Pi Network Mainnet Launch Advances, but Risks Remain

The eagerly anticipated launch of Pi Network’s mainnet is advancing, even as Bitcoin forms a rare "death cross" pattern, signaling potential market risks.

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This year, Pi Network developers have been diligently working to transition the blockchain from the enclosed mainnet phase to the public mainnet. In a recent update, they reported significant progress with their Know Your Customer (KYC) verification process. Over 13 million pioneers have successfully completed KYC, with 6 million already migrated to the mainnet.

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Additionally, a six-month grace period has been introduced for pioneers to finalize their KYC verification. This step is critical for Pi Network as it seeks to eliminate potential bots and fraud from its ecosystem.

KYC is one of three key milestones that must be achieved before the Pi Network mainnet can fully launch, allowing users to trade their Pi coins. The other two milestones include the development of a robust ecosystem and a favorable market environment.

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Regarding the ecosystem, Pi Network creators aim to deploy at least 100 decentralized applications (dApps) to enhance the utility of the token. Currently, a repository shows approximately 27 dApps in various sectors, including commerce, gaming, NFTs, and utilities. This indicates that Pi Network still has a significant distance to cover to reach its 100-dApp goal.

While progress is evident, challenges and risks continue to loom as Pi Network moves towards its mainnet launch. The successful transition and realization of these objectives will be pivotal for the future of the network.

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Writer @Elena

Elena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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