Pi Network, a cryptocurrency project, has been preparing for its mainnet launch, but the process is taking longer than expected. The project's IoU (IOU stands for "I Owe You") price has been stuck at around $38.80 since May, despite the recent surge in other altcoins. The delay in the mainnet launch has led to frustration among pioneers, who are eagerly waiting for the project to take off.

The Pi Network team has been working on three key priorities to ensure a successful mainnet launch. First, they are focusing on Know Your Customer (KYC) verification for Pi Coin holders. So far, they have verified and moved over 5 million coins to the enclosed mainnet. Second, they are working on increasing the utility of the token by supporting more applications through regular hackathons. Finally, they are waiting for favorable market conditions to launch the mainnet.

The Pi Network has also been building its nodes, with over 20,000 computer nodes waiting to transition to the mainnet. These nodes have over 1 million CPUs, making Pi one of the most decentralized networks in the crypto industry. The team has also introduced a new clean Testnet blockchain to ensure that the final product is ready for the mainnet.

Despite the delay, the Pi Network team is committed to launching the mainnet soon. The IoU price may remain stuck until then, but the team is working hard to ensure that the launch is successful. The mainnet launch is expected to bring more utility to the token and increase its value.

In conclusion, the Pi Network's mainnet launch has been delayed, but the team is working hard to ensure its success. The IoU price may be stuck for now, but the project has a lot of potential and is expected to take off once the mainnet is launched. With its decentralized network and increasing utility, Pi Network is one to watch in the crypto space.