The Pi Network open mainnet officially launched at 8:00 AM UTC, marking the end of a six-year waiting period for investors and miners. This transition from the enclosed mainnet, operational since 2021, enables pioneers to trade Pi coins freely and integrate with external networks. Within the first hour of launch, Pi coin surged over 40%, reflecting strong initial market interest.
The Journey to Open Mainnet: Key Development Stages
Pi Network's development unfolded through four distinct phases, each critical to its current state.
Beta Phase: Initial User Acquisition and Testing
Launched on March 14, 2019, this phase focused on user acquisition and testing the mobile mining application. Users experienced Pi's unique mining model, which required tapping a button once every 24 hours on their smartphones to mine Pi coins. This approach aimed to build a large community while ensuring accessibility.
Testnet Phase: Ensuring Blockchain Stability
On March 14, 2020, the network advanced to the testnet phase. Node operators played a crucial role here, helping to stabilize the blockchain and ensure it could handle transactions for a growing user base. This stage was essential for stress-testing the network's infrastructure.
Enclosed Mainnet: Restricted but Operational
By December 2021, Pi entered the enclosed mainnet phase. The blockchain was fully functional but operated behind a firewall, restricting external transactions and blocking activity outside the ecosystem. This period allowed pioneers to complete Know Your Customer (KYC) verification and migrate their Pi coins to the live blockchain securely.
Open Mainnet: Full Accessibility Achieved
The final transition to open mainnet removed all restrictions, enabling Pi to connect with external networks and function as a fully open blockchain. This milestone allows developers to launch decentralized applications (DApps) and make them available to the broader crypto industry. Although this feature is not yet released, with dates still to be announced, the foundation is set for future growth.
Ecosystem Growth and Current Opportunities
The Pi ecosystem has already seen significant development, with over 100 applications built across sectors like decentralized finance, gaming, and online marketplaces. Pioneers can now move their tokens to external wallets and trade on several centralized exchanges. This accessibility enhances liquidity and provides more flexibility for users.
For those looking to manage their assets effectively, explore advanced wallet solutions that offer secure and efficient transaction capabilities.
Price Volatility and Market Response
Following the open mainnet launch, PI's price experienced notable volatility. It surged 41% within the first hour, reaching a high of $2.10, before market fluctuations driven by social media speculation and fear, uncertainty, and doubt (FUD) caused a drop to $1.30. At the time of writing, Pi Coin is trading around $0.90 on major exchanges, a significant contrast to pre-launch speculative IOU prices of $55 to $70.
Despite this, Pi Network enthusiasts remain optimistic, predicting the token could reach $300 by next August, especially once DApp functionality is fully launched. This highlights the community's belief in the project's long-term potential.
Frequently Asked Questions
What is the Pi Network open mainnet?
The open mainnet is Pi Network's fully accessible blockchain phase, allowing free trading of Pi coins and integration with external networks. It removes previous restrictions, enabling broader participation and development.
How can pioneers benefit from the open mainnet?
Pioneers can now trade Pi coins on external exchanges, transfer tokens to external wallets, and eventually use DApps within the ecosystem. This enhances liquidity and provides more opportunities for engagement and growth.
Why did Pi coin price drop after the initial surge?
The price drop was primarily due to market speculation and FUD spreading on social media, leading to short-term volatility. Long-term value will depend on adoption rates and the successful rollout of DApp functionality.
When will DApp functionality be available?
The developers have not announced specific dates for the release of DApp functionality. However, the open mainnet lays the groundwork for this future development, which is expected to drive further growth.
Is Pi coin available on major exchanges?
Yes, Pi coin is now trading on several centralized exchanges, providing pioneers with more options for buying, selling, and managing their assets.
What should pioneers do next?
Pioneers should ensure they have completed KYC verification, migrated their coins to the live blockchain, and stay informed about upcoming features and exchange listings to make the most of new opportunities. For those seeking to optimize their strategy, discover comprehensive trading tools that can enhance decision-making.