Pi Network News: Grace Period Extended To November 30, 2024
Pi Network News: Grace Period Deadline Extends To November 30, 2024
The Pi Network has announced an extension to the first deadline of its Grace Period, which involves submitting KYC (Know Your Customer) applications. Originally set for September 30, 2024, the first deadline has now been extended to November 30, 2024.
This gives Pioneers an additional two months to complete the KYC process. However, the second and final deadline for completing the migration to the Mainnet remains unchanged and is still scheduled for December 31, 2024.
The extension is aimed at promoting inclusivity while maintaining the overall goals of transitioning Pi Network to the Open Network stage.
Grace Period Deadline Extension Details
The new deadline for submitting KYC applications is now November 30, 2024. Pioneers must complete this step in order to continue with the migration process and retain their Pi balance.
The second deadline of December 31, 2024, remains unchanged and requires Pioneers to finalize Pi Network Mainnet Checklist and fully migrate their Pi. Missing either of these deadlines will result in the forfeiture of most of a Pioneer’s mined Pi, except for Pi mined within the last six months before the migration.
It’s essential that members remind their Referral Team and Security Circle to meet these deadlines as well. This extension aims to ensure that more members of the Pi Network community have the opportunity to complete their KYC process and join the Mainnet before the network officially opens.
Source: X
What Are the Reasons for Grace Period Extension?
The extension is being offered for several important reasons. First, it provides additional time for Pioneers to complete their KYC applications, enabling more members to become eligible for Mainnet migration. This is a crucial step in ensuring a larger portion of the community can migrate their Pi balance and fully participate in the network.
Secondly, this extension fits within the original 6-month Grace Period without altering the overall timeline. The goal is to provide adequate time for Pioneers to meet the deadlines while keeping the momentum toward the Open Network transition intact.
Additionally, the extension serves as a remedy for certain inaccuracies observed in the KYC timer. Some Pioneers experienced timing errors that paused their KYC application process, giving them less time than anticipated. By extending the deadline, Pi Network is addressing these issues without having to refine the timer for each individual case.
Conclusion
With the new KYC submission deadline extended to November 30, 2024, Pi Network is providing more time for Pioneers to complete this critical step. However, the final deadline for completing the migration to Mainnet remains December 31, 2024. Pioneers are urged to take advantage of this extra time to avoid losing their mined Pi and ensure a smooth transition to the network’s next phase. The Pi Network’s transition to Open Network in 2024 depends heavily on community efforts and meeting strategic objectives.
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