Pi Network’s IoU price was stable on Tuesday while other altcoins experienced a rebound. The coin was trading at $38.80, a level it has held since May. Meanwhile, Bitcoin surged to $62,000 and smaller tokens such as Farcana, Popcat, tooker kurlson, and Ben the Dog saw gains of over 40% in the past 24 hours.
Despite complaints from pioneers about the delay, Pi Network is diligently preparing for the mainnet launch. The developers have outlined three key priorities. 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 are striving to create more applications to provide utility for the token through regular hackathons. Finally, they are hopeful that the market conditions will be favorable once the first two conditions are met.
The developers also highlighted their efforts to ensure that their nodes are ready for the mainnet transition, with 20,000 computer nodes and over 1 million CPUs already accumulated. This makes Pi 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, with a new clean Testnet blockchain introduced to facilitate testing.
The Pi Coin, launched in 2022 amidst the mainnet launch delay, has struggled to gain traction and is only listed on a few low-tier exchanges with low trading volume. Despite rallying to $121 earlier this year, it has since fallen below $40 and has lagged behind most altcoins.
The future trading of Pi Coin IoU remains uncertain, especially if the main token is listed on major exchanges like Binance and OKX.