Pi Network Users Call To Abandon The Project, Open Mainnet Launch Delay Likely Cause

Pi Network Users Call To Abandon The Project, Open Mainnet Launch Delay Likely Cause

Key Takeaways:

  • Pi Network users have shared social media posts stating they have stopped using the platform.
  • PI coin price continued its Sept. downtrend.
  • The platform extended the deadline for its Ambassador development program.

NEW DELHI (CoinChapter.com) — Mobile-based crypto mining project Pi Network might be losing users’ trust, per social media posts.

Delays in the launch of the Pi Network open mainnet have likely become a pain in the neck for its users. Moreover, the delays have made users question the Pi Network developers’ intentions. Recently, Pi Network CEO Dr. Nicolas Kokkalis announced a delay in the launch of the Pi roadmap.

The announcement rubbed users the wrong way since Pi Network had previously announced a Sept. 2023 date for the roadmap’s release, leading to speculations of more delays.

Furthermore, users have started deleting the Pi Network app, which allows users to mine PI coins.

Users have started abandoning the Pi Network
Users have started abandoning the Pi Network

Several users posted on X (formerly Twitter) regarding their decision to uninstall the Pi Network app. One user called the PI token a “worthless thing” and advised others not to mine it.

Another user stated that the Pi Network left them with “empty hopes.”

However, there were still users who believed that Pi Network would likely rise in the future, with one user advising those who removed the app that their lack of patience would cost them in the future.

Meanwhile, Tradingview data for the PI coin on the Huobi exchange has stopped updating since Sept. 15. But the Huobi exchange website continues to show data for the PI coin. CoinChapter reached out to Huobi founders Leon Li and Du Jun for comments.

However, the founders were yet to reply at the time of writing.

PI Coin Price Continued Its Sept Downtrend

Meanwhile, PI coin prices continued trending downwards on Sept. 21.

PI coin price continued its downtrend.
PI coin price continued its downtrend. Source: CoinMarketCap

The Pi Network token has dropped nearly 36% from its Sept 1 high of $54. Furthermore, the token dropped over 2% to a daily low near $34 on Sept 21.

The token’s decline likely stems from the Pi Network’s failure to launch the Pi open mainnet. Once the mainnet launches, users can trade the mined PI tokens, which are currently being traded using IOUs.

The IOU system means that participating exchanges would trade future PI coins at the current IOU value. Hence, delays in the launch have left users with a load of tokens with little real-world value, except when used on PiChain mall or other avenues that accept PI tokens as a currency.

Pi Network Extends Developer Program’s Deadline

Pi Network announced that it has extended the deadline for the ‘Developer Ambassador Program,’ which rewards users for successfully pitching the Pi Network to potential developers. Participants can share their ‘Pi Network referral code‘ to get rewards for onboarding a developer on the Pi Network.

The platform has extended the deadline for the program to Dec. 31.

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