As Pi Network approaches the end of its grace period, anticipation grows among its community regarding the long-awaited mainnet launch.
However, doubts linger due to the project’s history of delays and vague announcements.
We've released the Grace Period algorithms to refine timer pauses based on system blocks. Now, the timer will be much more accurate in pausing for Pioneers who experience the system blocks justified for pauses, reducing unnecessary pauses. Additionally, we've introduced a new… pic.twitter.com/vIB053mJXZ
— Pi Network (@PiCoreTeam) September 6, 2024
Pi Network recently updated its grace period algorithm to address system block issues that have affected many Pioneers. The new algorithm aims to minimize unnecessary pauses, enhance accuracy, and improve users’ overall experience.
This update is part of Pi Network’s ongoing efforts to streamline the migration process to its mainnet. However, despite these changes, the project has not provided a concrete timeline for the full transition.
To further assist users, Pi Network introduced a feature in the Mainnet checklist that allows users to report any steps they are stuck on. This feature is intended to help users navigate the migration process more effectively by flagging issues directly to the development team.
While these updates are designed to improve the process, they do little to address the uncertainty surrounding the mainnet launch.
Automatic Migration Queue and Pending Period
Apart from algorithm changes, Pi Network has also put its users into an automatic migration queue. This queue is related to the process of transferring the users’ balances to the main net blockchain. Nevertheless, after the transfer, the users have to wait for fourteen days to process their unlocked funds.
The remaining balance will be locked, as per the user’s selected lock-up period. This slow and very deliberate process has also led to questions on when Pi Network will completely switch over to its mainnet, leaving users in the lurch.
Milestones and Price Movements
On March 14, 2019, Pi Network marked its 2,000th day since its inception. Despite this milestone, the project has not provided clear direction on the next steps for the mainnet launch. Instead, the team has focused on symbolic celebrations, which have done little to alleviate the community’s growing impatience.
Pi Network celebrates 2000 days since its official launch on March 14, 2019! This milestone reflects the steady, ongoing efforts of our community—as we move ever closer to our vision of building the world’s most inclusive peer-to-peer ecosystem and online experience, fueled by… pic.twitter.com/DiQmIyq7qi
— Pi Network (@PiCoreTeam) September 4, 2024
Pi Network’s token has experienced notable price fluctuations. As of the latest data, Pi is trading at $33.22, with a 24-hour trading volume of $352,914. The token has seen a 4.33% increase in the last 24 hours. Despite these gains, the circulating supply remains unknown, contributing to the uncertainty surrounding the token’s long-term value.
Source: CoinMarketCap
The price of the Pi token has been highly volatile in the last one year and this can be seen from the price chart plotted against Tether (USDT) on the HTX exchange.
The price for this asset rose to $120 at the beginning of 2024 and has been fluctuating around $20-$40 mark ever since. At the moment, price is rather growing, which is evident by the price of $33.08 at the end of the day with a 5.67% daily gain.
Some technical indices are favorable while others are not so favorable depending on the period under consideration. The short term is bearish as indicated by the MACD which is below the signal line. However, the reducing gap shows that a trend reversal is possible.
Source: TradingView
The Relative Strength Index (RSI) stands at 45.47, signaling that the asset is near the lower range, which could indicate a buying opportunity if upward momentum increases.
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