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Pi Network Update: Promising News for Users Ahead of Hackathon Deadline

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The well-liked but controversial mission has come underneath lots of criticism as of late, particularly relating to the efficiency of its native token. However, right here’s some excellent news in phrases of total growth and utilization, in keeping with one of the massive X channels devoted to overlaying occasions associated to Pi Network.

Pi Network’s Ecosystem Grows

Although it noticed the sunshine of day formally originally of this 12 months, the mission had been in growth for over half a decade earlier than that. As such, it had accrued a big person and fan base previous to its launch, which helped it acquire traction at first. However, its progress stalled within the following months, however it may very well be on the rise as soon as once more now.

Pi News reported that the quantity of reside purposes has skyrocketed to over 210, with greater than 21,000 making ready for launch on the Mainnet quickly. It attributed this spectacular development to the continuing Pi Network Hackathon, which began in late August and is scheduled to be accomplished on October 15.

The group behind the mission posted a midway level overview in September, which highlighted some of probably the most utilized new apps that have been launched in the course of the Hackathon.

The occasion, which goals to incentivize customers to develop extra apps on the Pi Network Mainnet, has a prize pool of 160,000 PI tokens to be distributed to as much as eight groups within the following method:

  • 1st Place – 75,000 Pi

  • 2nd Place – 45,000 Pi

  • third Place – 15,000 Pi

  • Honorable Mentions (as much as 5 groups) – 5,000 Pi every

PI Price Update

In distinction to the Pi Network utilization, the mission’s native token has been in a free-fall state for months. It continues to dig new lows, and the most recent got here in the course of the Friday-night meltdown when it plunged to $0.1721 (CoinGecko knowledge). This meant that it had misplaced over 94% of its worth because the ATH marked in late February of $2.99.

Although it has bounced to only over $0.20 at press time, the long run for PI appears moderately grim, not less than in keeping with ChatGPT and its newest projection on the matter. Nevertheless, the unlock schedule will ease within the following weeks, which ought to scale back the rapid promoting strain on the asset.

The publish Pi Network Update: Promising News for Users Ahead of Hackathon Deadline appeared first on CryptoPotato.

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