Pi Network Founders have released important updates as it prepares for the Open Network potential mainnet launch in the first quarter (Q1) of 2025. As CNF reported, the Pi Network anticipated the mainnet to launch by the end of December 2024. However, it could not achieve this, and the team has highlighted three conditions to fulfill before the launch.
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Pi Hits 18 million KYC’d Pioneers Milestone
In its recent release, the Pi Network announced that some of these conditions have been met. The network has reached over 18 million KYC’d Pioneers for condition two, surpassing the 15 million goal.
Pi Network founders Chengdiao Fan and Nicolas Kokkalis said the core team continues to improve the Know-Your-Customer (KYC) process. These include the recent updates that addressed tentative cases, resubmissions, application ability, and bug fixes.
While Pi has met its KYC goal, there is still a huge gap in the number of those who have migrated to the mainnet. According to the release, only about 8 million of 18 million KYC Pioneers have migrated to the mainnet.
Thus, the network is yet to achieve its 10 million migration condition. The team anticipates launching the mainnet in Q1 2025 as it cannot leave the many Pioneers out of the launch. Moreover, the team disclosed that the huge shortfall could affect the long-term stability of the network.
The core team has made several improvements in the mainnet migration capabilities to address the migration shortfall. Some solutions have helped migrate over 500,000 Pioneers in the past week alone.
Additionally, the improvement enables about 200,000 Pioneers mainnet migration in a day. The team also revealed plans to introduce a new feature allowing Pioneers to have second and subsequent migrations of their transferable balance. This feature will allow Pioneers already on the mainnet to transfer more of their balances and more Pi of the network migrated on the mainnet.
With its current migration speed, the team expects to surpass the 10 million migration goal by January or February.
More Updates on the Pi Network Mainnet Launch
Regarding Open Network Condition 1, the team said solutions in scaling KYC and mainnet migrations have been provided, as discussed above. They added that more improvements are ongoing but emphasized that it should not stop the Open Network launch.
For Condition 3, the team noted that there are no current external environmental factors to delay the Open Network launch.
Following the timeline change, the core team has extended both Grace Period deadlines to January 31, 2025. This extension would allow more Pioneers to secure their Pi Coins.
Meanwhile, Pi developers have deployed over 80 mainnet-ready apps in preparation for the Open Network launch. Also, they released the interface that makes mainnet Pi apps accessible through the Pi browser.
As disclosed in a CNF update, some analysts predicted that Pi Coin could reach the anticipated $100 target, citing bullish technical support levels.
According to the update, over 200,000 pioneers are completing KYC verification daily. However, the developers have extended the grace period deadline once again, moving it from Dec. 31 to Jan. 31. This is the second deadline extension, following a previous adjustment from Nov. 31.
The KYC process is critical for Pi Network as it aims to eliminate bots and ensure that only genuine users who mined the coins are allocated their rightful share.
The developers stated that the Open Network launch is likely to happen in the first quarter of next year. This marks a significant update since the original timeline suggested the migration from the enclosed mainnet would occur this month. The delay may explain why the Pi Coin IoU token listed on HTX has crashed to $44, down from its October high of nearly $100.
The enclosed mainnet period allowed pioneers to continue mining while developers worked on building decentralized applications (dApps) for the ecosystem. During this phase, Pi coins could not be sold, but this restriction will lift after the mainnet launch.
Still, a Q1 mainnet launch is not guaranteed since the X post above mentions can instead of will. For one, while 15 million pioneers have completed their KYC process, only eight million of them have migrated to mainnet. And according to the developers, that figure has not reached the 10 million goal and they cannot leave this many pioneers from the launch.
The second likely hindrance towards a mainnet launch will be the performance of the crypto market. According to the developers, the mainnet launch will also happen when the external factors are supportive and when there are enough applications in the ecosystem. As such, chances are that the Pi coin will not be listed if the ongoing Bitcoin and altcoin sell-off accelerates.
The other Pi Network mainnet launch risk is that there are not enough applications in the ecosystem. The original goal was to have at least 100 mainnet-ready apps on launch, a figure that stands at 80 today. As such, they need to have another 20 apps for the mainnet to happen, which is unlikely to happen by March next year. Read more
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