For the umpteenth time, Pi Network has announced to its 60 million holders its decision to extend mainnet migration. Formerly slated for Jan 31, 2025, the KYC verification and Mainnet migration has been extended to February 28, 2025.
Here are the implications of the extension and what it means to Pi Coin Holders.
Why Extend the Grace Period?
As announced in a blog released on January 30, Pi Network’s decision hinged on inclusivity and fairness. The extension allows more pioneers to complete KYC verification and secure Pi. However, the announcement noted that the Open Network timing is not affected. The launch date is still in Q1 2025.
“It is possible for Open Network to launch before or after the Grace Period ends, and the Grace Period rules will remain the same regardless,” the team stated.
The announcement clarifies that any pioneers who fail to complete their KYC requirements and migration duties by February 28, 2025, will permanently forfeit their coin holdings.
Pioneers have seen popular tap-to-earn projects like Hamster Kombat and DOGS collapse. However, while the Pi Network team has assured its users that the Open Network launch will happen in Q1 2025, the constant postponement of the Pi Network Mainnet migration leaves less confidence that Pi Network won’t follow suit.
Given these constant delays, there are some concerns the proposed Q1 Mainnet Launch will not hold.
Will the Pi Coin Price Rise or Fall After Listing?
As most Tap-to-Earn tokens fall immediately after launch, Pi Coin will likely follow suit. It is likely many pioneers will sell their tokens after the mainnet launch. Those who hold might benefit in the long term, though.
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