TL;DR
- Pi Network has extended its Grace Period to January 31, 2025, achieving over 9 million mainnet migrations and 14 million KYC verifications.
- Despite delays, the project’s app has surpassed 100 million downloads, gaining significant traction in Asian countries like South Korea.
‘We’re Making Excellent Progress’
Even though there have been numerous advancements since its inception in 2019, the contentious cryptocurrency project Pi Network has yet to unveil its open mainnet and native token. Previously, the team had stated that their first significant milestone was the release of the Open Network.
The developers asserted that this functionality might be achievable when over 15 million users complete mandatory Know-Your-Customer (KYC) checks and transition to the mainnet, which is referred to as the “Grace Period”. Originally, users had until the end of September to comply with the regulations, but the deadline has been postponed multiple times. Most recently, Pi Network announced an extension of the Grace Period to January 31, 2025, in anticipation of launching their Open Network during the first quarter of that year.
In August 2024, as a project analyst, I affirmed that more than 13 million individuals had authenticated their identities within our system, with approximately 6 million having successfully transitioned to the next phase. Previously, we announced that Know Your Customer (KYC) verifications had surpassed 14 million.
Just now, Pi Network announced that over 9 million individuals have transitioned to their main network, expressing they are making significant strides towards an “Open Network.
As a dedicated crypto investor, I’d like to remind everyone that if you’re yet to experience Mainnet migration or complete KYC, don’t forget to check your personal Mainnet Checklist and KYC application for any pending actions. The team has provided these resources to ensure a smooth process for all of us.
Although some community members are praising the recent progress, others have been finding it challenging to verify and transition their accounts onto the project’s blockchain. A few months ago, Pi Network provided assistance for those encountering such difficulties by suggesting they join a dedicated Telegram group where moderators would be available to address questions.
Pi Network Becomes More Popular
Regardless of the uncertainties, the occasional frustration I’ve noticed from the community due to repeated setbacks, and the absence of precise details regarding the release timeline of our native token, the project’s global appeal continues to grow. It’s an exciting time as we navigate through this journey together.
Recently, the Pi Network app surpassed a significant milestone by being downloaded over 100 million times. This project, which allows users to mine cryptocurrency directly from their smartphones, has garnered considerable attention – especially in Asian regions such as South Korea, China, Vietnam, India, Singapore, and Japan, where it has found particularly strong support.
As reported by Wu Blockchain, the user base of Pi Network in South Korea has now exceeded 1.3 million, surpassing the local clientele of popular cryptocurrency exchanges such as Binance and Coinbase. Notably, only Upbit (4.36 million) and Bithumb (2.24 million) have a larger number of customers among South Korean cryptocurrency-related entities.
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2025-01-06 13:15