Pi coin, the native crypto of the Pi Network is a project based on blockchain that focuses on making mining the coin easy for people through their mobile phones. Unlike other coins such as Bitcoin, which are mined using a powerful computer system, Pi coins can be mined easily using its mobile app without draining the phone’s battery.
A project by Stanford graduates Nicolas Kokkalis and Dr. Chengdiao Fan, the Pi Network on Thursday transitioned to an open mainnet from a closed one for investors to likely trade it on major cryptocurrency exchanges.
Open mainnet here refers to a fully decentralized and public phase of the blockchain network where the coin can be traded freely and is accessible on external cryptocurrency exchanges such as OKX, CoinDCX, Gate.io and Bitget.
Pi Coin listing: Open mainnet unlocks external trading and transfers — what it means for investors?
For trading Pi coin, investors need to complete their KYC and migrate the coins from closed to open mainnet in order to move them to external crypto exchanges. Further, they can select the exchange they want to trade on and where they see Pi coin listed and then transfer coins from the Pi website or app to their exchange wallet. Once transferred, investors can place a sell order and later withdraw them as well.
In terms of use cases, Pi coin can be used for payments between users without relying on traditional banking. Developers can develop apps that use Pi for transactions, gaming, decentralised finance, etc.
However, the coin has recorded a visible price drop. On its open mainnet launch on Thursday, Pi coin started trading on exchanges at $2.20 before declining by around 55 per cent to around $1. Before this Pi Coin IOUs were trading at inflated prices – up to $200 on crypto exchange BitMart – leading to investors’ having unrealistic expectations.
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This contrast between the speculative IOU prices and the actual price upon launch contributed to the sell-off. Moreover, early adopters and miners of Pi coins may have sold their holdings in large numbers leading to higher and drop in prices. Further, concerns related to the coin’s long-term prospects have turned investors cautious.
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