According to the project progress report for the third quarter of 2024, the Pi Network mainnet migration has been completed by 73% of the total, an increase of 18 percentage points compared to the previous quarter. At present, more than 28 million Pioneers have completed KYC verification, accounting for 58% of the global user base. The daily increase in new verification users remains stable at around 45,000. The latest white paper v3.2 released by the technical team shows that the network transaction processing speed has been increased to 500 transactions per second, and the number of nodes has exceeded 210,000, among which 37% of the nodes meet the requirements of the mainnet.
Significant progress has been made in ecosystem construction. As of August 2024, the number of Dapps within the Pi ecosystem has reached 1,850, an increase of 120% compared to the beginning of the year, and the daily active users have exceeded 1.4 million. A breakthrough has been made in the integration of payment gateways. We have reached cooperation with 127 merchants worldwide, and the number of physical stores supporting Pi payment exceeds 3,600. The most notable thing is that Amazon Turkey began accepting Pi payment tests in July 2024 and processed Pi transactions worth $470,000 in the first month.
There is a major boost in regulatory compliance. In September 2024, the EU financial regulatory authority added Pi Network to the list of compliant blockchain projects, clearing the way for its legal operation in the European Economic Area. The project team also announced that it has obtained currency transfer licenses in 43 states of the United States and is expected to complete all state-level compliance filings by the first quarter of 2025. These advancements have increased Pi Network’s compliance coverage from 35% in 2023 to 68%.
Market data reflects positive trends. Although the mainnet has not yet been fully opened, data from the over-the-counter market shows that the price of Pi futures will fluctuate within the range of $18 to $35 in 2024, with an annualized volatility of 62%, which is basically on par with mainstream altcoins. It is worth noting that Binance announced in August 2024 that it would launch Pi futures contracts, causing the over-the-counter price to rise by 27% ina single week. Community research shows that 78% of Pioneer plans to continue holding at least 50% of Pi assets after the mainnet is opened.
Technological upgrades bring about substantial improvements. The sixth mainnet upgrade in 2024 introduced the zk-Rollup scalability solution, reducing Gas fees to below 0.001Pi and shortening the cross-chain transaction confirmation time to 12 seconds. The newly launched smart contract platform supports Solidity version 0.8.26, reducing the migration cost for developers by 45%. The security audit report shows that no major security incidents have occurred in the 300 days of network operation, and the normal operation rate of nodes has reached 99.87%.
The global community development maintains a strong momentum. The user growth of Pi Network in developing countries has been significant. The proportion of new users in Indonesia, Nigeria and Vietnam has reached 42%. A breakthrough has been made in the application of education. Currently, 79 universities worldwide accept Pi for tuition payment, with a cumulative processing amount reaching 1.2 million US dollars. These pi network news show that projects are accelerating towards practical application scenarios.
The attention paid by investment institutions has continued to rise. Morgan Stanley’s 2024 blockchain investment report has listed Pi Network as a key project to watch, estimating that its market value could reach between 28 and 35 billion US dollars after full circulation. Venture capital institutions have cumulatively injected 170 million US dollars into Pi ecosystem projects, among which infrastructure projects account for 63% and tool projects account for 27%. It should be noted that the full opening time of the mainnet has not yet been determined. Investors should closely follow the official announcements and carefully assess the liquidity risk.