Pi Network (PI) News Recap October 2024 (KYC, Mainnet Migration, Partnerships)

TL;DR

• Pi Network has postponed its KYC deadline to November 30 and mainnet migration to December 31, prompting mixed reactions from the community.
• The team is selecting partnerships with crypto service providers and other companies to prepare for its Open Network launch.

Seeking for Partnerships

Pi Network – a cryptocurrency project whose goal is to allow users to mine and earn digital assets directly from their smartphones – has been around for over five years. However, it keeps raising some eyebrows across the community since there is no clear indication when the native token and open mainnet will see the light of day.

Earlier this year, the team advised users to pass necessary Know-Your-Customer (KYC) verification procedures by September 30, a deadline known as the “Grace Period.” Later, it extended the period to November 30, 2024. The final deadline for users to migrate to mainnet was moved to December 31 this year.

Most recently, Pi Network assured it has been selecting partnerships with crypto service providers and other companies ahead of the Open Network launch. 

“This is a unique, early opportunity for businesses to connect with over 60 million engaged Pioneers and become part of Pi’s rapidly expanding Web3 ecosystem,” the team stated.

As usual, the latest announcement caused mixed feelings from X users commenting below .... Some described it as “a massive opportunity for small-time builders on the networks and one of the best Pi news of the year.”

Others, though, insisted that the cryptocurrency project is a scam, doubting that the launch of an open mainnet and native token will go live anytime soon.

Waiting for December

Another important development surrounding Pi Network occurred at the end of August when PiBridge (a decentralized financial platform that acts as a bridge between the project and other blockchain networks) hosted a talk show. While the highly anticipated launch of the mainnet was supposed to be part of the discussion, the working group did not share any further details.

Shortly after, though, the Pi Core Team said the mainnet open roadmap, which should allow the official buying and selling of Pi tokens, will be disclosed in December 2024.

Once again, the community was divided on the move, with some seeing it as another delay tactic.