The Pi Core Team has shared in a new announcement extending the Grace Period for both KYC (Know Your Customer) verification in addition to Mainnet migration significantly. The deadline, which was initially scheduled to expire on January 31, 2025, has been moved to February 28, 2025. The extension allows Pi Network members (also known as Pioneers) more time to complete key steps to secure their Pi and enter the Mainnet.
This adjustment aligns with the Pi Network’s dedication to fostering inclusivity and equity for its worldwide user base. The aim is to help as many Pioneers as possible complete their KYC verification and migration and not lose their Pi. It also goes with the overall plan to prepare for the Open Network launch in Quarter 1 of 2025.
The Grace Period extension affords additional time for KYC and migration but does not affect the proposed launch of the Open Network, which is set to go live in Q1 2025. Since the Grace Period is separate from the Open Network timeline, the two events will take place independently of one another.
The Pi Core Team warned that a user’s Pi balance will be forfeited if they fail to meet the new February 28 deadline. The only Pi that will NOT be converted will be earned during the six month period before migration. Overall, this extends the Grace Period by two months, the Grace Period was previously scheduled to end on December 31, 2024.
In the announcement, Pi Network urged all Pioneers to take swift action before they can complete their KYC and Mainnet migration steps. In the Pi mining app, users can open up the “Mainnet Checklist” and follow the instructions there to do so. An optional step is to make sure that they claim their space in the Pi Network ecosystem and transfer their Pi balance to Mainnet.
The extension allows more people to finish the process and contribute towards the growth of the Pi ecosystem to achieve inclusivity. This safeguards the network and acts as a net against potential fraudulent behavior by preventing unverified Pi from being able to migrate to the Mainnet, thereby denaturing the network integrity and decentralization.
Also Read: Will Millions of Pi Network Users Lose their Coins Today?
