Pi Network hackathon countdown! 21,000 applications launched, who can win the 160,000 PI prize?

Pi Network hackathon ends on October 15, resulting in 210+ applications launched and 21,000+ applications pending release. A prize pool of 160,000 PI Tokens will be distributed among 8 teams. This project, once questioned as a "ghost chain", is rapidly expanding its ecosystem.

Pi Network hackathon ignites ecological explosion: 21,000 applications ready to go

(Source: Pi News)

Although the Pi Network officially launched its mainnet earlier this year, it had been in development for more than five years prior, accumulating over 50 million registered users and a large fan base. However, in the months following the mainnet launch, apart from the free fall of the token price, the overall progress of the project seems to have stagnated, leading outsiders to question whether it will become a complete "ghost chain." But the launch of the Pi Network hackathon may be changing this pessimistic narrative.

According to Pi News, the number of applications that have gone live on the mainnet has soared to over 210. Although this figure is still insignificant compared to the thousands of applications on Ethereum or Solana, it represents a significant improvement for a new chain that has only been live for a few months. Even more exciting is that over 21,000 applications are currently in development and will soon go live on the mainnet. Pi News attributes this impressive growth directly to the ongoing Pi Network hackathon.

The Pi Network hackathon officially kicked off at the end of August and is scheduled to end on October 15. This approximately 6-week event aims to inspire developers to build innovative applications on the Pi Network mainnet, injecting vitality into the ecosystem. The project team has set up a prize pool of a total of 160,000 PI tokens, which, based on the current price, amounts to only about $32,000 (with the PI price around $0.20), but it remains an attractive incentive for early developers and small teams.

The prize distribution structure for the Pi Network hackathon is as follows: The first place will receive 75,000 PI (approximately $15,000), the second place 45,000 PI (approximately $9,000), and the third place 15,000 PI (approximately $3,000). Additionally, there are honorary nomination awards, with a maximum of 5 teams each receiving 5,000 PI (approximately $1,000). Although the absolute amount of the prize is not high, it has created an atmosphere of competition and innovation within the developer community.

The team behind the project released a mid-term review of the Pi Network hackathon in September, highlighting some of the most commonly used new applications launched during the event. These applications span multiple categories including payment, social, gaming, and tools, demonstrating that developers are exploring various potential use cases for the Pi Network. If these applications can attract real users and create actual value, the Pi Network may gradually shed its "ghost chain" label and establish a truly vibrant ecosystem.

Can the Pi Network hackathon save the price crash?

In stark contrast to the ecosystem advancements brought by the Pi Network hackathon, the price of the PI Token has been in free fall for several months. It has continuously set new lows, with the latest being a drop to $0.1721 during the market crash on Friday evening. This means that since reaching an all-time high of $2.99 at the end of February, its value has shrunk by more than 94%, with its market capitalization evaporating from nearly $20 billion to about $2.8 billion, resulting in a loss of over $18 billion.

This price performance stands in stark contrast to the ecological vitality demonstrated by the Pi Network hackathon. Why is it that the number of applications is rapidly increasing, yet the price continues to plummet? The core reasons remain supply pressure and a lack of genuine demand. Despite having 210 applications launched, how are the actual user numbers, transaction volumes, and activity levels for these applications? Has there been a creation of real demand for the PI Token? Based on the price trends, the answer may be negative.

The Pi Network hackathon has encouraged developers to participate, but there is still a long way to go to convert the number of applications into ecosystem value and Token demand. Most newly launched applications may be in early stages, with a limited user base and insufficient functionality. The 21,000 upcoming applications sound exciting, but quality is far more important than quantity. If most of these applications are low-quality replicas or lack innovation, their actual contribution to the ecosystem may be very limited.

As of the time of publication, the price of PI has rebounded from a low of $0.1721 to slightly above $0.20, showing some technical rebound momentum. However, according to ChatGPT and its latest forecasts, the future of PI seems rather bleak. A more realistic supporting factor is that the unlocking plan will be relaxed in the coming weeks, which should ease the direct selling pressure on the asset—at least in the short term. But in the long run, the hundreds of billions of unlocked Tokens still hang over the price like the sword of Damocles.

The Pi Network hackathon's ultimate ability to save the price of PI coin depends on whether it can truly change the fundamentals of the ecosystem. If these new applications can attract a large number of real users and create real demand for PI coin (rather than just holding or speculating), and if it can prove that Pi Network is not a ghost chain but a blockchain with actual value, then the price may gradually stabilize and rebound. However, if the applications are merely a quantitative accumulation, lacking substantial user activity and value creation, the Pi Network hackathon may just be a brief public relations show, unable to change the long-term trend of price decline.

For those who still hold PI coins or are considering investing, the Pi Network hackathon provides a window of observation. Keep a close eye on the developments after the event ends on October 15: How is the quality of the awarded applications? What is the user adoption like after these applications go live? Out of the 21,000 applications pending launch, how many will actually be released and gain usage? The answers to these questions will determine whether the Pi Network is truly on the path to revival or just a dying struggle in a momentary flicker.