Pi Network has recently revealed key updates on the KYC and mainnet migration deadlines for the Grace Period. Notably, this update comes amid the soaring buzz over the project among the market participants. Besides, the recent developments of the token also fueled speculations over the Pi coin price’s potential rally to $5 ahead.
Pi Network Extends Deadline For KYC & Mainnet Migration
In a crucial update, Pi team announced an extension for its Grace Period deadline, allowing users additional time to complete their Know Your Customer (KYC) verification and migrate their balances to Mainnet. A recent blog post showed that the deadline has been pushed to March 14, 2025, at 8:00 AM UTC, coinciding with Pi Coin’s sixth anniversary.
According to the Pi Network, this extension is the last opportunity for users who have yet to verify their accounts. The decision aims to ensure inclusivity, enabling early Pioneers who have returned after Open Network’s launch to complete their migration.
Meanwhile, the team emphasized the importance of this deadline, stating that any Pioneers who fail to complete the KYC process risk forfeiting most of their mobile balances. They explained that previous extensions had provided ample time for verification, making this the final chance for unverified users to secure their holdings.
Why Pi Network Extended the Grace Period?
Pi Network’s latest decision aligns with its commitment to inclusivity and fairness. The team outlined several reasons for this extension, highlighting key network goals:
- Reengaging Early Pioneers: Many users who contributed to Pi’s initial success have recently returned. The extension gives them a chance to complete KYC and migration.
- Ensuring Maximum Participation: The network’s strength depends on verified users. Allowing more Pioneers to complete the process fosters a healthier ecosystem.
- Addressing Corner Cases: Some users faced unique challenges in completing their migration. The extension serves as a remedy for those who still need time.
- Strengthening the Network: Pi aims to maintain a decentralized, verified ecosystem. The deadline ensures the network transitions smoothly into its next phase.
Pi Network made it clear that while inclusivity remains a priority, this marks the final extension. Users must act promptly or risk forfeiting their balances.
What Happens If Pioneers Miss the Deadline?
Pi Network’s latest statement reinforces that failing to complete the KYC and Mainnet migration by March 14, 2025, will result in forfeiture. Unverified users will lose most of their mobile balance, except for Pi mined in the last six months before migration.
To avoid this, users must:
- Submit their KYC application via the Pi Network app.
- Complete the Mainnet Checklist under the app’s ‘Mainnet’ section.
- Remind their Referral Team and Security Circle members to complete the migration.
What’s Next For Pi Coin Price?
Market speculation around Pi’s price continues to intensify as the network nears its full transition. Some analysts believe that increasing adoption, combined with a fully verified network, could drive PI’s price higher in the coming days.
However, the crypto has witnessed volatile trading lately. Pi value today was down about 2% and exchanged hands at $2.22, after touching a 24-hour high of $2.36. However, unlike other cryptocurrencies that witnessed massive selloffs during the latest crash, PI was up around 170% over the last seven days.
Besides, with speculations gaining momentum over Pi’s listing on Binance, market watchers anticipate robust gains ahead for the crypto. Notably, a recent Pi Coin price analysis indicates that the crypto might hit $5 if the bullish momentum holds among traders.
The post Pi Network Extends Crucial Deadlines; PI Price To Hit $5? appeared first on CoinGape.
