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The Pi Network has announced an extension to the first deadline of its Grace Period for submitting KYC (Know Your Customer) applications. Initially set for September 30, 2024, this deadline has now been pushed back to November 30, 2024. This extension provides Pioneers with an additional two months to complete the KYC process, ensuring greater inclusivity within the community.
However, the second and final deadline for migrating to the Mainnet remains unchanged and is still set for December 31, 2024. Pioneers must complete the KYC step by the new deadline to retain their Pi balance and proceed with the migration.
Details of the Grace Period Deadline Extension
- New KYC Deadline: November 30, 2024.
- Final Migration Deadline: December 31, 2024. Pioneers must complete the Pi Network Mainnet Checklist to fully migrate their tokens.
Failing to meet either deadline will result in the loss of most mined Pi, with the exception of tokens mined in the six months leading up to the migration. Community members are encouraged to remind their Referral Teams and Security Circles to adhere to these deadlines. This extension aims to give more users the opportunity to complete their KYC and join the Mainnet before the network officially transitions to the Open Network stage.
What Are the Reasons for Grace Period Extension?
The extension of the KYC deadline is being implemented for several key reasons. Firstly, it allows Pioneers more time to complete their KYC applications, increasing the number of community members eligible for Mainnet migration. This step is vital for enabling a larger portion of the community to migrate their Pi balance and actively participate in the network.
Secondly, the extension fits within the original six-month Grace Period without altering the overall timeline, ensuring that Pioneers have ample opportunity to meet the deadlines while maintaining momentum toward the transition to the Open Network.
Additionally, this extension addresses certain inaccuracies observed in the KYC timer. Some Pioneers encountered timing errors that interrupted their KYC application process, leaving them with less time than expected. By extending the deadline, the Pi Network is rectifying these issues without needing to adjust the timer for each individual case.
Conclusion
With the KYC submission deadline now extended to November 30, 2024, the Pi Network is giving Pioneers more time to complete this crucial step. However, the final deadline for migrating to the Mainnet remains December 31, 2024. Pioneers are encouraged to utilize this additional time to avoid losing their mined Pi and to facilitate a smooth transition to the network’s next phase. The success of the Pi Network’s transition to Open Network in 2024 will heavily rely on community participation and the fulfillment of strategic objectives.
