Pi coin launch date is hard to predict: here’s why

Hopes for a Pi coin launch in 2024 are waning as concerns mount over the KYC verification process, falling cryptocurrency prices, and the absence of a robust ecosystem. The Pi Network’s IoU token has seen a dramatic decline, dropping over 75% from its peak earlier this year and now trading at its lowest levels since July. Notably, this IoU token is not officially affiliated with the Pi Network and is traded on only a few exchanges with low volumes.

The main driver of this price action is uncertainty regarding the mainnet launch, which developers had promised for 2023. To transition from its enclosed mainnet to an open network, the developers have established three key conditions, the first being that a majority of users, or “pioneers,” must undergo verification to mitigate spam. Currently, over 13 million users have been verified, with many having migrated to the mainnet.

To facilitate this process, the developers implemented a grace period algorithm starting in July. This algorithm requires pioneers to submit their initial KYC documents within three months and complete the verification within six months. Those who fail to do so risk losing their accumulated tokens, adding to the anxiety surrounding the project’s future and its potential launch timeline.

Pi Network ecosystem growth challenges

The remaining conditions for the Pi coin launch present more challenges for developers. They aim to establish a thriving ecosystem of decentralized applications (dApps) to enhance the utility of the Pi coin, with the goal of having at least 100 dApps available before launching the mainnet. Currently, it’s unclear if the ecosystem can support this target, though some notable projects have emerged, such as the Pi Browser, Fireside Forum, and the newly introduced Pi Ad Network, which facilitates advertising within dApps.

Additionally, the timing of the mainnet launch is contingent on favorable market conditions, specifically the presence of a cryptocurrency bull market. This uncertainty contributes significantly to the decline in the price of the Pi coin IOU, which has plummeted over 75% from its peak earlier this year. Although the IOU token is not officially part of the Pi Network, its performance would likely benefit from clearer indications regarding the mainnet launch.

A fundamental concern for potential investors is the actual value of the mined Pi coins, which are currently not exchangeable for fiat currencies. This raises questions about their viability post-launch, especially given the history of other similar projects that have disappointed investors. Recent examples include DOGS, which saw a steep decline of over 41%, and Sweat Economy, which dropped by 95% from its 2022 high, despite significant user engagement before their mainnet launches.