Pi Network pioneers are expressing concern over the slow progress toward the long-awaited mainnet launch and its potential impact on token value.
Pi Network has recently celebrated its fifth anniversary. A verified user who has been mining Pi tokens for over five years took to X to express frustration with the ongoing delay in the mainnet launch and the slow development progress. Despite these issues, Pi Network, the pioneering tap-to-earn platform, remains highly popular, particularly in emerging markets like China, Brazil, and India.
Launched in 2019 by Stanford scientists Nicolas Kokkalis and Chengdiao Fan, Pi Network aimed to create a cryptocurrency that would be both easy to mine and use.
Known as pioneers, Pi Network users can mine tokens by simply pressing a button on the mobile app. Although these tokens currently hold no value, they are anticipated to gain worth once the open mainnet is eventually launched.
As part of its roadmap, Pi Network moved into an enclosed mainnet in December 2021. The enclosed mainnet period allows the calibrations on the token model before the official mainnet launch. It also lets developers build applications that will give Pi coin utility after launch.
The likelihood of Pi Network launching its mainnet in 2024 is diminishing. The delay has frustrated many users, leading some to abandon the project.
Analysts suggest that the extended mainnet delay may be financially motivated. Currently, the platform generates revenue through advertisements displayed during the mining process. This business model provides an incentive for the developers to keep the network in its closed beta phase as long as users continue to mine coins.
Similar concerns have been raised about Telegram’s tap-to-earn tokens, such as Hamster Kombat and TapSwap, which also generate significant revenue from their large YouTube followings. There is apprehension that these platforms might struggle to maintain their audience once the tokens are available for trading.
Pi Network’s developers aim to transition to the mainnet later this year. However, some analysts doubt this will materialize. For the mainnet launch to proceed, a substantial number of pioneers need to be verified through KYC (Know Your Customer) processes. The developers argue that this step is crucial to combat bot activity. Users who fail to complete KYC may see their accumulated tokens burned and removed from circulation.
The other conditions for the mainnet launch are tougher to accomplish. For example, the developers want to have at least 100 dApps in the ecosystem, a difficult task to achieve since there are less than 50 of them so far.
They also aim to time the launch for when market conditions are favorable. It remains uncertain whether the cryptocurrency market will be on an upswing by the end of the year.
As previously noted, indications suggest that Pi coin might experience a decline after its listing, as many pioneers may choose to liquidate their holdings. Recently, other tap-to-earn tokens, such as Notcoin and Pixelverse (PIXFI), have all seen significant drops following their initial excitement.
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The BUIDL Index will be available exclusively on the Injective blockchain through various decentralized applications. It will enable traders to access tokenized assets with leverage and track the fund’s supply rather than just its price.
Traders can take long or short positions based on market trends. Price changes are tied to the fund’s mark price and adjusted hourly to reduce volatility. The market is based on the fund’s mark price, which fluctuates intraday based on supply changes, allowing users to take these positions.
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