Pi Network (PI) News Recap October 2st

Pi Network has extended its KYC deadline to November 30 and pushed back the mainnet migration to December 31, eliciting a range of responses from the community. The team is actively pursuing partnerships with cryptocurrency service providers and other businesses in preparation for the launch of its Open Network.

Seeking for Partnerships

Pi Network, a cryptocurrency initiative aimed at enabling users to mine and earn digital assets directly from their smartphones, has been active for over five years. However, it continues to raise questions within the community due to uncertainty around the launch of its native token and open mainnet.

Earlier this year, the team encouraged users to complete the necessary Know-Your-Customer (KYC) verification by September 30, referred to as the “Grace Period.” This deadline was later extended to November 30, 2024, with the final migration to the mainnet now set for December 31 of this year.

Recently, Pi Network announced that it has been forming partnerships with cryptocurrency service providers and other businesses in preparation for the launch of its Open Network.

“This presents a unique early opportunity for businesses to engage with over 60 million active Pioneers and join Pi’s rapidly growing Web3 ecosystem,” the team stated.

As expected, this announcement elicited mixed reactions from users on X. Some hailed it as “a tremendous opportunity for small-scale builders on the network and one of the best Pi updates of the year.” Conversely, others expressed skepticism, labeling the project a scam and doubting that the open mainnet and native token will be launched anytime soon.

Waiting for December

Another significant update for Pi Network took place at the end of August when PiBridge, a decentralized financial platform connecting the project with other blockchain networks, hosted a talk show. Although the launch of the mainnet was expected to be a key topic, the working group did not provide any additional information.

Shortly thereafter, the Pi Core Team announced that the open roadmap for the mainnet, which will enable the official buying and selling of Pi tokens, is set to be revealed in December 2024.

This announcement once again divided the community, with some viewing it as just another delay tactic.