Pi Network Explains KYC Delay and Mainnet Preparation

In a recent announcement, the Pi Core Team has revealed a significant extension to the Grace Period for both KYC (Know Your Customer) verification and Mainnet migration. Originally set to expire on January 31, 2025, the deadline has now been extended to February 28, 2025. This decision reflects the team’s commitment to ensuring that all Pi Network members, known as Pioneers, have ample time to complete the necessary steps to secure their Pi and transition to the Mainnet. The extension is a strategic move to foster inclusivity and equity within the Pi ecosystem, allowing more users to participate in the network’s growth and development.

The primary goal of this adjustment is to enable as many Pioneers as possible to complete their KYC verification and Mainnet migration without losing their Pi. By extending the Grace Period, Pi Network aims to accommodate users who may have faced delays or challenges in completing these critical steps. This initiative is also aligned with the broader plan to prepare for the launch of the Open Network, which remains on track for its scheduled debut in the first quarter of 2025. Importantly, the Grace Period extension does not impact the timeline for the Open Network launch, as the two events are designed to operate independently.

The Pi Core Team has emphasized that Pioneers who fail to complete their KYC verification and Mainnet migration by the new deadline of February 28, 2025, risk forfeiting their Pi balance. However, it’s worth noting that Pi earned during the six-month period preceding migration will not be eligible for conversion. This extension effectively adds two months to the Grace Period, which was previously set to conclude on December 31, 2024.

In its announcement, Pi Network urged all Pioneers to act swiftly to complete their KYC and Mainnet migration steps. Users can access the “Mainnet Checklist” within the Pi mining app, which provides detailed instructions to guide them through the process. Additionally, Pioneers are encouraged to claim their space within the Pi Network ecosystem and transfer their Pi balance to the Mainnet, although this step is optional.

The extension of the Grace Period serves multiple purposes. First, it allows more individuals to complete the verification and migration process, thereby contributing to the growth and inclusivity of the Pi ecosystem. Second, it strengthens the network’s integrity by preventing unverified Pi from migrating to the Mainnet, which helps safeguard against potential fraudulent activities. By ensuring that only verified Pi enters the Mainnet, Pi Network maintains its commitment to decentralization and network security.

Overall, this decision underscores Pi Network’s dedication to creating a fair and inclusive environment for its global user base. As the project moves closer to the Open Network launch, the extension provides a crucial window of opportunity for Pioneers to secure their place in the Pi ecosystem and participate in its future success. The Pi Core Team continues to emphasize the importance of timely action, encouraging all users to take advantage of the extended Grace Period and complete the necessary steps to ensure a smooth transition to the Mainnet.