The price of Pi Network's IOU token has maintained a consistent range, trading around $38.80 on Tuesday, reflecting a stagnant period since May. This stability contrasts with the recent volatility seen in other altcoins, such as Bitcoin's rise to $62,000 and significant gains in smaller tokens like Farcana, Popcat, tooker kurlson, and Ben the Dog, which surged by over 40% in the past 24 hours.

Pi Network continues to prepare for its much-anticipated mainnet launch amidst ongoing frustrations from its early adopters about delays. Developers have outlined three key priorities as they advance towards the mainnet rollout. Firstly, they have focused extensively on KYC (Know Your Customer) verification for Pi Coin holders, recently announcing the successful verification and transition of over 5 million users to the enclosed mainnet.

Secondly, developers are actively fostering utility for the Pi token through regular hackathons, where developers pitch projects aimed at enhancing the network's ecosystem.

Lastly, the team is cautiously optimistic about launching when market conditions are favorable, aiming to maximize the impact of their mainnet debut.

In a recent update, Pi Network highlighted significant progress in node deployment, boasting 20,000 computer nodes equipped with over 1 million CPUs. This infrastructure positions Pi as one of the most decentralized networks within the crypto industry, crucial for maintaining network integrity and security.

As part of the mainnet transition, Pi Network plans to facilitate seamless switching between testnet and mainnet blockchains, aided by a newly introduced clean Testnet blockchain for rigorous testing.

Despite these advancements, the Pi Network IOU, launched in 2022 amid delays in the mainnet launch, has struggled to gain traction. Initially embraced by the community but later disavowed by Pi Network's official team, the IOU token has limited visibility, trading primarily on lower-tier exchanges with low trading volumes.

Earlier this year, the token briefly surged to $121 amidst a broader market rally but subsequently plummeted below $40, where it has remained stagnant. On Tuesday, while other altcoins rebounded, the Pi Coin IOU did not see similar price movements, underscoring uncertainties surrounding its future trading dynamics, especially pending listings on major exchanges like Binance and OKX.