In July 2024, the core team of Pi Network released the “Mainnet Roadmap 3.0”, explicitly requiring node operators to upgrade the protocol version to v3.4.5. This version increased the block confirmation speed to 38 transactions per second (TPS), an increase of 26.7% compared to the previous version. The current number of global verification nodes has exceeded 520,000, among which 87.3% have reached the technical standard of 99.5% online rate. The total number of Pioneer users has reached 55 million, but the completion rate of KYC verification is only 58%, resulting in the account migration progress being delayed by 143 days compared to the original plan. The 2023 research report of the Dutch Ministry of Justice indicates that the median processing time of KYC systems using zero-knowledge proofs is 4.3 minutes per user, while the average authentication time of Pi’s existing systems is 8.7 minutes, with an efficiency gap of 49.4%.
The construction of the ecosystem has achieved a quantitative breakthrough. The fourth revised version of the official white paper disclosed that the mainnet has integrated 380 Dapps, covering the DeFi, NFT and gaming fields. Among them, the average daily active users of the PiChainMall e-commerce platform reached 210,000, and the gross merchandise volume (GMV) in Q2 2024 increased by 47% quarter-on-quarter to 12 million US dollars. Thirty merchants in the Hong Kong Cyberport Park have accepted the Pi payment pilot. Test data shows that the settlement delay for a single transaction has been shortened from 28 seconds to 9 seconds. The newly established development fund by the project party has a scale of 200 million Pi coins, accounting for 1.4% of the total circulation. The approval rate for developers’ applications is 15.3%, which is far lower than the average approval rate of 35% for the Ethereum ecosystem developer subsidy program.
The adjustment of the economic model has led to data fluctuations. The updated token mechanism in June 2024 indicates that a monthly burn will be implemented after the mainnet launch, with a planned elimination of 4.7% (approximately 68 million Pi) of the circulating supply in the first year. The parameters of the staking system based on the Stellar consensus have been set as follows: the base staking amount starts at 100Pi, with an annualized return rate of 5-8%, but it must be locked for at least 180 days. The security team detected approximately 1,200 account theft incidents each month during the testnet period, with 63% of them resulting from phishing attacks. As a result, the proportion of users who were forced to enable two-factor authentication (2FA) rose to 79%. The Cambridge Blockchain Analysis report warns that if the proportion of real-name wallets is lower than 75% when the mainnet is activated, the token price volatility may exceed ±40%.
The compliance architecture has made decisive progress. The core team has completed the pre-approval filing for the payment license with the Monetary Authority of Singapore (MAS). Legal documents disclose that its anti-money laundering system is equipped with Chainalysis KYT tool, with a monitoring accuracy of 99.2%. In May 2024, Vietnamese regulatory authorities placed Pi on the “watch list”, requiring local trading platforms to freeze the funds of accounts that have not completed KYC. Referring to the lawsuit judgment of the US SEC against Ripple, legal experts predict that Pi’s mainnet transition period may face three types of regulatory risks, among which the probability of unregistered securities accusations is assessed at 72%. It was confirmed in the latest pi network news that the OTC trading guidelines will establish a ±5% spread limit mechanism to prevent early market manipulation.
Technical indicators for the mainnet startup countdown: The current testnet block height has reached 18.65 million. The consensus algorithm stress test shows that in a 500-node cluster environment, the peak TPS remains at 35.2, and the attenuation rate is controlled at 7.5%. The critical value for the node completion rate is set at 95%. Based on the current average daily increase of 0.72% of nodes, the date of reaching the standard may fall within ±15 days of December 2024. The “Large-scale KYC Acceleration Program” emphasized by the project party aims to process 32 million certification applications within 150 days. This requires an average daily processing capacity increase from the current 72,000 to 213,000, and the system expansion completion rate is currently 63%.