traditional domain services like those provided on Web2.
The Pi Team also discussed the auction system's reversible feature, where participants are allowed to withdraw their Pi until the auction ends. However, individuals who have purchased Pi on exchanges will have to follow a different process. Instead of using their available balance, they will receive a custom Pi blockchain address for each domain they bid on, where they can send Pi as payment.
Refunds for these standard payments will only be processed after the auction ends. When an exchange-based bidder wins a domain, they will need to set up a standard Pi blockchain account to receive the domain.
Pi Network has also launched a shopping event for users and merchants on the network, called PiFest, which will run from March 14th to March 21st, 2025 globally.
The PiCoreTeam announced that merchant registration starts two days before the event, and over 100,000 businesses have registered, with 49,000 active sellers listed on the Map of Pi, a platform where users can find participating businesses.
The Web3 project has updated its Ecosystem UI, removing the prior approval requirement for developers. Previously, developers had to meet specific eligibility criteria before submitting their applications to be listed in the Pi Browser ecosystem. With this update, any developer who meets the current Mainnet requirements can apply immediately, eliminating delays in the submission process.
Pi's price has dropped from a daily high of $1.72 to $1.44, amid network issues that have caused users to struggle with Token Migration on the deadline day. The token has lost over 22% of its value since Thursday.
According to CoinGecko, the token reached an ATH of $2.99 six days after it started trading, but has since declined by around 51% from its peak on February 26th. It has also dropped 35.3% in the past 2 weeks and 19% in the past week.
At the time of writing, Pi Coin is consolidating between $1.44 and $1.46, as market watchers await further volatility over the weekend. The cryptocurrency is holding above the psychological $1.4 support level, but is trading significantly below the 10-day and 20-day Exponential Moving Averages (EMA) at $1.59 and $1.66. Pi will need to clear those levels to see a positive price adjustment.
You can view coin prices here.
Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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Minh Anh
