Hopes for a Pi coin launch in 2024 are diminishing due to concerns about the KYC verification process, declining cryptocurrency prices, and the absence of a robust ecosystem.

The Pi Network (PI) IoU token has fallen by over 75% from its peak this year and is currently near its lowest level since July. This IoU token is not officially linked to the main Pi Network project and trades with low volumes on a few exchanges.

This price trend is driven by skepticism among analysts and pioneers regarding the likelihood of a mainnet launch this year, as developers initially promised in 2023. Developers have outlined three key conditions that must be met for Pi to transition from its enclosed mainnet to an open network.

Key Conditions for Pi Network Launch

Verification of Pioneers

The first and simplest condition is the verification of most pioneers to prevent spam. So far, developers have verified over 13 million users, most of whom have migrated to the mainnet. As part of this process, the developers introduced a grace period algorithm to refine pauses based on system blocks.

The grace period, which started in July, requires pioneers to submit their initial KYC documents within three months and complete the process within six months. Pioneers who fail to complete the KYC process will likely lose their accumulated tokens.

Development of Decentralized Applications (dApps)

The second condition is the establishment of a thriving ecosystem of decentralized applications, which would enhance the utility of the Pi coin. The mainnet launch will occur when these dApps reach a count of 100. It remains uncertain whether there are enough dApps in the Pi Network’s ecosystem. Some notable examples include the Pi Browser and the Fireside Forum. Additionally, the developers have launched the Pi Ad Network to facilitate ads within Pi Network’s dApps.

Favorable Market Conditions

The third condition for the Pi coin launch is favorable market conditions or a cryptocurrency bull market. The uncertainty surrounding the launch date contributes to the significant drop in the Pi coin IOU price by over 75% from its highest point this year. Although this IOU is not officially associated with the Pi Network project, its price would likely be higher if there were more clarity on the mainnet launch.

Concerns About Pi Network’s Value

A fundamental concern about the Pi Network is the actual value of the mined Pi coins, which are currently worthless as they cannot be exchanged for fiat currencies. Historically, many similar coins have disappointed investors after their mainnet launches. For instance, the DOGS token, popular on Telegram, recently plummeted by over 41% from its highest level last week. Similarly, the Sweat Economy token has dropped by 95% from its 2022 high. Prior to its mainnet launch, the Sweatcoin app had over 50 million downloads globally.

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