Cash News
Pi coin, one of the most anticipated crypto projects, is gearing up for its mainnet launch, possibly in December 2024 or the first quarter of 2025.
Pi developers are working to transition the network to the Open Network, which will allow pioneers to convert their tokens into fiat currencies.
As part of this transition, they are focusing on two key aspects. First, they are conducting Know Your Customer verification for millions of pioneers, a process they hope will eliminate bots.
There are signs that more pioneers—or Pi miners—are joining the network to complete the verification process. In a statement on Oct. 16, the developers requested more validators to join the network and reduce the wait time. These validators are rewarded in Pi coin, which they can eventually convert to fiat currencies.
Second, Pi Network is working to increase the number of decentralized applications on the network.
The goal is to ensure that Pi crypto coin will have adequate utility when it becomes a publicly traded coin. According to the developers, they will need at least 100 applications that solve real-world problems. The apps must also be unique and not mere clones of existing platforms.
Additionally, Pi Network will only move to the Open Network when external factors are favorable. They are hoping for a bull market in the crypto industry to boost the coin’s chances of performing well. Other external factors, such as wars, pandemics, and new regulatory issues, could also influence the mainnet launch.
Pi coin crypto and other tap-to-earn tokens
A common question is whether the Pi coin has any value. For now, the token does not have value as it remains in the enclosed mainnet, where it has been since December 2021.
When a coin is in an enclosed mainnet, it cannot be transferred to people outside the network. The coin will only gain value when it moves to the Open Network, either later this year or in 2025. It remains unclear at what price the token will start trading or what its fully diluted valuation will be when it launches.
However, judging by the recent performance of popular tap-to-earn tokens. Notcoin (NOT) token has retreated by over 77% from its highest point in May, while Hamster Kombat (HMSTR) has crashed by 71%. Other tokens like Pixelverse, Dogs, and Catizen have also slumped.
Since Pi Network was the original tap-to-earn network, there are rising odds that its token will drop after the airdrop as many pioneers may sell their tokens.