Delays In Mainnet Leads To Downturn Pi Coin Price

Pi Network Faces User Exodus Amid Mainnet Launch Delays: What’s Next?

The Pi cryptocurrency project, which has garnered significant attention due to its anticipated mainnet launch is now facing challenges as it gradually loses its user base. Despite the development team's assurance that the mainnet will launch by the end of 2024, the constant delays have led to growing dissatisfaction among users. As a result, many users are starting to distance themselves from the project.

Reports indicate that Pi Network is experiencing a notable decline in its user base. This decline has also impacted the value of Pi Coin. The delays in the mainnet launch have caused the price of Pi Coin to drop by 25%, falling from around $47 to $30. It's important to note that currently, Pi Coin is not available for trading means it holds no tangible value until the Pi Network mainnet becomes operational.

One key aspect to highlight is the IOU (I Owe You) price of Pi Coin on major charting platforms. Previously, this price was around $47, but it has now fallen to approximately $30. IOUs are essentially promises to pay the coin's value in the future reflecting the anticipated worth of the coin once it becomes tradable. 

However, as user confidence in the project wanes, crypto market experts predict that the IOU price of Pi will continue to decline. Many users have even stopped mining Pi Coin on their smartphones, further signaling a lack of faith in the project's progress.

Efforts by the Pi Development Team to Re-engage Users

The success of Pi Network has largely been attributed to its strong user base. However, the continuous delays in the mainnet launch have significantly damaged the project's credibility among its users. To counter this and regain user trust, the Pi development team has introduced new offers aimed at retaining their user base. Recently, Pi announced a 6-month grace period and a 6-month rolling window offer for its users, which began on 1st July 2024.

This initiative is designed to provide users with ample time to complete their KYC (Know Your Customer) and mainnet migration processes smoothly. The team hopes that these measures will help retain users and restore some confidence in the project. Despite these efforts, it remains uncertain whether these new offers will be sufficient to keep users engaged with Pi Network or if they will choose to switch to other cryptocurrencies.

Conclusion

The Pi Network faces a critical period as it deals with the fallout from continuous mainnet launch delays. The declining user base and falling value of Pi Coin are significant challenges for the project. While the development team's new offers aim to regain user trust and stabilize the user base, the future of Pi Network remains uncertain. As per CoinGabbar, the project's success hinges on its ability to deliver the promised mainnet launch by the end of 2024 and restore confidence among its users. Until then, the value and future of Pi Coin remain in limbo, making it a waiting game for both the developers and the users.

Also Read: Pi To Launch DEX, What's Next for Pi Coin Holders?