🌎 Pi Network Prepares for Mainnet as IoU Price Holds Steady

The Pi Network’s IoU price remained stable on Tuesday, trading at $38.80, a level it has maintained since May. This stability occurred even as Bitcoin surged to $62,000 and smaller tokens like Farcana, Popcat, Tooker Kurlson, and Ben the Dog saw gains of over 40% within the past 24 hours.

Pi Network’s Mainnet Launch Preparations

Pi Network is actively preparing for its mainnet launch, despite complaints from pioneers about ongoing delays. The developers have outlined three key priorities in their efforts:

KYC Verification: A significant amount of time has been allocated to the KYC verification process for Pi Coin holders. Recent updates indicate that over 5 million accounts have been verified and transitioned to the enclosed mainnet.
Application Development: The network aims to increase the number of applications to enhance the token’s utility upon launch. Regular hackathons are held where developers pitch their projects, receiving support for their ideas.
Market Conditions: The developers are optimistic that market conditions will be favorable when the other two priorities are achieved.

Node Readiness and Testnet Transition

In a recent update, Pi Network developers emphasized their efforts to ensure nodes are prepared for the mainnet. The platform has accumulated 20,000 computer nodes, boasting over 1 million CPUs, positioning Pi as one of the most decentralized networks in the crypto industry. As part of the transition, developers will enable switching between the testnet and mainnet blockchains, introducing a new clean Testnet blockchain for robust testing.

Pi Coin Price Analysis

The Pi Network IoU, a cryptocurrency launched in 2022 amidst the mainnet launch delay, has seen limited traction. Despite being created by the community, it was disavowed by Pi Network’s team.

As a result, Pi Coin is listed on only a few low-tier exchanges and experiences low trading volumes. Earlier this year, the token rallied to $121 alongside a broader market surge but has since dropped to below $40, remaining at this level. It did not partake in the recent altcoin price rebound on Tuesday.