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Major Warnings Issued by the Pi Network Team: Details

TL;DR Pi Network advised users to rely on official channels and use only the authentic Pi Wallet in the Pi Browser. With 14 million users verified and only 1 million left, Pi Network aims to launch its open network by December 31. However, delays and skepticism around the project continue to spark controversy. ‘Stay Safe,’ Pi Network Users The team behind the controversial cryptocurrency project Pi Network recently issued two important alerts for its users. First, the developers warned “pioneers” to rely only on information provided by official channels. They also provided a dedicated safety page showing all the sources and URL links the community can refer to. Shortly after, Pi Network reminded people to use only their Pi Wallets in the designated Pi Browser. “Ensure you’re in the correct Pi Wallet, not any fake one, to safeguard your Pi. The authentic Pi Wallet is also visually identified by a purple color in the navigation bar of the Pi Browser with a Pi logo featuring the Core Team apps logo,” the warning reads. Alerts of that type are essential for projects with a vast community base and, for that reason, are often targeted by scammers. Pi Network has amassed millions of users over the past few years, while its application recently hit the milestone of 100 million downloads. The project has a solid presence in Asia, with China, South Korea, Japan, Malaysia, Vietnam, India, Singapore, and more turning into strongholds. Not long ago, Wu Blockchain revealed that the number of Pi Network’s users in South Korea has reached 1.34 million. The only two local crypto-related entities having more users are the popular exchanges Upbit (4.36 million) and Bithumb (2.24 million). Moreover, the figure outnumbers the domestic client base of leading crypto exchanges like Binance and Coinbase. Major Developments on the Horizon? Despite becoming quite popular and being around for over five years, Pi Network has yet to launch its native token and mainnet. This , combined with the numerous delays and broken promises, has caused some to label the project a scam, claiming such huge developments will never see the light of day. For its part, Pi Network’s team previously said it will launch its open network once 15 million users complete the necessary verifications. Not long ago, Pi News revealed that 14 million people have already complied with the rules, with only one million left to do so . The final deadline is December 31 (a date moved numerous times in the last few months). Additionally, the Pi Core Team promised to announce the mainnet open roadmap in December, which should provide more clarity on when users will be able to buy and sell Pi tokens. It remains to be seen whether the final weeks of 2024 will bring significant developments or if the pessimists will turn right. The post Major Warnings Issued by the Pi Network Team: Details appeared first on CryptoPotato .

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Xandeum wraps up Solana staking program with 205M XAND distributed in rewards

Xandeum has wrapped its six-week liquid staking program with a bunch of solid benchmarks. Distributing 205 million XAND tokens in rewards, the program saw more than 68% of available XAND staked by users, who were able to earn a 16% APY. Xandeum’s liquid staking program was able to achieve this level of APY through a quadruple rewards system that includes staking rewards, MEV rewards, block rewards, and XAND incentives. By distributing these rewards equitably, Xandeum has shown that there’s scope for liquid staking to grow on Solana and become a mainstay of its decentralized finance economy. What Xandeum does differently By sharing MEV and block rewards with its stakers, Xandeum’s staking model goes beyond traditional reward mechanisms to include features designed to maximize both user value and network resilience. Indeed, this approach has attracted over $7 million worth of SOL to its staking pool. Participants in the program also benefited from transparent governance, with all pool fees directed to the Xandeum DAO treasury, where XAND token holders have decision-making power. By making staking more accessible and rewarding, protocols like Xandeum are playing their part in strengthening the Solana network. The growth of LSTs also deepens liquidity and creates new opportunities across DeFi protocols, allowing for yield to be stacked. From staking to storage Xandeum isn’t stopping with staking. The protocol is preparing to launch its scalable storage layer in early 2025, a development poised to enhance how Solana handles data-intensive applications. Designed to integrate with Solana RPC nodes, Xandeum’s storage layer will enable decentralized storage for exabytes of data. This innovation addresses a critical challenge in blockchain infra: the storage trilemma. By offering a solution that is scalable, cost-effective, and smart contract-native, Xandeum’s storage layer will unlock new use cases for Solana dapps. This will include porting data-rich web2 applications into a decentralized web3 environment and supporting advanced functionalities like machine learning and data analytics onchain. The storage layer also introduces new revenue streams for stakers. Applications using Xandeum’s storage solution will pay fees, a portion of which will be distributed to stakers. Liquid staking as a catalyst for Solana growth Xandeum’s achievements in liquid staking are part of a broader trend within Solana’s growing LST ecosystem. Liquid staking enables greater participation in staking by eliminating the traditional trade-off between earning rewards and maintaining liquidity. For Solana, prized for its speed and efficiency, liquid staking adds another layer of utility, enhancing both user participation and network decentralization. The next step for Solana developers working within this sector is the creation of dapps and protocols that make better use of LSTs. From collateralizing stablecoins to providing liquidity for onchain perps, prediction markets, and DEXes, the possibilities are endless. The post Xandeum wraps up Solana staking program with 205M XAND distributed in rewards appeared first on Finbold . Crypto Potato