TL;DR
- Pi Network extended the KYC deadline to January 31, 2025, with 14 million users verified (out of the requested 15 million target).
- Despite the delays and confusion regarding the launch of open mainnet, the project’s app surpassed 100 million downloads. Pi Network has built a particularly solid community base in Asia, with South Korea, China, Vietnam, Singapore, India, Japan, and more turning into strongholds.
Pi Network’s Developments This Year
The Pi Network community witnessed multiple updates in 2024 as the team seemingly prepares to launch its open mainnet. In September, the controversial cryptocurrency project, which claims to allow people to mine digital assets from their smartphones, celebrated 2,000 days since launch, but its native token and fully-operation blockchain have yet to go live.
While the developers behind Pi Network continue to promise significant developments on the horizon, some community members have begun to lose patience due to the constant delays.
Earlier this year, the team claimed the first milestone would be the launch of the open network, made possible once 15 million users pass the necessary Know-Your-Customer (KYC) verifications and migrate to the mainnet (known as the Grace Period).
In August, Pi Network announced that over 13 million people had completed authentications, while 6 million had successfully migrated. Earlier this month, the team said KYC verifications had reached 14 million.
Initially, users had until the end of September to abide by the rules, but the deadline was extended several times, eventually pushed to January 31, 2025. Unsurprisingly, this latest delay caused frustration among many community members, while others reported serious issues when trying to pass KYC procedures.
Pi Network offered assistance to those struggling, advising them to join a dedicated Telegram chat “where there will be mods to answer your questions.” The team cautioned that completing verifications is only part of the entire process. Users also need to set up and confirm their wallet, sign the token confirmation agreement, and perform other checklist steps.
“These steps can be completed before KYC, no need to wait. Please complete the migration within the grace period; otherwise, your Pi may be considered abandoned and unusable,” the team alerted.
Meanwhile, Pi Network users have been waiting for December, when the Pi Core Team was supposed to clarify the roadmap for the open mainnet that would allow the buying and selling of Pi tokens. However, it appears unlikely that the community will witness such an important disclosure before New Year’s Eve.
Pi Network’s Popularity on the Rise
Despite the lack of clear information about the launch of the native token and open mainnet, the frustrations within the community, and ongoing delays, Pi Network’s popularity continues to grow globally.
As reported several weeks ago, the application surpassed the major milestone of 100 million downloads. Pi Network is particularly popular in Asia, where it has created multi-million communities in countries like China, South Korea, Vietnam, Singapore, India, Japan, and more.
Recently, it was revealed that the number of local Pi Network users in South Korea reached 1.34 million, exceeding the domestic client base of well-known crypto exchanges like Binance and Coinbase. The only two domestic cryptocurrency-related entities with more users are Upbit (4.36 million) and Bithumb (2.24 million).
Users Should Stay Vigilant
The project’s massive popularity could be a contributing factor to the frequent attempts by scammers to exploit the community. To protect its users, the Pi Network team issued two warnings.
Firstly, they urged users to rely exclusively on information shared through official channels. The developers also provided a dedicated safety webpage showcasing all the sources and URL links for the community’s reference.
Secondly, the team cautioned people to utilize only their Pi Wallets within the designated Pi Browser. “Ensure you’re in the correct Pi Wallet, not any fake one, to safeguard your Pi. The authentic Pi Wallet is visually identified by a purple color in the navigation bar of the Pi Browser, featuring the Core Team apps logo,” the warning stated.
The post Pi Network (PI) News Recap: Here’s What Happened in 2024 appeared first on CryptoPotato.
