Pi Network developers have issued an important update on the ongoing Know Your Customer progress and the timeline for the mainnet launch.
n an X post, the developers announced that over 18 million pioneers had completed the KYC verification process, with the number growing rapidly.
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 Open Network launch is a key milestone for Pi Network, a project that has been in existence since 2018 and has remained in an enclosed mainnet since December 2021.
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.
