The long-awaited open of Pi Network has finally arrived? On the 19th, Dr. Nicolas Kokkalis, the founder and technical lead of Pi Network, updated the status and timeline for the open on the official website, announcing that the open will be launched in Q1 2025.
The Pi Network team stated that the project has already obtained 18 million pioneer users to complete KYC, with 8 million users migrated to the closed , thereby narrowing the gap between KYC and migration to the closed . It is expected that the target of 10 million users migrated to the closed can be reached in January or February next year. Therefore, Pi Network has set a timeline to launch the open in Q1 2025.
Pi Team Expects to Reach the Primary Conditions for Mainnet Launch in Q1 Next Year
At the end of last year, the Pi team announced that if the following necessary conditions are met, they will activate the open :
- At least 15 million users have completed KYC, with 10 million already migrated to the ;
- At least 100 real applications have been deployed on the closed or are ready for deployment;
- The core team must continue to make progress in technology and product updates;
- Additionally, there must be no adverse changes in global conditions.
Regarding the first condition, the team stated that with the continuous improvement of the KYC process, the speed of user migration to the has been accelerated. At the current pace, it is expected that the target of 10 million migrated users will be reached in January or February. In addition, a new feature that allows users to make a second and subsequent migration of their transferable balances will soon be released, which will enable users already on the to transfer more Pi balances to the .
Meanwhile, Pi developers have already developed more than 80 applications, not far from the target of 100. Furthermore, the team has judged based on the current external environmental factors that the launch of the open should not be delayed further.
The Community Has Already Conducted Private P2P Transactions
Although there are still many controversies surrounding Pi Coin, it cannot be denied that there are indeed a large number of users in the community who are actually mining Pi Coins, and they have even connected with many businesses in Taiwan (across various sectors such as food, clothing, housing, and transportation) to use Pi Coins for full or partial transactions, creating a down-to-earth application scenario.
Further Reading: Dozens of Merchants in Taiwan Have Accepted Pi Network Payment
The relevant community discussions in Taiwan have also remained active, with many people conducting offline P2P face-to-face transactions. Based on recent discussions, the price is mostly around 25-30 New Taiwan Dollars per coin. If we calculate based on the maximum supply of 100 billion coins, the fully diluted valuation would reach a staggering $100 billion.
As Pi Network is expected to launch the open in Q1 next year, let's continue to observe how the actual value performance and the subsequent development of the Pi Coin ecosystem will unfold.
What is Pi Network and Pi Coin?
Pi Network was launched in 2019, claiming to be a "mobile mining" project, where users can continuously mine Pi Coins by simply downloading the official APP and interacting daily. The project has only launched a "closed " so far, and the Pi Coin is currently only able to be traded through P2P transactions among users who have completed KYC, as the open has not yet been launched, and the actual value is in doubt. The project has also been accompanied by community controversies.
Although (HTX) announced the listing of Pi Coin at the end of 2022, since HTX has not yet opened the deposit and withdrawal of Pi Coins, no one can transfer their Pi Coins to the exchange to sell. Users who have bought the tokens are strictly speaking not holding the spot, but rather a kind of Pi Coin "futures" without a delivery date, making it easier for interested parties to quickly inflate the coin price with small capital. Therefore, some people also say that the current Pi Coin trading on the exchange is essentially "trading air".
The Pi Network official has also posted that they have not authorized any exchange to list Pi Coins, warning users not to purchase tokens from third parties, or they will bear the consequences.
The Pi Coin, which once surged to a peak of $345 when it was just listed at the end of 2022, is currently priced at over 48.3 (USDT) on HTX, up more than 50% in the past year.
