Pi Network Announces Major Token Distribution: Key Details for Pioneers

Pi Network Completes Second Testnet Token Distribution

Pi Network’s development team announced today the successful distribution of its second testnet token, dubbed Slice, via the Pi Launchpad. The announcement also detailed how users, referred to as Pioneers, can engage with and explore the token’s functionalities.

The initiative involving testnet tokens commenced on PiDay, March 14, with nearly 480,000 users participating in the Launchpad testing. According to the team, this engagement yielded “valuable feedback on the Launchpad mechanism,” which has since been integrated to streamline the participation process, update mechanics, and enhance the overall user experience.

Building on this initial progress, Pi Network introduced a second testnet token, Slice, in June. Testing for Slice began on June 12 and concluded on June 28, coinciding with Pi2Day. While nearly a month has passed since the testing period, the team remained silent on Slice-related developments until this morning.

In a recent post on X, the team confirmed the successful distribution of the testnet token and encouraged users to explore the “post-launch experience and see how liquidity pools work through the new price tracking feature.” The Launchpad application within the Pi Browser now provides users with individual allocation details, launch and effective token prices, access to the SLICE liquidity pool, and a chart illustrating price fluctuations against test-Pi, another testnet token.

The project’s official native token, PI, has experienced significant volatility recently, predominantly trending downwards. It reached a new all-time low of $0.07 a few weeks ago after failing to maintain the $0.10 support level. Following several unsuccessful attempts to break through this resistance, the token saw a 20% daily surge last Sunday, challenging the $0.10 mark from below. However, the resistance proved too strong, halting the upward momentum. A further significant decline occurred yesterday, with PI plummeting over 10% to $0.082, following indicators that suggested an impending rejection.

Concurrently, some users have reported unusual activity within their Pi Wallets, including discrepancies in token balances and numerous failed transactions to unidentified addresses.