Odds of the Pi Network’s mainnet launch are increasing as the crypto bull run continues and as the grace period for the KYC verification nears its end. The developers have constantly predicted that Pi Coin will move from the enclosed mainnet later this year.
What is the Pi Network?
Pi Network is a pioneering cryptocurrency project that seeks to solve some of the top challenges in the industry. Mining was one of the core challenges that it sought to solve since mining Bitcoin requires substantial computing resources, which are not affordable to most people.
Pi Network solved this problem by building the first tap-to-earn application that enables users to accumulate tokens. After that, these pioneers would convert their coins to fiat currencies through exchanges like Binance and Coinbase.
Pi Network also aims to ensure that its coin has a real utility by creating an ecosystem of applications. Some of the existing applications are the Pi Browser, which has been installed by millions of people, and an ad network.
Pi Network entered an enclosed mainnet, allowing pioneers and developers to interact with the ecosystem. Developers can also build and launch their applications during this phase.
The only challenge is that it was not possible to move and convert these tokens into fiat currency during the enclosed mainnet process. Therefore, the upcoming mainnet launch will be important because it will let pioneers realize the value of their investments.
Does the Pi Coin have any value?
For now, the Pi coin does not have any value since one cannot convert the coins into cash. However, in the future, there is a likelihood that the coins will have some value, although it is hard to predict how much.
The developers have not highlighted the number of Pi coins that will be released to the market and the starting process. There is a chance that pioneers will not receive all their tokens at once, as we saw with Hamster Kombat, the viral tap-to-earn game. Hamster holders received about 60% of their holdings.
Also, there are chances that most Pi Network pioneers will sell their coins immediately after launch. While Pi developers are interested in a vibrant ecosystem, most pioneers are mostly interested in the short-term gains for the coin.
Recent data shows that most investors sell their tokens shortly after their mainnet launch. This explains why tokens like HMSTR, Catizen, and DOGS crashed sharply after being listed on exchanges.
