The Pi Network, a cryptocurrency platform started in 2019 by Stanford scientists Nicolas Kokkalis and Chengdiao Fan, is facing growing concerns over its delayed mainnet launch. The platform, which allows users to mine cryptocurrency using their smartphones, has attracted significant interest, especially in countries like China, Brazil, and India. However, as Pi Network marks its fifth anniversary, many users, or “pioneers,” are growing frustrated with the slow progress.
Pi Network transitioned to an enclosed mainnet in December 2021, a step intended to finalize the platform’s token model and develop decentralized applications (dApps) to create real-world utility for Pi tokens. However, nearly three years later, the open mainnet has yet to launch. This prolonged delay has led to growing scepticism among users, with some even abandoning the project.
One longtime user who has been mining Pi tokens for over five years recently expressed their concerns on the social media platform X (formerly Twitter). The user pointed out the lack of development and the prolonged wait for the mainnet, raising doubts about whether the platform will ever fully launch.
The Pi Network’s developers have offered several reasons for the delay. They argue that more time is needed to verify users through the Know Your Customer (KYC) process, which helps prevent bots and ensures token security. Additionally, the team aims to have at least 100 dApps ready in the ecosystem before launching the open mainnet.
Despite these explanations, some analysts speculate that the extended enclosed mainnet period may benefit the developers financially. They suggest that the platform’s developers could be generating revenue through in-app advertisements while the mainnet remains enclosed. This speculation has only added to the frustration among users.
In just five weeks, Pi Network users face a crucial deadline. Millions of inactive accounts risk losing their Pi coins if they do not complete the KYC process. Estimates suggest that around 10 million accounts could see their Pi burned, which would permanently reduce the overall supply of Pi tokens. However, active users who complete KYC will retain their Pi and continue mining.
This upcoming deadline has added pressure on the Pi Network’s developers to make significant progress. Users are eager to see the platform move forward, especially after waiting for several years.
Even with the excitement surrounding Pi, there are concerns about the future value of Pi tokens. Some worry that Pi could follow the same path as other tap-to-earn projects, which experienced significant drops in token value after their launch. These concerns are compounded by the long delay in launching the mainnet, which has left many wondering if the wait will be worth it.
While the Pi Network continues to attract attention and build a large user base, the ongoing delay in launching the mainnet has raised serious concerns among its pioneers. As the platform’s fifth anniversary passes, the pressure is on the developers to deliver on their promises and launch the open mainnet soon. Until then, scepticism about the future of Pi tokens is likely to grow.
