Pi Network founders Nicolas Kokkalis and Chengdiao Fan outlined their vision for the future as the mainnet launch marked its first anniversary, while the token remained more than 90% below its all-time high.
In a 28-minute video, the founders highlighted the key priority areas amid community backlash about its token performance. A major priority for the network is to create a good ecosystem backed by real-world utility. As part of this, they are testing a token-generation feature that will let developers launch tokens.
However, unlike other chains like Solana and Ethereum, Pi Network hopes that these tokens will have utility, including in goods and services trading. Also, the ecosystem tokens will be used in games and other ecosystem tools. They cited the fact that most meme coins had led to substantial losses to investors.
As part of the token generation, Pi Network is working on automated market maker (AMM) and decentralized exchange tools. These features will make it easier for users to trade ecosystem tokens within its ecosystem.
Pi Network will also continue launching additional developer tools to make it easier for developers to build apps. They have recently launched Pi AI Studio, enabling creators to leverage artificial intelligence tools in their building. The focus is now on launching more tools, including payment features.
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Meanwhile, Pi Network aims to continue focusing on KYC and migration, which helps pioneers to participate in the mainnet ecosystem. As part of this, the network will launch validator rewards in March this year.
Most importantly, they are working on leveraging the success of the KYC process to commercialize it. The goal is to offer KYC-as-a-service as more people connect to the internet and to Web3. It will offer the service to Web3 and traditional companies, a move that will see it compete with Worldcoin and Humanity Protocol.
Still, the developers did not address key issues that have affected the Pi Network price. They did not talk about its tokenomics, which has seen its supply grow by the day. Also, they did not mention the challenge of centralization, where the developers hold over 90 billion tokens.
Most notably, there was no mention of the lack of exchange listings by top companies like Binance, Coinbase, and Upbit. The lack of these listings has contributed to the Pi Coin price crash and the lack of demand.
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