Important Pi Network Update as Open Network Launch Date Approaches: Details

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’

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.

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.”

“If you’re still waiting on either Mainnet migration or KYC, remember to check your Mainnet Checklist and KYC app to see if further actions are necessary,” the team added.

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).