The Pi Network mainnet launch is progressing smoothly as developers work on transitioning from the enclosed mainnet to the public mainnet phase. With over 13 million pioneers passing the Know Your Customer (KYC) process and 6 million migrating to the mainnet, the project is moving closer to its Open Network goals. The developers have implemented a six-month grace period for pioneers to complete the verification process, a crucial step in eliminating potential bots.
In addition to KYC, there are two other key milestones that must be achieved before the mainnet launch. The development of a robust ecosystem with at least 100 decentralized applications (dApps) is essential to create utility for the Pi token. Currently, there are approximately 27 dApps in areas such as commerce, games, NFTs, and utilities, indicating room for growth to reach the target of 100 dApps.
However, the timing of the mainnet launch and token listing is crucial, especially given the current market conditions. Bitcoin recently formed a death cross pattern, a bearish indicator that has historically led to significant price declines. Listing a cryptocurrency during a bear market can be risky, as seen with other newly launched tokens like Notcoin, Pixelverse, Wormhole, and zkSync, which have experienced double-digit retracements from their all-time highs.
Considering the similarities in business models, Pi coin’s price action may follow the trend of other tap-to-earn tokens. Publicly traded tokens like Notcoin and PIXFI have already seen declines, while futures for Hamster Kombat have hit record lows. As pioneers potentially liquidate their holdings after the listing, there is a possibility of a price slump for Pi coin, especially for long-term holders.
It is essential for investors and pioneers to stay informed about the progress of the Pi Network mainnet launch and the overall market conditions to make well-informed decisions regarding their investments. The success of the project hinges on achieving the remaining milestones and navigating the challenges posed by the current market environment.