Pi Network Major Update as Open Network Release Date: Details

TL;DR

Pi Network has extended its grace period until January 31, 2025, achieving more than 9 million mainnet migrations and 14 million KYC verifications. Despite the delays, the project’s application has surpassed 100 million downloads, gaining traction in Asian countries such as South Korea. “We are making excellent progress”

Despite countless developments since its birth in 2019, the controversial Pi Network cryptocurrency project has yet to introduce its open mainnet and native token. Several months ago, the team said its first major milestone included the launch of the Open Network.

The developers claimed that this could be possible once 15 million users pass the necessary Know Your Customer (KYC) checks and migrate to the main network (known as the grace period). Initially, people had until the end of September to comply with the rules, but the deadline was moved several times. More recently, Pi Network extended the grace period until January 31, 2025, preparing to launch Open Network in the first quarter of the year.

As of August 2024, the project’s developers maintained that more than 13 million people had completed authentication, while 6 million had successfully migrated. Last month, the team said KYC verifications had reached 14 million.

More recently, Pi Network revealed that more than 9 million people have successfully migrated to the main network, saying they are “making excellent progress towards the open network.”

“If you are still waiting for Mainnet migration or KYC, please remember to check your Mainnet checklist and KYC application to see if further actions are required,” 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, the Pi Network offered guidance to those experiencing these issues, advising them to join a dedicated Telegram chat “where mods will be there to answer your questions.”

The Pi network becomes more popular

Despite the uncertainty, community frustration due to constant delays and the lack of clear information about when the native token will see the light of day, the project continues to grow in popularity worldwide.

Not long ago, the Pi Network app passed the major milestone of 100 million downloads. The project (which it says allows 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 exceeded 1.3 million, surpassing the domestic customer base of well-known crypto exchanges such as Binance and Coinbase. In fact, the only two domestic cryptocurrency-related entities with the most customers are Upbit (4.36 million) and Bithumb (2.24 million).

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