The Pi Network community is taking a big leap towards taking control of their finances with the development of their own decentralized exchange (DEX), PiDaoSwap.

Social media is buzzing with reports that this initiative is specifically designed to tackle what they see as price manipulation tactics by external exchanges.

PiDaoSwap Set to Launch Within the Pi Network Ecosystem

Word is that PiDaoSwap is very close to launching a comprehensive DEX within the Pi Network mainnet. The goal? To make sure the price of the PI coin truly reflects its market value, instead of being swayed by outside platforms.

The announcement points directly at price manipulation by external groups as a problem, saying these kinds of actions actually hinder the growth and progress of the Pi Network.

“Once it’s live, the price of Pi will show its real value and no longer be at the mercy of manipulation from external exchanges,” stated Pi Network VietNames via social media.

Pi Network VietNames is a community-run account dedicated to sharing news, updates, and thoughts about everything Pi Network.

While development is in its final stages, PiDaoSwap has mentioned they are currently waiting for Know Your Business (KYB) approval from the core Pi team before they can officially launch.

For now, it’s worth noting that the up-and-coming platform has already gained Twitter’s organizational verification – a positive sign of their progress.

The anticipation around PiDaoSwap’s launch comes at a time when frustration is growing within the Pi community. Concerns are being raised about certain platforms allegedly using bots to artificially change Pi’s value, which is understandably impacting how the community feels.

Adding to this, there are also claims of exchanges outside the Pi ecosystem listing fake prices.

A recent report from BeInCrypto highlighted similar issues, pointing to alleged bot activity on CoinMarketCap. This has increased doubt about how reliable centralized price tracking is on such platforms.

According to Pi Network VietNames, these manipulative tactics have seriously damaged the project’s reputation and slowed down adoption.

Meanwhile, the big question of a Binance listing for Pi coin remains unanswered. Despite strong community support, Binance hasn’t made a decision, leaving many fans feeling impatient.

Separately, some questions are surfacing about restrictions on using “Pi-related” branding, which ties into the intellectual property (IP) and trademark rules set out by Pi Network.

“As a community-led project within PIDao, with a strong DAO focus, would using Pi branding still be off-limits? Or do we need to adjust our project name and domain accordingly?” PiDaoSwap questioned.

Pi Network’s official documentation does indeed prohibit using “Pi-related” branding without their go-ahead. This suggests PiDaoSwap might need to make some changes before it can officially launch.

In other news, the price of PI dipped below $1 on Saturday, marking a drop of over 30% in the last week.