Traders on standby as Pi Network IOU price remains stagnant awaiting further mainnet details
Pi Network’s IoU price held steady on Tuesday while other altcoins saw a rebound. The coin was trading at $38.80, where it has been stuck since May. Meanwhile, Bitcoin surged to $62,000 and smaller tokens like Farcana, Popcat, tooker kurlson, and Ben the Dog jumped by over 40% in the past 24 hours.
Pi Network is still preparing for the mainnet launch, despite complaints from pioneers about the continued delay. The developers have outlined three priorities as they work towards the launch. First, they have focused on KYC verification for Pi Coin holders, with over 5 million already verified and moved to the enclosed mainnet. Second, they aim to increase the network’s applications to give the token utility upon launch, which they are doing through regular hackathons. Finally, they hope that market conditions will be favorable when the other conditions are met.
The developers also highlighted their work to ensure that their nodes are ready for the mainnet transition. With 20,000 computer nodes and over 1 million CPUs, Pi Network is on track to become one of the most decentralized networks in the crypto industry.
As part of the mainnet transition, the developers will enable switching between the testnet and mainnet blockchains and have introduced a new clean Testnet blockchain for testing purposes.
The Pi Coin IoU, launched in 2022, has seen little traction due to the mainnet launch delay and lack of support from Pi Network’s team. It is only listed on a few low-tier exchanges and has experienced low volume. Despite rallying to $121 earlier this year, it has since crashed to below $40 and has remained stagnant. Its future trading prospects are uncertain, especially if the main token is listed on major exchanges like Binance and OKX.
