Pi Network has extended its Grace Period to January 31, 2025, achieving over 9 million mainnet migrations and 14 million KYC verifications.
Pi Network Update
Despite the countless developments since its birth in 2019, the controversial cryptocurrency project Pi Network has yet to introduce its open mainnet and native token. Several months ago, the team said its first major milestone included the launch of Open Network.
Despite delays, the project’s app has surpassed 100 million downloads, gaining significant traction in Asian countries like South Korea.
The developers claimed this could become possible once 15 million users pass necessary Know-Your-Customer (KYC) verifications and migrate to the mainnet (known as the Grace Period). Initially, people had until the end of September to abide by the rules, but the deadline was moved several times. Most recently, Pi Network extended the Grace Period to January 31, 2025, preparing to launch Open Network in the year’s first quarter.
In August 2024, the project’s developers maintained that over 13 million people had completed authentications, while 6 million had successfully migrated. Last month, the team said KYC verifications had reached 14 million.
Most recently, Pi Network revealed that more than 9 million people have successfully migrated to the mainnet, saying they are “making excellent progress towards Open Network.”
While some community members applauded the latest development, others said they have been struggling to pass verifications and migrate to the project’s blockchain. Several months ago, Pi Network offered guidance to those experiencing such issues, advising them to join a dedicated Telegram chat “where there will be mods to answer your questions.”
Pi Network Becomes More Popular
Despite the uncertainty, the frustration from the community due to the constant delays, and the lack of clear information about when the native token will see the light of day, the project keeps increasing its popularity worldwide.
Not long ago, Pi Network’s application exceeded the major milestone of 100 million downloads.
The project(which claims to allow people to mine cryptocurrencies from their smartphones) has become particularly popular in Asian countries, with South Korea, China, Vietnam, India, Singapore, and Japan being some of the strongholds.
According to Wu Blockchain, the number of local Pi Network users in South Korea recently surpassed 1.3 million, which exceeds the domestic client base of well-known crypto exchanges like Binance and Coinbase. Actually, the only two domestic cryptocurrency-related entities with more customers are Upbit (4.36 million) and Bithumb (2.24 million).
Major Pi Network (PI) Update Concerning All Users: Details
Pi Network – the controversial cryptocurrency project that claims to enable people to mine digital assets directly from their smartphones – saw the light of day more than five years ago. Since then, it has undergone numerous developments, but its mainnet and native token have yet to go live.
This has caused frustration across the multi-million Pi Network community, with many members insisting on information regarding those milestones. Earlier this year, the project’s team said the first big target is the launch of the Open Network, which should be introduced once users pass necessary Know-Your-Customer (KYC) verifications and migrate to the mainnet (known as the Grace Period).
Initially, people had until late September to do so, but later, the period was extended to November 30. It was then moved to New Year’s Eve, with the team claiming this will provide users with “the ample opportunity to secure their Pi.”
Most recently, the developers behind the project announced another extension. “We’re extending both KYC and Mainnet Migration Grace Period deadlines to January 31, 2025, to help include more Pioneers and their Pi as we prepare for Open Network in Q1 2025,” the post on X reads.
Somewhat expectedly, many community members were rather annoyed by the latest delay. Some noted that the project has been extending the deadline almost every month, jokingly advising the team to run the Grace Period for a few more years.
“Extend it until 2028 instead of month by month. Nobody believes this will actually launch anytime soon. Maybe when the bull run is over,” one X user stated.
Earlier in December, Pi Network maintained that 18 million people have completed Know-Your-Customer (KYC) verifications, while 8 million have already migrated to the mainnet. The developers also said they could launch the Open Network as early as Q1 2025.
