- Pi Network delays full launch, aiming for a stable $10 Pi Coin price.
- Core infrastructure is ready, but the ecosystem lacks DApps and P2P scale capacity.
- Frustrations grow over slow KYC, wallet migrations, and withheld rewards.
Pi Network has traveled a long way after more than six years of work, yet its path remains long and continuing. Though the underlying infrastructure is ready, the ecosystem cannot yet handle large-scale decentralized applications (DApps) or real peer-to-peer (P2P) economic transactions.
Also, users are increasingly frustrated by repeated setbacks related to Know Your Customer (KYC) approval, wallet migrations, and token rewards promised to them.
Some, though, have posited that the slowdown is a long-term plan. Crypto commentator Dr Altcoin is one such person, and he believes that the Pi Core Team (PCT) is deliberately slowing down full network activation to ensure the long-term success of the project.
According to Dr Altcoin, the Pi Core Team has completed the legwork needed. However, even years into development, there still is not the preparedness to handle large-scale P2P transactions and thousands of DApps that this project so vitally needs. The one essential thing that is currently occurring is that there is a price discovery process underway. Pi Coin’s speculative value has fallen from as much as $3 to a minimum of $0.40 on unofficial trading platforms.
At the time of writing, Pi is trading at $ 0.4589 with a 24-hour trading volume of $ 233.92M and a market cap of $ 3.17B. PI price decreased -7.51% in the last 24 hours.
Also Read: Pi Network Whale Moves Over 10M Tokens as Price Breaks $0.50
Pi Network Slows Launch to Protect Ecosystem Stability
Dr Altcoin explains further that the PCT isn’t rushing to open up full peer-to-peer functionality. He suspects that the team desires to have Pi trading at or near $10 before they open the ecosystem to its full capacity. The rationale behind this is to prevent an eventual market crash from an overwhelming amount of users liquidating their assets the moment they receive pending rewards or sign off on KYC verifications.
The majority of users are still holding onto their Pi, waiting to harvest future profits and planned utilities. If all such tokens were liquidated today, then a significant percentage of the community will liquidate them right away, devaluing them and likely destabilizing the entire network.
By controlling the rollout, the team is quite honestly stalling, allowing Pi’s perceived value and ecosystem strength to mature. Even Dr Altcoin discusses future mechanisms such as long-term locking of coins or burning coins to reduce supply and take the price up another level.
Despite the disappointments, Dr Altcoin remains optimistic. He still believes Pi Network has massive long-term promise. If the plan comes to fruition, the network could achieve P2P utility, firm up on sturdier market value, and deliver considerable financial return to its early and devoted members.
Today, Pi Network is a project that is intricately undergoing its final development phases, trying the patience of its entire user base while striving to build up a functioning Web3 ecosystem.
Also Read | Pi Network Faces Market Strain as Token Unlocks Outpace Demand
Disclaimer: This article is based on real-time market data and general technical observations. It does not constitute financial advice. Always conduct your own research before making investment decisions.