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Pi Network’s Mainnet Goes Live After Six Years of Development
In a groundbreaking milestone, Pi Network has officially launched its Open Mainnet, enabling users to conduct external transactions for the first time in its six-year history. As a result, the PI token experienced a sharp price surge and subsequent decline, amidst growing trading activity across multiple platforms.
The network’s readiness is underscored by “millions of KYC-verified Pioneers and a thriving utilities-driven ecosystem,” according to the Core Team’s official announcement. Users can now access the network and cryptocurrency directly through the platform, marking a significant turning point for the project.
Despite regulatory concerns in 2023 that labeled Pi Network as a scam, the launch has gone ahead, with major exchanges like OKX and Gate.io opening spot trading for PI tokens. Bitget has also introduced futures trading options, offering users up to 10x leverage, while MEXC has confirmed its support for PI trading.
The transition from speculative pre-launch trading to actual market activity has led to a significant decline in the value of Pi IOU tokens, a development that reflects the network’s maturation. The launch has sparked concerns regarding potential price pressure as more tokens enter circulation, given the token distribution structure allocating 65% of the total supply to miners.
The ability to transfer tokens within the mining app indicates successful system functionality and paves the way for integration with decentralized applications and broader real-world use cases. This milestone marks a crucial step towards expanding the token’s utility beyond its initial ecosystem, as emphasized by the Core Team.
Increased trading volume across various platforms has contributed to observed price volatility during this initial period, as users begin to convert their mined tokens into other cryptocurrencies or fiat currency. The Omnichain liquidity platform has also joined other exchanges in supporting PI trading, further expanding the list of available trading venues for the token.
The requirement for Know-Your-Customer (KYC) verification, a process sparking debate within the community, now allows users who have completed this step to participate in the open network.
Source: blockonomi.com
