The long-awaited open mainnet of the Pi Network, which the community has been eagerly waiting for six years, was finally launched at 4 pm on February 20th, and the Pi coin was also opened for spot trading on OKX, Bitget, Pionex, Gate.io...
According to OKX trading data, PI once surged to a high of $2.2 after being listed, but then faced heavy selling pressure and has since fallen to around $0.65, a drop of more than 70% from its high.
What is the current status of the Pi coin ecosystem?
However, despite the fact that the coin price performance may be quite different from the psychological target price of the Pi pioneer community, most Pi coin communities are still very active in discussing "don't sell it cheap", as they believe that the official has not taken any action yet, and there is still a lot of room for growth in the future ecosystem development.
But what is the current status of the Pi Network ecosystem? What potential development momentum does it have in the future? Let's explore this together:
Pi App
First of all, the core of this token is that anyone who downloads the official Pi Network APP and interacts with it daily can continuously earn Pi coins, and can accelerate the mining efficiency through inviting friends, locking up, or acting as a node.
Pi Wallet
The Pi Wallet is the official cryptocurrency wallet provided by Pi Network, used to store Pi coins and make transfers within it. With the launch of the mainnet, it is now possible to transfer to external exchanges like OKX for spot trading. (But to withdraw, a series of KYC processes must be completed)
Pi Browser:
- Pi Browser: The official browser application launched by the Pi Team, where users can log in to their Pi wallet, view the Pi official blockchain explorer, or the official social platform Fireside and chat application Pi Chats.
Current Pi dApps?
More ecosystem applications can be browsed through the Pi Browser.
However, after a quick review, the number of applications currently listed is less than 20 (mainly stores, games, social networking, etc.), and all of them have not been officially certified by the official, and most of them display "This is not a Pinet app", which is more like web programs developed in the past few years to serve the offline user community, without using blockchain technology.
What applications will be launched in the future? The official seems to have no clear explanation. (The official claims to have over a hundred apps ready to be deployed on the mainnet)
The sustainability of the Pi ecosystem remains to be observed
The official regularly holds global or regional Hackathons to encourage developers to submit application ideas based on the Pi Network. The official has also launched a developer portal and Pi SDK, as well as a Pi App incubator program, to help developers build dApps that integrate with the Pi coin and Pi platform.
However, the Pi Network itself does not have smart contract functionality, and the official has previously mentioned that it will be updated after the mainnet launch, but there is no further information at the moment, so it is unlikely to be able to build the DeFi platform applications we are familiar with in the short term (perhaps the official does not have this intention?).
As for the payment function emphasized by the community, it is true that after 6 years of cultivation, the official claims to have over 60 million users and nearly 19 million users who have completed KYC, which is an advantage. But to expand the application of Pi in payments, the acceptance of the ecosystem is a key point, and whether its technology's security and performance can attract the current large enterprises and users to join is another matter, and it remains to be observed over time.
