Pi Network Unblocks Millions for Mainnet Migration With Major KYC and Security Upgrades

The Core Team behind Pi Network has launched new updates, the third for the reason that begin of the 12 months, that they declare will unlock 2.5 million customers from finishing the Mainnet migration.

In phrases of worth actions for the native token, although, the query now’s whether or not these new developments assist it recuperate from its consecutive all-time lows.

Millions Unblocked

The challenge has been criticized for years for its reasonably sophisticated and controversial strategy to compliance and know-your-customer (KYC) procedures. At the tip of the earlier week, although, the crew released a technical replace that ought to enable thousands and thousands of customers (known as Pioneers) to finish the Mainnet migration.

They claimed the roughly 2.5 million customers who have been beforehand unable emigrate as a result of extra safety and compliance checks can be unblocked now, significantly in sure areas. Eligible customers who’re actively mining and have accomplished the Mainnet Checklist will see their transferable balances robotically migrated.

The submit additional explains that migration and KYC unblocking happen in batches as a result of completely different teams of Pioneers face numerous technical edge circumstances. Some come within the type of tentative KYC statuses, whereas others are extra sophisticated, resembling enhanced safety checks or region-specific compliance necessities.

Each group requires a customized technical resolution. Once that’s deployed, the affected customers can be unblocked, which the crew mentioned explains why progress could seem uneven regardless of ongoing migration efforts.

Separately, the Core Team promised that greater than 700,000 extra customers will quickly be capable of submit KYC purposes, who have been beforehand ineligible, whereas the system processes their accounts to make sure compliance and integrity at scale.

Once this replace is stay, the affected customers are suggested to test the Pi app and submit KYC. Earlier submissions will assist place their accounts for subsequent migration steps.

Will PI Finally Recover?

Despite the rising variety of community updates printed by the crew, the challenge’s native token continues to wrestle. The broader market’s crash hit PI laborious, because it charted one other all-time low simply hours in the past at $0.1514 (CoinGecko knowledge). Recall that PI traded above $0.20 simply till a number of weeks in the past, nevertheless it’s now down by 94.8% from its all-time high marked lower than a 12 months in the past.

The unlocking every day schedule additionally paints a painful image for PI’s short-term future. The common every day variety of cash to be launched within the subsequent month is near seven million, which might intensify the rapid promoting strain. Several days stand out with essentially the most such unlocks, with February 13 being the very best, nearly 24 million.

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