Pi Network founders announced updates on their mainnet launch, now set for Q1 2025, with over 18 million KYC’d Pioneers but only 8 million migrated to the mainnet.
The Pi Network Founders have provided significant updates in anticipation of the prospective mainnet launch of the Open Network in the first quarter (Q1) of 2025.
The Pi Network had planned for the mainnet to be operational by the conclusion of December 2024, as reported by CNF. Nevertheless, it was unable to accomplish this, and the team has identified three prerequisites that must be met prior to the launch.
8 million KYC’d Pioneers milestone achieved by Pi
The Pi Network recently announced that certain of these conditions have been satisfied in its most recent release. The 15 million goal has been surpassed by the network, which has now attained over 18 million KYC’d Pioneers for condition two.
The Know-Your-Customer (KYC) process is being further enhanced by the core team, according to Pi Network founders Chengdiao Fan and Nicolas Kokkalis. These encompass the most recent updates that addressed tentative cases, resubmissions, application ability, and problem fixes.
Although Pi has achieved its KYC objective, there is still a substantial disparity in the number of individuals who have transitioned to the mainnet. The mainnet has been migrated to by only approximately 8 million of the 18 million KYC Pioneers, according to the release.
Subsequently, the network has yet to satisfy its migration requirement of 10 million. The mainnet is expected to be launched in Q1 2025, as the team is unable to exclude the numerous Pioneers from the launch. Additionally, the team disclosed that the network’s long-term viability could be impacted by the significant deficit.
In order to rectify the migration deficit, the core team has implemented numerous enhancements to the mainnet migration capabilities. In the past week alone, certain solutions have facilitated the migration of more than 500,000 Pioneers.
Furthermore, the enhancement facilitates the migration of approximately 200,000 Pioneers to the mainnet within a single day. The team also disclosed its intention to implement a new feature that will enable Pioneers to migrate their transferable balance on a second and subsequent basis.
This feature will enable Pioneers who are already on the mainnet to transmit a greater portion of their balances and a greater percentage of the network to the mainnet.
The team anticipates surpassing the 10 million migration target by January or February at its current migration rate.
Details of Mainnet Launching Pi Network
The team stated that solutions for scaling KYC and mainnet migrations have been provided in relation to Open Network Condition 1, as detailed above. The Open Network launch should not be halted, despite the fact that additional enhancements are currently underway, they emphasized.
The team observed that the Open Network launch is not currently impeded by any external environmental factors for Condition 3.
The core team has extended both Grace Period deadlines to January 31, 2025, in response to the timeline change. This extension would enable an increased number of Pioneers to safeguard their Pi Coins.
In anticipation of the Open Network’s introduction, Pi developers have deployed more than 80 mainnet-ready applications. Additionally, they introduced the interface that enables the Pi browser to access mainnet Pi applications.
Some analysts, as indicated in a CNF update, predicted that Pi Coin could achieve the anticipated $100 target by referencing optimistic technical support levels.