Date: Thu, Oct 31, 2024, 05:31 PM GMT
As Pi Network progresses toward the open mainnet phase, the team has issued a key reminder for all users, known as Pioneers, to complete their Know Your Customer (KYC) application by the end of November. With over five years under its belt, Pi Network aims to allow people to mine cryptocurrency directly from their smartphones, making it more accessible to everyday users.
Today, Pi Network’s official X account reminded users, “One month left to secure your Pi — Complete the first Grace Period deadline by submitting your KYC application by November 30, 2024!”
What is the Grace Period?
The Grace Period is a six-month window, beginning on July 1, 2024, during which Pioneers must complete two main steps to secure their mined Pi and prepare for the open mainnet:
- Submit the initial KYC application by November 30, 2024 (initially, they urged users to complete verifications by September 30, later extending the deadline to November 30 ).
- Complete the Mainnet Checklist to migrate to the mainnet by December 31, 2024 (the end of the full six-month Grace Period).
These steps ensure that users keep their full Pi balance. Those who miss the KYC submission deadline or don’t finish all mainnet migration steps within six months will only retain the Pi mined within the last six months before their first migration.
How Does the Grace Period Timer Work?
Each Pioneer has an individual Grace Period timer, which counts down as they complete the steps. If system issues—such as eligibility checks, KYC delays, or mainnet migration blocks—halt progress, the timer pauses. However, it resumes once the user is able to take the next action.
For example, if a user has two months left on their timer and becomes eligible again, they will have the longer of either two months or one month to complete the KYC and migration steps.
Secure Your Pi
By completing these two actions on time, Pioneers can secure the Pi they’ve accumulated over the years. Those who miss either of these key deadlines will only keep the Pi they mined within the last six months before their first mainnet migration. This rolling six-month period allows latecomers to still retain recent Pi earnings.
If you’re a Pi user, be sure to act quickly to keep your mined balance as the deadline nears.
Disclaimer: This article is for informational purposes only and is not financial advice. Always conduct your own research before investing in cryptocurrencies.