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Pi Network: What happened to the Pi Coin IOU?

By:
on May 27, 2024
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  • Pi Network’s IOU tokens has plunged from its all-time high of $500 to about $40.
  • The developers are working to move from the enclosed mainnet to the main one.
  • Their goal is to create a big ecosystem and conclude the KYC process.

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The Pi Coin IOU price has moved sideways in the past few months as investors wait for the migration to the mainnet. The token has been stuck at $40 since April, down from the year-to-date high of $136 and from its all-time high of almost $500. 

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Pi Coin price has struggled this year

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Pi Coin is a cryptocurrency IOU that was launched in December 2022 to provide users with the ability to anticipate the performance of the real Pi Network’s token. It was listed by top exchanges like MEXC, BitMart, HTX, and BitGet and has been trading since then.

The real Pi Network developers denounced the tokens and warned against them, which explains why the daily traded volume has slumped. Data compiled by CoinGecko shows that only tokens worth $520k were traded on Sunday.

For starters, Pi Network is a blockchain network that aims to help anyone mine cryptocurrency using their smartphones. This is an easier process compared to how other proof-of-work (PoW) cryptocurrencies like Bitcoin, Ravencoin, and Litecoin are mined.

Pi Network has been welcomed well and has now grown to over 50 million users from around the world. Its Android application has been downloaded by over 50 million users while its X (Twitter) account has been followed by over 3 million followers.

The biggest challenge for miners is that it is not possible for Pi Coin miners to redeem their tokens for fiat currencies. The developers have noted this and are working to migrate the network from an enclosed mainnet to full mainnet. 

Pi network

Pi Coin IOU price action

Developers are working to move to mainnet

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This process has delayed as the developers work to achieve two main goals. First, they are working to boost the ecosystem to ensure that Pi Coin has a strong use cases in the market. To achieve that, they have been working on hackathons to identify potential developers. 

The top innovations in the ecosystem are a Pi Browser that has been downloaded over 10 million times. Also, the developers have launched the Fireside Forum and the Pi Ad Network. Still, there is a long way to go for the ecosystem to get more vibrant.

Second, the developers are working to confirm the users in the ecosystem through the Know Your Customer (KYC) process. The goal is to ensure that all pioneers are real people and that the network is free from bots. Additionally, they hope that the market environment will be conducive before moving from the enclosed mainnet to a real one. As such, while the crypto industry is doing well this year, the mainnet launch has not happened because the developers have not achieved the other two goals.

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