The Pi Network IoU price remained on edge as the odds of the mainnet launch dropped sharply following a recent update. Pi coin was trading at $50.68 on Monday morning, down by almost 50% from its highest level last month. So, let us explore what the Pi mainnet delay means and whether it will happen in Q1 of 2025.
Pi Mainnet launch hopes fade
Pi Network pioneers were disappointed a lot after the developers published the roadmap for the Open Network launch.
In a social media post that linked to a long statement on the website, the developers noted that they were extending the KYC verification process again. Three months after the initial deadline, the KYC will now end on January 31st.
The developers justified the delay because of the recent numbers. They noted that while over 18 million users had concluded the KYC process, only 8 million had migrated their coins to the mainnet. The eight million figure is much lower than the target of 10 million.
As such, the developers believe that leaving all those users from the mainnet migration will be too much. They also want to have more pioneers in the mainnet, a move they expect will provide more stability to the network.
For starters, Pi Network pioneers have been mining the coin for almost six years. Their goal has been to eventually convert these coins into fiat currency when the mainnet launch happens. The developers have, therefore, embarked on a KYC verification to ensure that only real miners will be eligible for the tokens.
At the same time, the odds of the mainnet launch happening in the first quarter fell after they revealed that there were just 80 mainnet-ready apps in the Pi ecosystem.
One top pre-mainnet listing condition is having at least one app. As such, the chances of having another 20 apps in the network by March are relatively low.
Read more: What is the Pi Network, and Does the Coin Have Any Value?
Crypto crash could hinder the Pi Network mainnet launch
The other potential risk is the ongoing crypto crash that has seen Bitcoin and other altcoin prices fall by double digits.
The third pre-condition for the mainnet launch to happen is for the external environment to be friendly. By this, the developers meant external issues like regulations and crypto prices.
Historically, most developers and companies prefer listing their assets in a bull market. Their hope is that these assets will continue doing well as they join the existing rally.
Pi Network’s developers will likely want to list the coin when cryptocurrencies are in a strong bull run. Therefore, the odds of a listing in the first quarter will drop if the ongoing crypto sell-off continues.
Therefore, the odds are that the Pi Network mainnet launch will not happen in the first quarter of next year. The most viable period for when it will happen will be in the second quarter of 2025 if cryptocurrency prices bounce back.
The odds of this delay explain why the Pi coin IoU token has plunged from almost $100 in November to $50 today.
