Pi Network, the highly popular blockchain platform, is in the spotlight this year as pioneers wait for its mainnet launch that will make its token tradeable in centralized and decentralized exchanges.
In December, the developers committed to accelerate the exit from its enclosed mainnet this year as many pioneers lost patience. Besides, many of them have been mining the coin and have been an active member of the community for almost six years now.
Many of them hold hundreds or thousands of Pi Coins that they can’t use since these tokens cannot be exchanged for fiat currencies like the US dollar and the
In their statement, the developers said that three conditions will need to happen for this mainnet launch to happen. First, they are committed to continue with the Know Your Customer (KYC) verification process.
The developers believe that KYC is an important part of the ecosystem since it will get rid of bots. In my last article on the Pi Network, I noted that they had now verified over 10 million members of the ecosystem and the process is accelerating.
Second, the developers are committed to having a full ecosystem that will be powered by the Pi Coin. They hope to have at least 100 dApps in the ecosystem before the mainnet launch. A closer look shows that they are working to achieve this goal.
They have already launched the Pi Ad Network which will power ad-supported platforms in the ecosystem. Also, there are apps like the Pi Browser and the Fireside Forum. It is still unclear whether the ecosystem is big and active enough yet.
Finally, the developers will want to list the Pi Coin when cryptocurrencies are in a bull market. Recently, however, there are signs that the recent bull run has stalled. Bitcoin has already moved to a bear market while most altcoins have plunged by over 30% from their highest level this year.
Therefore, taken together, we can conclude that the Pi Network will remain in its enclosed mainnet in May. If this trend continues, there is a possibility that it will not even happen this year as I predicted in January.
All this is bad news for Pi Network pioneers who have been active members of the ecosystem for many years. In this period, we have seen the blockchain industry grow, with meme coins now having a market cap of over $50 billion.
