Pi Network developers release an important update to launch the mainnet

Pi Network developers have released an important update on the ongoing progress of KYC and the mainnet launch timeline.

In an X post, the developers announced that more than 18 million pioneers have completed the KYC verification process, with the number growing rapidly.

As per the update, more than 200,000 pioneers are completing the KYC verification process daily. However, the developers have extended the grace period deadline once again, moving it from December 31st to January 31st. This is the second extension of the deadline, after the previous amendment from November 31.

The KYC process is crucial to Pi Network because it aims to eliminate bots and ensure that only real users who have mined coins receive their legitimate share.

The developers stated that the open network is likely to launch in the first quarter of next year. This represents a significant update since the original timeline indicated that the migration from the closed mainnet would occur this month. The delay may explain why the Pi Coin IoU token listed on HTX collapsed to $44, down from its October high of nearly $100.

The launch of the open network is a major milestone for the Pi Network, a project that has been around since 2018 and has remained on a closed mainnet since December 2021.

The closed mainnet period allowed miners to continue mining while developers worked to build decentralized applications (dApps) for the ecosystem. During this phase, Pi coins cannot be sold, but this restriction will be lifted after the mainnet launch.

However, a mainnet launch in Q1 is not guaranteed given what X’s post mentioned above He can instead of will. First, while 15 million pioneers have completed the Know Your Customer (KYC) process, only eight million of them have migrated to the mainnet. And according For developersthis number did not reach the goal of 10 million and they cannot leave this many pioneers from launch.

The second potential obstacle to mainnet launch is the performance of the cryptocurrency market. According to the developers, the mainnet will also be launched when external factors are supportive and when there are enough applications in the ecosystem. As such, Pi will likely not be listed if it continues Bitcoin and alternative currencies Sales accelerate.

Another major network launch risk for the Pi Network is that there are not enough applications in the ecosystem. The original goal was to release at least 100 mainnet-ready apps, a number that stands at 80 today. As such, they need another 20 applications until the mainnet is established, something that is unlikely to happen by March next year.