Pi Network pioneers, who have been diligently mining and accumulating tokens for the past seven years, are finally waiting for the much-anticipated mainnet launch. Set to happen in the first quarter of this year, the launch of Pi Network’s public mainnet promises to be a game-changer for its community. However, with the KYC verification process still underway, many holders are left wondering whether their long-held tokens will actually have any value once the network opens to the public.
We’re making excellent progress towards Open Network with over 9 million Pioneers who have migrated to Mainnet! If you’re still waiting on either Mainnet migration or KYC, remember to check your Mainnet Checklist and KYC app to see if further actions are necessary.
— Pi Network (@PiCoreTeam) January 5, 2025
The uncertainty surrounding Pi Network’s future is understandable, especially in light of recent failures within the “tap-to-earn” crypto space. Notable examples include Hamster Kombat, DOGS, and Catizen, which all experienced sharp declines after initial hype. Despite the initial excitement around Notcoin— the first tap-to-earn token to get listed—it has seen its market cap plummet from over $2.5 billion to below $800 million. Hamster Kombat, once seen as a major contender, now has an FDV of just $306 million after a meteoric rise to over 300 million users and the fastest-growing YouTube channel.
Pi Network operates similarly to these projects, with users earning Pi coins by simply tapping a button on its dedicated app. However, the key difference is that Pi Network has focused on building a use case for the coin through a developing ecosystem. The developers are hopeful that the mainnet will launch in Q1, but there is skepticism due to past missed deadlines and the failure of other projects in this space.
The Grace Period requires both KYC and Mainnet migration to be completed by January 31, 2025 to avoid forfeiting most of your Pi other than Pi mined within the rolling window of the last 6 months before your Pi is migrated. Make sure to stay within the deadline!…
— Pi Network (@PiCoreTeam) January 5, 2025
What does this mean for Pi’s price once the mainnet goes live? The most likely outcome could be a drop in Pi’s value, as early holders may look to sell after years of accumulation. Many have already learned from the misfortunes of other “to earn” tokens. While the Pi developers aim to build a global cryptocurrency, there could be a disconnect between their vision and the miners’ desire to cash out, potentially leading to a volatile aftermath.
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.
Also Read: Is Pi Network Ready for its Mainnet Launch? KYC Deadline Nears as Pioneers Prepare for Q1 2025
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