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Pi Network update: where the mainnet launch process stands

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on Jul 8, 2024
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  • Pi Network has already done the KYC verification on over 12 million users.
  • The developers aim to verify 15 million users before the mainnet launch.
  • There is still a long process to go before the launch happens.

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Pi Network pioneers are still waiting for the long-awaited mainnet launch that will make it possible for them to convert their hard-earned Pi Coins into fiat currencies.

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Many of these pioneers have given up since the process has taken over 6 years, which can feel like an eternity in the crypto industry. Also, many of them have moved to other platforms like tap-to-earn networks like Hamster Kombat and TapSwap. So, let us explore where things stand for now.

Pi Network has disappointed many pioneers

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Pi Network is one of the most popular players in the blockchain industry. It was started in 2018 to make crypto mining more accessible to billions of smartphone users globally.

Its approach was different from that of Bitcoin, Bitcoin Cash, Kaspa, and Litecoin, which require advanced mining equipment.

Over the years, Pi Network has gained millions of users who are known as pioneers. These users receive an invite and then actively mine the Pi coins using their phone applications.

Their goal is that they will cash out when Pi moves launches its mainnet and lists the token in leading centralised and decentralised exchanges like Binance, OKX, and Uniswap.

Pi Network has disappointed many pioneers because of the duration it has remained in its enclosed mainnet, which it entered in December 2021.

An enclosed mainnet is where the blockchain network is launched and only accessible to users of the ecosystem. The difference is that in an enclosed mainnet, the tokens cannot be traded or converted into fiat currencies.

The continued delay has opened the door for other networks, especially tap-to-earn platforms like Notcoin, TapSwap, and Hamster. These platforms let users tap the app and earn rewards, which they can redeem when it moves to their airdrop.

Pi developers are working on the mainnet launch

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Statements by the Pi Network team show that the developers are working on the mainnet launch. Earlier this year, they noted that they will likely do this launch in 2024 if conditions allow.

The first condition was to make progress on the Know Your Customer (KYC) verification process on its users. Their goal is to ensure that the network is free from bots.

In a recent statement, the developers noted that they had verified over 12 million users. This means that they are about to reach the 15 million users they have set as the minimum limit for the mainnet launch.

The other important step is that they want to have an ecosystem that will give it a utility. In this, they hope to have at least 100 applications in its ecosystem. Already, several dApps have been launched on Pi.

Still, I believe that the developers will find it challenging to attract mainstream developers in the ecosystem.

Finally, the hope is that the Pi Network mainnet launch will happen when the market conditions allow. In other words, they hope that cryptocurrency prices will be in a strong bull run when it happens.

The idea is that having a mainnet launch in such a period will push the Pi Coin price higher. This is the same concept that companies follow when they are launching their IPO.

It is unclear whether the Pi Coin price will do well eventually after going public and after it is listed in key exchanges. The most likely scenario is where the token will rise briefly as the hype increases and then drops as most pioneers start to liquidate their position after holding them for years.

We have seen this situation happen several times recently. For example, 64% of all zkSync token holders sold their tokens after its airdrop a few weeks ago. The same happened with other recent airdrops like Notcoin and Wormhole.

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