State of Pi Network ($Pi) , A Follower's View
The following is a synthesis of information collected from various sources about Pi Network ($Pi) as of September 24, 2024:
User Base and Verification: Pi Network's user base is growing significantly, with more than 60 million active users worldwide. A notable achievement includes more than 13 million users completing the KYC (Know Your Customer) process (this KYC scale is the largest among all crypto projects), which is critical for identity verification and moving towards more formal financial system integration. The project's core teamt has set a goal of 15 million users completing KYC before open mainnet. Pi Network is very popular on social media. Its number of X followers has reached 3.39 million, slightly lower than that of the second-ranked Ethereum ($ETH) at 3.47 million.
Mainnet Migration: Pi Network has made substantial progress on its open network goals, with more than 6 million users migrated to the mainnet, a process that has been optimized for speed, more than doubling the previous rate. The migration is part of Pi Network's strategy to transition from a testnet to a fully operational blockchain network. The project's core team has set a user migration target of 10 million before open mainnet.
Ecosystem Development: Pi Network is not just about cryptocurrency; it is building an ecosystem. This includes applications such as Fireside Forum for Web3 social interaction, Pi Chat with Staked DM for communication, and Pi Ad Network, which aims to leverage its large user base for advertising. The network also has more than 70 real Pi applications that are either on the mainnet or ready, focusing on actual utility rather than just speculative value. The project's core team has set a goal of 100 ecosystems before open mainnet.
Regulatory and Compliance Work: It was mentioned that Pi Network participates in regulatory frameworks, including being regulated by the FCA, ISO20022 certified, SWIFT compliant, and other compliance measures that demonstrate Pi Network's commitment to the legitimacy of financial transactions.
Price and perceived value: There are many predictions for the price of Pi, they are $3.14, $31.4, $314, $6700, $10000… and so on. Although the Pi network does not allow/authorize Pi coin trading before the mainnet is opened, some exchanges have been trading it in the form of Pi IOU since December 2022. Pi IOU has traded between $14.82 and $244.38, and is currently trading at around $32. The community and some reports show that the perceived value of Pi is high, mentioning a GCV (Global Consensus Value) of $314,159, although this number seems more aspirational or community-driven rather than market-set. The actual trading or market value may vary greatly, especially since Pi coins are not yet listed on major exchanges to trade at these values.
Community Sentiment and Development: The Pi community is highly engaged, with updates on X (formerly Twitter) discussing new partnerships, AI-integrated software updates like Pi Nexus, and excitement about an open mainnet expectation and release announcements or roadmap updates in December 2024.
Investment and Speculative Nature: While the community is enthusiastic and working hard to build a strong ecosystem, potential investors should approach the Pi Network with caution. The lack of trading on major exchanges means liquidity is a concern, and value perceptions appear to be heavily influenced by community sentiment rather than market dynamics. The transition to an open network could be key and could significantly impact its investment potential if it achieves widespread adoption or real-world utility.
Key Considerations: This information also suggests a mix of official updates and community-driven speculation. For example, while official progress is being made toward mainnet migration and ecosystem expansion, claims about partnerships or exact regulatory compliance should be viewed with skepticism unless backed by official statements or documentation.
In summary, the Pi Network is actively evolving from a community-driven project to a comprehensive blockchain ecosystem with real utility. However, without concrete trading data or major exchange listings, its investment or crypto market value remains speculative. For anyone interested in the Pi Network, following official announcements, real-world adoption rates, and regulatory news is critical to understanding its future trajectory in the crypto space.
