After the collapse of Mantra's OM token, analysts are demanding greater transparency and attention from the Pi Core Team (PCT).
This statement came after Pi Network recently transitioned to a fully open mainnet stage.
Pi Network Advised to Prioritize Transparency After Mainnet
The warning came after OM's price plummeted by over 90% in less than an hour, with more than $5.5 billion disappearing from its market capitalization.
After this crash, fears are spreading that similar incidents will occur in projects currently undergoing major development stages and token unlocks across the cryptocurrency industry. One such project is Pi Network, which recently transitioned to open mainnet.
Dr Altcoin, a cryptocurrency analyst and decentralization ethics advocate, linked the OM incident to Pi Network and demanded stricter regulation.
"The OM incident is a wake-up call for the entire cryptocurrency industry and evidence that stricter regulation is urgently needed. It is also a big lesson for the Pi Core Team transitioning to an open network and open mainnet." – He said on Twitter.
Some users advocated for Pi Network's core principles, emphasizing a utility-focused roadmap and avoiding speculative interest. However, Dr Altcoin repeatedly emphasized concerns about lack of transparency.
"One thing is clear about PCT: they are not transparent." – He added.
Nevertheless, the Pi community remains optimistic. The Pi Open Mainnet account, introduced as a pioneer, countered by presenting reasons why Pi could avoid OM's fate, emphasizing its slow token release strategy and absence of large initial sale events as key confidence factors.
"Massive community (over 35 million pioneers), steady unlock, increasing utility (.pi domain, dapps), and clean record," – they wrote.
Indeed, Pi's ecosystem is expanding. Integration with Chainlink, new fiat on-ramps, and Pi ads are creating what the team calls a "virtuous cycle" of adoption and utility, according to the Pi Open Mainnet 2025 senior pioneer account.
"These developments create a virtuous cycle for Pi Network. Easier fiat ramps bring more users (Pi's community is already strong at around 60 million), Pi ads drive more apps and utility, and Chainlink integration adds trust and interoperability. More users → More utility," – it said.
With a reported community of nearly 60 million, many believe the project has a strong user-driven base unlike OM's more centralized dynamics.
Enough to Prevent OM-like Fate?
However, not everyone is convinced this will be sufficient. Mahidhar Crypto, a Pi coin validator, urged users to withdraw Pi coins from centralized exchanges (CEX) to prevent price manipulation.
"We saw what happened with OM. How market makers dumped on users… If you deposit Pi coins on CEX, market makers will use bots to create artificial buy/sell walls to manipulate price or liquidity." – They warned.
This aligns with recent concerns about collusion between market makers and CEX. Mahidhar also urged the Pi Core Team to closely examine KYB-certified businesses and not list Pi derivatives on CEX, highlighting risks of leverage trading on immature assets.
On-chain behavior related to OM is further fueling skepticism. Technical analysis firm Trading Digits pointed out that the "Pi Cycle Top" indicator, often signaling market peaks, was triggered twice for OM after 2024, most recently two months before its collapse.
"Coincidence or inevitability?" – the company raised.
Will Pi follow a utility-focused path, or fall into the traps that led to OM's downfall?
According to BeInCrypto data, Pi Network's PI coin is currently trading at $0.74, down 1.36% in the past 24 hours.
