Important Pi Network (PI) Update: Users Are Losing Patience

TL;DR

• Pi Network has once again extended the Grace Period, sparking concerns over the lack of progress.
• While doubts persist, the project continues to attract new users, with strong adoption in countries like South Korea and India.

Nothing Surprising

The team behind Pi Network extended the deadline for Know-Your-Customer (KYC) verifications and migration to the mainnet to February 28, 2025. The move aims to provide users with “additional time and opportunity to secure their Pi.”

The previous deadline for completing the aforementioned procedures (known as the Grace Period) was moved several times and was eventually set for today (January 31). 

In addition to the constant delays, Pi Network has yet to launch its native token and open mainnet (despite being around for almost six years), which has triggered frustration across the community, and some members have even described the project as a scam.

Meanwhile, the developers explained that the latest extension operates independently of the Open Network launch timeline.

“It is possible that Open Network could occur before or after the Grace Period ends and upholds the Grace Period’s core objectives of fairness and accessibility. Submit your KYC application and complete your Mainnet Checklist by February 28, 2025, to avoid any forfeiture,” the announcement reads.

Pi Network has previously indicated that the Open Network will see the light of day in Q1 2025. Somewhat expectedly, though, many people have their doubts that this will be the case, expecting further delays instead of actual progress.

The Popularity is on the Rise

Contrary to the surrounding uncertainty, Pi Network continues to attract new members to its ecosystem. Pi News recently posted photos from a Megha Event in India, during which local supporters gathered to discuss the project. 

Pi Network has become well-known in many countries across the globe, establishing a stronghold in Asia. Nations where it has gained widespread popularity include South Korea, Vietnam, Singapore, Japan, China, and others.

Last year, Wu Blockchain revealed that the number of Pi Network users in South Korea crossed 1.3 million, which exceeds the local client base of leading crypto exchanges like Binance and Coinbase. In fact, the only two domestic cryptocurrency-related entities with more users are Upbit (4.36 million) and Bithumb (2.24 million).