The Pi Network community is eagerly awaiting the launch of the Open Mainnet, which will finally allow users to trade Pi Coins and convert them into fiat currencies. However, the project’s extended development period—spanning over six years—has caused growing frustration, leading many pioneers to seek faster alternatives like Hamster Kombat and TapSwap, which offer quicker rewards through tap-to-earn models.
Frustration Among Pi Network Users
Launched in 2018, Pi Network sought to make cryptocurrency mining more accessible by enabling mining through smartphones, in contrast to Bitcoin and Litecoin, which require advanced hardware. While it gained a massive following, the extended period within the “enclosed mainnet,” launched in December 2021, has disappointed many users. The enclosed mainnet restricts Pi Coin trading or conversion into fiat currencies, severely limiting its liquidity and utility.
This delay has prompted some Pi pioneers to turn to other platforms that offer faster rewards. Services like Notcoin, TapSwap, and Hamster Kombat provide quicker returns, filling the gap Pi Network’s slow development process left.
Read more: Pi Network Gears Up for a Game-Changing Open Mainnet Launch
Progress Toward the Mainnet Launch
Despite the delays, Pi Network’s team is actively working toward launching the Open Mainnet, potentially in 2024, though this timeline depends on several factors. A major hurdle remains completing the Know Your Customer (KYC) verification process to authenticate users and remove bots. So far, over 12 million users have been verified, with the team aiming to reach 15 million verifications before the mainnet launch.
Additionally, Pi Network is focused on expanding its ecosystem and plans to host around 100 decentralized applications (dApps). While some dApps are already active, attracting developers to the platform has been challenging. The team is hopeful that favorable market conditions, such as a cryptocurrency bull run, could help boost Pi Coin’s value after the mainnet launch.
Post-Mainnet Outlook
While the Pi Network community is optimistic about the Open Mainnet launch, the post-launch outlook remains uncertain. History shows that similar projects often experience an initial price surge followed by a decline as early adopters sell their holdings. This pattern has been seen with recent airdrops, such as zkSync and Notcoin.
Pi Network’s focus on mobile mining and user-friendly platform has made it stand out in the cryptocurrency space. As the mainnet launch approaches, the project aims to transform Pi Coins into tradeable assets with real-world value. However, the volatile nature of cryptocurrency markets calls for caution when predicting future price movements. Keep an eye on the latest updates as Pi Network moves closer to this crucial milestone.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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