Pi Network developers issue a crucial mainnet launch update

Pi Network developers have released an important update on the ongoing Know Your Customer progress and the timeline for the mainnet launch.

In an X post, the developers announced that more than 18 million pioneers have completed the KYC verification process and the number is growing rapidly.

According to the update, more than 200,000 pioneers complete KYC verification every day. However, the developers have extended the grace period deadline once again, moving it from December 31 to January 31. This is the second deadline extension, following the previous regulation on November 31.

The KYC process is critical for the Pi Network as it aims to eliminate bots and ensure that only real users who mine coins are allocated the share they are entitled to.

Developers have stated that the Open Network launch will likely take place in the first quarter of next year. This marks a significant update as the original timeline suggested that the transition from the closed mainnet would happen this month. The delay may explain why the Pi Coin IoU token listed on HTX has fallen to $44 from its October high of around $100.

Pioneers, we have reached over 18 million KYCs and over 8 million Mainnet-switched Pioneers! Thanks to recent major speed upgrades, KYC applications and Mainnet migrations are being processed faster than ever; So approximately 200,000 Pioneers passed through on the last day. This means On… pic.twitter.com/tHKdZPTcmv

— Pi Network (@PiCoreTeam) December 20, 2024

The launch of the Open Network is a major milestone for the Pi Network, a project that has been in existence since 2018 and has remained on a closed mainnet since December 2021.

The closed mainnet era allowed pioneers to continue mining while developers sought to create decentralized applications (dApps) for the ecosystem. At this stage, Pi coins could not be sold, but this restriction will be lifted after the launch of the mainnet.

However, a Q1 mainnet launch is not guaranteed as it may supersede will in post X above. First, while 15 million pioneers have completed the KYC process, only eight million of them have migrated to the mainnet. According to the developers, this figure has not yet reached the 10 million goal and they cannot abandon this many pioneers from launch.

The second possible obstacle to the mainnet launch will be the performance of the crypto market. According to the developers, the mainnet launch will take place if external factors are supportive and there are a sufficient number of applications in the ecosystem. Therefore, there is a possibility that the Pi coin will not be listed if the ongoing Bitcoin and altcoin sales accelerate.

The other main network launch risk of the Pi Network is that there are not enough applications in the ecosystem. The initial goal was to have at least 100 mainnet-ready applications at launch; Today this number is 80. So they need to have 20 more apps before mainnet can happen, and that’s unlikely to happen until March next year.