Pi Network has been around for years, but it remains one of the most controversial projects in the cryptocurrency industry.
Pi Network, a mobile-first cryptocurrency project, has announced several updates, including extensions to KYC and mainnet migration deadlines.
The Pi Working Group recently announced that over 13 million users have completed KYC procedures, while more than six million have migrated to the mainnet. The group initially set September 30, 2024, as the final deadline for users to complete KYC and migrate.
“Make sure you don’t miss your deadlines to submit KYC or migrate your Pi. Ask your Security Circle and Referral Team to take actions before the Grace Period ends,” the announcement stated.
PiBridge, a decentralized finance platform that connects the Pi Network to other blockchains, also announced the launch of an NFT Pool within its application. The PiBridge team encouraged miners to deposit their NFTs for staking on the app before September 30, 2024.
However, Pi Network later announced changes to these deadlines. As reported by CryptoPotato, the final deadline for KYC verification (the “Grace Period”) was extended to November 30, 2024, and the last day for users to migrate to the mainnet was pushed back to New Year’s Eve.
These adjustments sparked mixed reactions within the community. Some users expressed dissatisfaction, viewing the delay as a potential indication that the project is a scam. Others remained hopeful about the eventual launch of the open mainnet.
In late August, PiBridge hosted a special podcast discussing the mainnet launch. The speakers included Victor Nguyen (CEO of PiBridge), Woody Lightyear (Founder of Pi Revolution), Wesley Rocha (Marketing Manager of Teltlk International), and Vindicated Chidi (a prominent figure in the Pi Network community).
Following the discussion, the Pi Core Team announced that the mainnet open roadmap, which should enable the buying and selling of Pi tokens, will be announced in December 2024.
While many users welcomed the announcement and expressed anticipation for the upcoming disclosure, some remained skeptical, suggesting that this is another delay tactic that will not be followed by concrete action.
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