Pi Network is set to launch its Open Network mainnet on February 20, 2025, which is expected to have a significant impact on the Pi cryptocurrency’s price and future. The long-awaited transition has been confirmed by the blockchain-based cryptocurrency and developer platform. With millions of KYC-verified users and a growing ecosystem of real-world applications, Pi Network is positioned to bring innovation to the cryptocurrency space.
Following the announcement of the Open Network launch, the price of the PI coin surged by 70% within hours. Reaching a value of over $90 before settling around $80.91, this increase was attributed to the confirmation of PI listing on OKX for spot trading. Bitget also revealed plans to list PI on the same day as the mainnet launch, further boosting investor confidence in the coin.
The transition from the Enclosed Network phase to the Open Network phase since December 2021 has allowed Pi Network users, known as Pioneers, to complete their KYC verification, migrate coins to the Mainnet, and develop decentralized applications (dApps) in a secure environment. The Open Network launch will enable Pi users to interact with external systems, expanding the utility and adoption of PI coins in real-world applications.
Pi Network’s ecosystem includes a social network for cryptocurrency users, decentralized applications supporting utility-based transactions, and a blockchain designed for efficient transactions. The network will allow anyone to run a node on the mainnet blockchain post-transition, with priority given to experienced users based on reliability scores and historical contributions.
Strict KYC and KYB verification processes are enforced by Pi Network to maintain security and compliance, ensuring only verified users participate in the network. A revised mining rewards issuance formula introduced in March 2022 aims to balance network growth, accessibility, longevity, and scarcity while offering fair rewards to contributors.
Despite recent positive developments, Pi Network faces criticism within the cryptocurrency community, with concerns about its operational model resembling a multi-level marketing scheme. Market speculation and regulatory uncertainty have led to fluctuations in PI’s price, with some exchanges hesitating to list the token.
Technical analysis indicates that PI coin could potentially break the $100 barrier given the current bullish momentum. However, overbought conditions could trigger a price correction, with analysts predicting values as low as $60.58 if selling pressure intensifies. The coming weeks post the Open Network launch will be crucial in determining PI’s momentum and price milestones.
In conclusion, Pi Network’s Open Network launch on February 20, 2025, signifies a significant milestone for the project, positioning it as a legitimate cryptocurrency with real-world applications. While challenges such as regulatory uncertainties and market speculation persist, the network’s growth potential remains high. Eyes are on the upcoming weeks to see how Pi Network navigates these challenges and achieves its goals.
