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Pi Network is one of the most popular platforms in the crypto industry with millions of users from around the world. These users, popularly known as the #PiArmy, love its promise of a cryptocurrency that is easy to mine and use in transactions.
3 conditions for Pi Network mainnet launch
However, most of them are a disappointed lot as they cannot use or convert their coins for fiat currencies. That’s because Pi Network has remained in an enclosed mainnet in the past 2+ years. An enclosed mainnet means that the network is working as expected but that it can only be used by people in the ecosystem. Many of these holders have been mining tokens for more than five years.
The developers have said that they expect to launch the Pi Network mainnet later this year. But for this to happen, they need three things to have happened. First, they need to be further ahead into the KYC process that has been going on for months.
Further, they also want to ensure that there are more good applications in the Pi Network ecosystem. This explains why they are running their hackathons, which are bringing in more developers to the network. The goal of this ecosystem is to create more utility for Pi Coin.
Most importantly, the Pi Coin listing will happen when the market is supportive. We often see this in the Initial Public Offering (IPO) market where companies go public when the stock market is doing well. The busiest periods in the IPO market was during the pandemic as most coins jumped.
The case for Pi Coin listing
There are two main reasons why Pi Network should consider listing the token now. First, it has been over five years since the developers launched the network. This means that many pioneers still open their apps and do the mining.
Five years is a long time in the crypto industry. In this period, Bitcoin has moved from $4,200 to $50,000. It is not alone as other cryptocurrencies like Sui, Cardano, and Avalanche have become giants in the industry in this period.
The longer the Pi Network remains in the enclosed mainnet the worse it is for the ecosystem as more people will continue quitting.
The other reason is that we are in a strong crypto bull run that has seen the price of Bitcoin jump from $15,000 last year to over $50,000 today. Further, the total market cap of all cryptocurrencies has jumped to more than $1.96 trillion and analysts expect this valuation to get to $3 trillion.
Therefore, there is a likelihood that the Pi Coin price would jump sharply if this listing happened now. Besides, most coins are in a bull run.
The risk for a prolonged waiting is that we could see a crypto winter in the coming months. Crypto winter periods tend to happen after a strong bull run.
The post Pi Network: Here’s why now is the best time to list Pi Coin appeared first on Invezz
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