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Pi Network — and the launch of its long-awaited mainnet — is publicly still on track for 2024, but the clock is running out as we reach the end of the year.
As the Pi Core Team’s grace period for users to migrate over to the ‘coming soon’ mainnet enters its final weeks, the idea of a transition over to the full project launch seems tantalizingly close yet distant at the same time.
With its unique approach to mining directly from a phone and its potential as a legitimate payment project, Pi Network has accumulated a substantial following, waiting to see if Pi’s dream of a payment system can come to pass.
What is certain is that the project has been hugely successful at attracting people to its mobile mining setup. Can the Pi Team replicate that success across its ecosystem? Let’s explore.
Key Takeaways
- Pi Network’s mainnet launch is expected by the end of 2024, at least via core team hints, but no official date has been confirmed.
- As of September 2024, the project had attracted over 55 million users, including 13 million KYC-verified ‘Pioneers’.
- Pi Network allows users to mine its cryptocurrency via mobile phones, aiming to make mining easy and accessible to everyone.
- The open mainnet will enable Pi Coins ($PI) to be traded for other cryptocurrencies and fiat currencies.
- Pi Team launches “Pi App Incubator” to prepare for full launch.
- However, don’t be surprised if mainnet ends up launching in 2025.
Pi Network’s Network Effects
The mining project has gained massive attention within the cryptocurrency community.
The project currently has 55 million active community members — a population size that beats many countries — including 13 million KYC‘d ‘Pioneers’ and 3.3 million followers on X as of September 2024.
If Twitter metrics alone were the important thing, the official Pi Network account is neck-and-neck with the Ethereum Foundation account, with both accounts boasting 3.4 million followers on X as of August 2024.
However, Pi is much more than that. It aims to create a Web3 ecosystem with real-world apps and utilities used by tens of millions of users.
Yet, the question that lingers in the minds of many is the predicted Pi Network launch date, which is when the ecosystem moves from a closed, beta ecosystem into an open network that can be used across exchanges and other blockchains.
When is the Pi Network Mainnet Launch?
Expected: End of 2024
2024 still seems to be the year for the army of ‘Pioneers’ around the world, with just a few key milestones to go.
As we discuss below, the Pi team looks to have 100 mainnet-ready apps by the time of full launch, and the Pi App Incubator, launched on September 13, 2024, looks to be a big step to drive app adoption.
We’re showcasing the first cohort of the Pi App Incubator 12-week program! From redesigned interfaces to new features, the developers for the five community Pi apps in the Incubator worked hard to improve their apps with the mentorship and resources provided by the Pi Core Team,… pic.twitter.com/tbdtUEOHil
— Pi Network (@PiCoreTeam) September 13, 2024
The team calls their plans “The Countdown to Pi Open Network 2024”, which is suggestive in its own right.
A recent tweet also tells us we are close:
Check out the new Grace Period in-app reminders that show you your individual KYC and Mainnet migration deadlines. The timers will be visible during mining and on the home screen!
The Grace Period is necessary to get the network prepared for the Open Network, and the first 3… pic.twitter.com/c8i0llolWE
— Pi Network (@PiCoreTeam) August 15, 2024
In July, Pi Network announced a KYC (Know Your Customer) grace period as part of its progress toward the open network phase, allowing more Pioneers to complete their KYC and migrate to the mainnet.
The grace period ends September 30, 2024, so Pioneers naturally look to that date as a potential mainnet announcement — although we urge people to exercise caution and wait for team announcements.
Recently the team also announced the introduction of a new Pi Wallet on-chain lockup feature, which effectively boosts the mining rate for Pioneers who successfully migrate to the mainnet and lock up their PI.
This coincided with ‘Pi2Day’ celebrations aimed at taking more users across the thresholds (see below) to launch mainnet.
Read the full Pi2Day announcement to learn more about the community's progress in the Open Network conditions and all the products, tech, and community initiatives facilitating it! https://t.co/XEjyQSN1w0 pic.twitter.com/fEDXWR5YHn
— Pi Network (@PiCoreTeam) July 2, 2024
We've released the Grace Period algorithms to refine timer pauses based on system blocks. Now, the timer will be much more accurate in pausing for Pioneers who experience the system blocks justified for pauses, reducing unnecessary pauses. Additionally, we've introduced a new… pic.twitter.com/vIB053mJXZ
— Pi Network (@PiCoreTeam) September 6, 2024
The team has previously suggested goals — on a page cunningly called “mainnet2024” — that they wish to pass before launching Open mainnet, including:
- 15 million Pioneers passing Know Your Customer checks
- 10 million Pioneers migrating to beta mainnet.
- 100 mainnet-ready apps.
Progress has gone well so far:
The network has reached over 13 million Pioneers who have passed KYC and over 6 million Pioneers who have migrated to Mainnet! Through our collective efforts, we’re progressing towards the Open Network goals. Keep in mind that the progress is not linear and has been accelerating… pic.twitter.com/fXad6mpe59
— Pi Network (@PiCoreTeam) August 8, 2024
Why Pi Matters
Pi Network is a blockchain project that aims to democratize mining by making it accessible to anyone with a desktop or mobile device. The project’s native token is Pi Coin, which the team expects to be utilized for everyday transactions.
Users can mine PI using their smartphones. All they need to do is click on a button within the Pi Network app every 24 hours to show their active participation within the network.
Notably, unlike traditional digital currencies such as Bitcoin (BTC) and other proof-of-work (PoW) cryptocurrencies, Pi Coin does not require energy-intensive hardware to mine it. This explains why the token has been exceptionally successful in attracting a vast network of miners.
Why is Pi’s Open Mainnet A Big Deal?
The Open Mainnet stage will allow Pi users to exchange their Pi Coins with other cryptocurrencies and fiat currencies. Furthermore, it will allow developers to innovate, creating utilities and applications atop the network’s robust framework.
Despite the excitement surrounding this announcement, the Pi Network team is proceeding with caution. They claimed that a hasty transition could undermine the community’s achievements to date.
In light of this, they have determined three conditions that must be met to ensure the Pi Coin launch date.
When Pioneers hold Pi Coin now, they are effectively holding an IOU token. When mainnet launches, the team says these will be swapped for an official, crypto exchange-friendly token.
Here are the three prerequisites that should be met before the transition happens:
- Comprehensive Preparations: The team underscored the need to complete all crucial technological, product, business, and legal preparations. While the technical roadmap is largely in place, efforts are ongoing to enhance network security, stability, and scalability.
- Decentralization Milestones: A central goal is to acquire 15 million KYC-verified users and migrate over 10 million Pioneers to the mainnet blockchain. Additionally, the development of at least 100 high-quality, diverse utilities and applications is critical for establishing Pi’s viability as a currency.
- Optimal External Conditions: As a global cryptocurrency initiative, Pi’s success is intertwined with the broader world context. Therefore, the team said factors such as geopolitical stability, regulatory developments, industry trends, and the absence of global crises are pivotal in determining the timing of the Pi mainnet launch date.
Pi Network’s X Account Surpasses 3.3 Million Followers
Earlier this year, Pi Network’s X account achieved yet another milestone by surpassing 3.3 million followers. The achievement solidifies Pi Network’s position as one of the fastest-growing projects with a massive community in the blockchain space.
On February 9, Pi Network announced that they had reached the 3 million follower milestone on X. As of September 2024, the project has onboarded another 300,000 users.
We did it! Pi Network has hit an amazing 3 MILLION followers! Congrats to every Pioneer who helped make this possible.
We're so excited to reach this milestone, as the Pi community continues its journey to Open Network. pic.twitter.com/giV1GrXQ8l
— Pi Network (@PiCoreTeam) February 9, 2024
It is worth noting that Pi Network has outpaced other established cryptocurrencies like Solana, Cardano, Avalanche, and Tron, all of which have less than 2.5 million followers on X.
The growing number of followers on Pi Network’s X account reflects the increasing interest and support for the project. And in crypto, community is one of the key strengths that every project needs.
The Bottom Line
This is either a make-or-break moment for Pi Network, or delays will push the mainnet launch back into 2025. It has been a long time coming, with the project passing its 2,000th day of existence in September 2024.
We will see where we are when the Earth has spun around the sun a few more times.
