Pi Network pioneers have expressed concerns about the slow progress towards the long-awaited mainnet launch and its potential impact on the token’s value.
Pi Network just turned 5
Verified user who has been mining Pi tokens for over five years I took it to X To express their frustration over the delay in the mainnet launch and the slow pace of development. Pi Network, known as the first platform to earn money by clicking, remains very popular, especially in emerging markets such as China, Brazil and India.
Pi Network was launched in 2019 by Stanford University scientists Nicholas Kokkalis and Chengdiao Fan, with the goal of creating a cryptocurrency that was easy to mine and use.
Pi Network users, known as miners, can mine tokens by simply pressing a button on the mobile app. These tokens are currently worthless, but are expected to gain value once the open mainnet is launched.
As part of RoadmapPi Network transitioned to a closed mainnet in December 2021. The closed mainnet period allows for calibrations to the token model before the official mainnet launch. It also allows developers to create applications that will provide utility to Pi after launch.
Pi Network Mainnet Launch Possible in Fall 2024
But the challenge is that the mainnet launch took longer than many users expected, leading many of them to abandon the project altogether.
Some analysts believe that Pi Network has been on the mainnet for so long because of the amount of money the platform makes. The current business model is where developers make money by DisplaysIFrom ads Whenever someone mines a coin, they are therefore incentivized to leave it in a closed mainnet as long as there are users mining coins.
The same argument has been made about the tokens earned by tapping on Telegram, such as Hamster Kombat and TapSwap. These platforms generate huge amounts of money, especially on YouTube, where they have amassed millions of followers. One concern is that their YouTube videos will not generate those views when the tokens start trading.
Pi Network developers hope to move to the mainnet later this year, but some analysts fear that won’t happen. For that to happen, it will require verification of multiple pioneers, a step the developers claim is necessary to prevent bots. Users who don’t complete the KYC process will see their accumulated tokens burned and removed from circulation.
Other requirements for the mainnet launch are more difficult to achieve. For example, developers want to have at least 100 dApps in the ecosystem, a difficult task to achieve as there are less than 50 of them so far.
They also want to launch when the market is favorable. It is unclear whether cryptocurrencies will trend higher by the end of the year.
As we wrote before, All signs point to Pi coin going down after its listing on the exchange as many pioneers liquidate their holdings. Recently, all the popular tokens like Notcoin (NOT) and Pixelverse (PIXFI) that started trading after the initial hype have all crashed.
The same thing happened in other popular industries like move-to-earn and play-to-earn, where tokens like Decentraland (MANA) and Sweatcoin (SWEAT) collapsed.
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