Pi Network pioneers are expressing concerns about the slow progress towards the long-awaited mainnet launch and its potential impact on the token value.
Pi Network just turned 5 years old
A verified user who has been mining Pi tokens for over five years. led to X Expressing frustration over the delay in mainnet launch and slow pace of development, Pi Network, known as the first “tap-to-earn” platform, remains popular, especially in emerging markets such as China, Brazil and India.
Launched in 2019 by Stanford scientists Nicolas Kokkalis and Chengdiao Fan, Pi Network’s goal was to create a cryptocurrency that was easy to mine and use.
Pi Network users, popularly known as pioneers, can mine tokens with the push of 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 its roadmapPi Network moved to a closed mainnet in December 2021. The closed mainnet period allows for calibrations to be made on the token model before the official mainnet launch. It also allows developers to build applications that will provide utility to the Pi coin after launch.
The odds of Pi Network mainnet launching in 2024 are decreasing
The challenge, however, is that the mainnet launch has taken longer than many users expected, prompting many to abandon the project altogether.
Some analysts believe that Pi Network has remained on a mainnet for so long because of the amount of money the platform generates. The current business model is where developers make money showYoof ads Every time a person mines a coin, they are encouraged to leave it on a closed mainnet as long as there are users mining coins.
The same argument has been used in relation to Telegram tokens that can be obtained at the click of a button, such as Hamster Kombat and TapSwap. These platforms are generating huge sums of money, especially on YouTube, where they have amassed millions of followers. One concern is that their YouTube videos will not generate these views when the tokens begin trading.
Pi Network developers hope to migrate to the mainnet later this year, but some analysts fear this may not happen. For this to happen, many pioneers will need to be verified, a measure the developers say is necessary to prevent bots. Users who fail to complete KYC will see their accumulated tokens burned and removed from circulation.
The other conditions for mainnet launch are more difficult to meet. For example, developers want to have at least 100 dApps in the ecosystem, a difficult task to achieve since there are less than 50 so far.
They also want the launch to happen when the market is favorable. It is unclear whether cryptocurrencies will be on an uptrend by the end of the year.
As I have written before, All signs point to Pi coin falling after going public as many early adopters liquidate their holdings. More recently, all the “tap to earn” type tokens like Notcoin (NO) and Pixelverse (PIXFI) which both began trading plummeted after their initial publicity.
The same thing happened in other popular industries like move-to-earn and play-to-earn, where tokens like Decentraland (MANNA) and Sweatcoin (SWEAT) plummeted.
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