The Pi Network Core Team have announced that open mainnet will launch within 2024.
One of the worlds largest cryptocurrency mining projects, Pi Network, will be launching by the end of 2024, specifically, by 31st December 2024.
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Major Pi Network Core Team Announcement
Many announcements have been made by the Pi Network core team over the years, and many of them have occurred on Pi Day and Pi 2 Day, with most being posted in the app home screen and on the blog part of the official website.
This new announcement is one of the largest we have ever had from the core team and sets out the 6-month timeline towards the launch of the open network.
KYC 6-month Grace Period from July 1
Pi Network is on the brink of launching its Open Mainnet and has introduced a 6-month “grace period” along with a rolling 6-month window for its approximately 60 million users.
This strategic phase, starting on July 1, 2024, is designed to speed up the network’s transition to its Open Mainnet.
The grace period aims to ensure that all pioneers—Pi Network’s early adopters—have ample time to complete their KYC (Know Your Customer) verification and Mainnet Migration processes smoothly.
As of June 2024, Pi Network reports that over 12 million users have successfully completed KYC, and 5.79 million have already migrated to the Mainnet platform.
Currently, the ecosystem supports 70 applications that are either fully operational on Mainnet or in advanced stages of development.
Upcoming Open Mainnet Initiatives Set To Launch
Many new initiatives are being worked on to help the network transition to open network readiness and a few of them are listed below.
Accelerated Progress: With many users already KYC-verified and transitioned to Mainnet, this grace period encourages others to finalize their processes, enhancing Pi Network’s readiness for a successful launch.
Enhanced Flexibility for Pioneers: The system provides extra time for users who might encounter unexpected delays, ensuring a smoother experience for all.
Maximizing Benefits: By completing KYC and migration, users can fully leverage Pi’s referral and security circle bonuses, optimizing the rewards from their efforts in growing the network.
Pi Network Decentralized Exchange Rumors
Pi Network, which has been eagerly anticipated for its upcoming mainnet launch, is now at the center of rumors about a possible delay with many pioneers on-edge about a possible launch before Christmas.
There is speculation that the development team might focus on launching a Decentralized Exchange before the mainnet officially goes live and this could delay the project by several months.
Introducing a sophisticated financial tool such as a Decentralized Exchange before setting up a fully operational mainnet appears very unlikely.
The source of the Pi DEX rumor remains unclear, though there has been some conjecture regarding the origins of these claims and who might be behind their dissemination.
The Pi Network Price Has Not Moved
The Pi Network IOU, a cryptocurrency introduced in 2022 due to delays in the mainnet launch, was created by the community and quickly disowned by the Pi Network team.
Consequently, Pi Coin has struggled to gain traction, being listed on only a few minor exchanges with consistently low trading volumes.
The token surged to $121 earlier this year alongside a general market uptrend but subsequently dropped to below $40, where it has stabilized. It lagged behind most alt-coins during Tuesday’s price recovery.
The future trading behavior of Pi Coin IOU remains uncertain, especially once the main token becomes available on major exchanges such as Binance and OKX.
“CoinCodex provided a hypothetical short-term price forecast for Pi Network in 2024, projecting the yet-to-be-released coin to trade at $48.12 on June 29 and rise to $120.95 by July 24.
The site’s technical analysis was neutral, with 18 indicators showing bullish signals and seven indicating bearish ones.”
“PricePrediction.net also expressed strong bullish sentiment in its Pi Network price forecasts.
The site projected the cryptocurrency to reach $50.64 by the end of this year.
Looking ahead, their predictions for 2025 saw Pi Network at $73.57, increasing to $104.85 by 2027.
Are you looking forward to Pi Network’s open mainnet launch? Comment below and let me know your thoughts.
