Pi Coin, one of the most eagerly awaited cryptocurrency projects, is on the verge of its mainnet launch, potentially occurring in December 2024 or the first quarter of 2025. The developers are diligently working to transition the network to an Open Network, enabling pioneers to convert their tokens into fiat currencies.
Key Focus Areas
As part of this critical transition, the Pi Network team is focusing on two primary aspects. First, they are conducting extensive Know Your Customer (KYC) verification for millions of pioneers, aiming to eliminate bots from the network.
Increasing Decentralized Applications (dApps)
Second, the Pi Network is striving to expand the number of decentralized applications (dApps) within the network. The goal is to ensure Pi Coin has substantial utility once it becomes a publicly traded asset. Developers are targeting at least 100 unique applications that address real-world problems, avoiding mere clones of existing platforms.
Community and Validator Engagement
Recent signs indicate an increasing number of pioneers, or Pi miners, are joining the network to complete the KYC process. On October 16, the developers issued a call for more validators to join the network to reduce wait times. These validators are incentivized with Pi Coin, which they can eventually convert into fiat currencies.
External Factors Influencing the Launch
The Pi Network's move to the Open Network will also depend on favorable external conditions. The developers are hopeful for a bullish crypto market to enhance the coin’s performance. However, other factors such as wars, pandemics, and new regulatory issues could impact the mainnet launch timeline.
Pi Coin and the Tap-to-Earn Token Landscape
Current Value and Future Prospects
A common question is whether Pi Coin currently holds any value. At present, the token remains in the enclosed mainnet, where it has been since December 2021, and cannot be transferred outside the network. The coin will only gain value when it transitions to the Open Network, expected either later this year or in 2025. The initial trading price and its fully diluted valuation upon launch remain uncertain.
Comparisons with Other Tap-to-Earn Tokens
Recent trends in the tap-to-earn token market provide some context. Notcoin has dropped over 77% from its peak in May, while Hamster Kombat has declined by 71%. Similarly, tokens like Pixelverse, Dogs, and Catizen have also seen significant decreases.
Given that Pi Network pioneered the tap-to-earn model, there is a possibility that its token may experience a drop after the airdrop, as many pioneers could choose to sell their tokens.
