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

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The popular yet controversial project has come under a lot of criticism as of late, especially when it comes to the performance of its native token. However, here’s some good news in terms of overall development and usage, according to one of the big X channels dedicated to covering events related to Pi Network.

Pi Network’s Ecosystem Grows

Although it saw the light of day officially at the beginning of this year, the project had been in development for over half a decade before that. As such, it had accumulated a large user and fan base prior to its launch, which helped it gain traction at first. However, its progress stalled in the following months, but it could be on the rise once again now.

Pi News reported that the number of live applications has skyrocketed to over 210, with more than 21,000 preparing for launch on the Mainnet soon. It attributed this impressive growth to the ongoing Pi Network Hackathon, which began in late August and is scheduled to be completed on October 15.

The team behind the project posted a halfway point review in September, which highlighted some of the most utilized new apps that were released during the Hackathon.

The event, which aims to incentivize users to develop more apps on the Pi Network Mainnet, has a prize pool of 160,000 PI tokens to be distributed to up to eight teams in the following manner:

  • 1st Place – 75,000 Pi

  • 2nd Place – 45,000 Pi

  • 3rd Place – 15,000 Pi

  • Honorable Mentions (up to 5 teams) – 5,000 Pi each

PI Price Update

In contrast to the Pi Network usage, the project’s native token has been in a free-fall state for months. It continues to dig new lows, and the latest came during the Friday-night meltdown when it plunged to $0.1721 (CoinGecko data). This meant that it had lost over 94% of its value since the ATH marked in late February of $2.99.

Although it has bounced to just over $0.20 at press time, the future for PI seems rather grim, at least according to ChatGPT and its latest projection on the matter. Nevertheless, the unlock schedule will ease in the following weeks, which should reduce the immediate selling pressure on the asset.

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