Pi Connect allows Pi Network users to make interoperable trades with other blockchain networks
The Pi Network has been surpassing several milestones and this may further drive the craze around the Pi coin. In September 2022, the Pi Network announced the new Pi Connect. They intend to address current Pi Network crypto limitations, such as mining incentives and liquidity availability. Furthermore, the program intends to offer users information on Pi's price and conversion rate for other popular cryptocurrencies like Binance Smart Chain (BSC), Ethereum (ETH), Polygon (MATIC), and others quickly, affordably, and securely. In addition to bridging with Blockchain, Pi Connect aims to provide farming and staking, a launchpad platform made for lending, auctioning, and a marketplace.
Among other things, the Pi Network announced Pi Bridge. Pi Bridge seeks to provide a bridge between the Pi network and other blockchains, beginning with the Binance Smart Chain (BSC). Pi Bridge, according to the development team, is a trustless gateway that removes the gap between the Pi network and other blockchains, making Pi available and reachable to the public and providing Pi users with a new permissionless and transparent financial instrument. Pi Bridge will enable data to move across networks and Pi holders to transit between them freely. This is also a pre-opened opportunity for Pi holders to capitalize on the asset's worth.
The Pi Network also lacks a price history, making it impossible to analyze how its price reacts to crypto market fluctuations. Furthermore, doing a fully-fledged fundamental analysis is also impossible. To forecast the price of the Pi coin, it's crucial to consider the cryptocurrency's existing and prospective use cases, the number of individuals who currently own Pi coins, the team of engineers behind it, the Pi Network's future potential, and so on. In the case of Pi, there's no way of knowing all these facts.
If the Pi Network somehow is listed on any cryptocurrency exchanges, the Pi coin's price will grow beyond its value of $0. When such much-anticipated projects are initially listed on cryptocurrency exchanges, their prices often surge over the first few weeks. When individuals hurry to acquire the new prospective 'big thing', the market cap rises due to the tremendous demand. As a result, the price of the Pi network may rise. However, the price does not usually stay high for an extended period. It usually lowers a few days after the first hype fades because people begin selling their coins to earn quick profits. Will the Pi network suffer the same fate? Time will tell.
While it is too early to declare Pi Network a scam, investors are recommended to exercise caution when dealing with similar sorts of cryptocurrency ventures, not only Pi Network.