TL;DR
- Since its 2019 launch, Pi Network has grown its ecosystem, introduced KYC verification, and recently launched its Open Network.
- However, delays and shifting deadlines continue to frustrate its community.
Happy Birthday, Pi Network
The cryptocurrency project, launched by a group of Stanford graduates, saw the light of day on March 14, 2019. During its first years of existence, the team focused mainly on community growth, app-based mining, and building its ecosystem.
In 2020, it introduced the testnet phase, enabling developers to start experimenting with PI transactions. In the following years, the Pi Network implemented a KYC verification process, an important step before launching a fully operational mainnet.
Earlier this year, the project witnessed a major achievement, introducing its long-awaited Open Network. The development allowed crypto exchanges to list the PI token, making it publicly accessible.
The first platforms to embrace it were Bitget, OKX, MEXC, and Gate.io. The world’s largest crypto exchange – Binance – was also rumored to follow suit. It even held a community vote to determine whether its users would want to see the asset available for trading, and over 86% of the voters clicked the “yes” option. Some have speculated that Binance might list PI today (March 14), but it remains unavailable on the platform.
Despite the aforementioned progress, Pi Network is still one of the most controversial crypto projects. It is notorious for its constant delays and deadline extensions, which have triggered frustration across the community numerous times.
For instance, its Grace Period, which requires users to pass KYC procedures and migrate to the mainnet, was supposed to run until February 28. The team, though, moved it to March 14 and warned people to complete the steps before that date “to avoid forfeiting most of your Pi other than Pi mined within the rolling window of the last 6 months before your Pi is migrated.”
PI Price Outlook
Earlier this week, the asset was at the forefront of gains , briefly surging past $1.80. Despite the overall expectations of a further rally on March 14, PI has headed south in the past 24 hours.
Currently, it trades at approximately $1.57, representing a 9% decline for the aforementioned period. The asset might be subject to additional volatility in the short term given Binance’s potential support and other factors.
