Pi Network Mainnet Delay and Token Value Concerns Grow
Pi Network, a cryptocurrency project launched by Stanford scientists Nicolas Kokkalis and Chengdiao Fan in 2019, is celebrating its fifth anniversary amid growing frustration and skepticism. The platform, designed to be easy to mine and popular in countries like China, Brazil, and India, has faced significant delays in its mainnet launch, leading to concerns about its future and the value of its tokens.
Pi Network Mainnet Delay Raising Concerns.”
The mainnet launch, initially anticipated for 2024, remains unresolved as the platform struggles with various challenges. Pi Network transitioned to an enclosed mainnet in December 2021 to finalize its token model and develop decentralized applications (dApps) for greater utility. However, this transition has not gone smoothly. Many users, known as “pioneers,” are frustrated with the slow progress and the extended wait for the mainnet’s open launch.
A major point of concern is the Know Your Customer (KYC) verification process. With a deadline of September 30, 2024, millions of inactive accounts risk losing their Pi coins if they fail to complete KYC.
Approximately 10 million accounts could see their Pi tokens burned, drastically reducing the supply. Meanwhile, active users who complete the KYC process will keep their tokens and continue mining.
The Pi Network team has set three key milestones for the mainnet launch: completing KYC for the majority of pioneers, reaching at least 100 dApps in its ecosystem, and finalizing the mainnet itself.
Currently, over 13 million pioneers have moved to the mainnet, but the verification process remains slow. Additionally, the network has fewer than 50 dApps, falling short of the target. Recent updates, such as the Pi Wallet upgrade, are aimed at speeding up the KYC process but have not fully addressed the issues.
Conclusion
The prolonged delays and challenges faced by Pi Network have led to increased skepticism about the project’s future. As other tap-to-earn projects, like Hamster Kombat and Notcoin, have seen significant price drops, concerns are rising that Pi Network’s tokens might face a similar fate post-launch. With critical milestones yet to be achieved and a looming deadline for KYC completion, the project’s ability to meet its promises remains in question.
