Pi Network recently announced that it has acquired 18 million pioneer users for KYC, with 8 million people migrating to the closed mainnet milestone. It is expected to reach the goal of 10 million users migrating to the closed mainnet by January or February next year, thus forecasting the official launch of the open mainnet in the first quarter of 2025. (Background: The Pi coin mainnet will go live when four major conditions are met! Pi Network announces that the number of KYC users has surpassed ten million) (Background: Pi coin surged 350% to break $120! Is the Pi Network mainnet going online just before the fifth anniversary?) After a long delay in launching the open mainnet, has the Pi Network finally arrived? On the 19th, Pi Network founder and CTO Dr. Nicolas Kokkalis updated the current status and launch schedule of the open mainnet on the official website, announcing that the open mainnet will be launched in the first quarter of 2025. The Pi Network team stated that the project has already acquired 18 million pioneer users for KYC, with 8 million people migrating to the closed mainnet milestone, thereby narrowing the gap between KYC and the number of users migrating to the closed mainnet. It is expected to achieve the goal of 10 million users migrating to the closed mainnet by January or February next year; therefore, the Pi Network has set a schedule for launching the open mainnet in the first quarter of 2025. The Pi team expects to meet the primary conditions for the mainnet launch in Q1 of next year. At the end of last year, the Pi team announced that if the following necessary conditions are met, they would launch the open mainnet: at least 15 million users have undergone real-name verification, of which 10 million have migrated to the mainnet; at least 100 real applications have been deployed on the closed mainnet or are ready to be deployed; the core team must continuously make progress on technical and product updates; in addition, there should be no adverse changes in global conditions. Regarding the first condition, the team stated that the continuous improvement of the KYC process has accelerated the speed of user migration to the mainnet. At the current rate, it is expected that by January or February, the goal of 10 million migrating users will be surpassed. Additionally, a new feature allowing users to perform a second and subsequent migration of their transferable balances will soon be released, which will enable users already on the mainnet to transfer more Pi balances to the mainnet. Currently, Pi developers have also developed more than 80 mainnet applications, which is not far from the target of 100. Furthermore, the team has assessed that the launch of the open mainnet should not face further delays based on the current external environmental factors. The community has already engaged in private P2P transactions. Although there are still many controversies surrounding Pi coins, it cannot be denied that there are indeed many users in the community really mining Pi coins, and even several businesses in Taiwan (across various sectors) have connected to allow transactions in full or partial amounts using Pi coins, creating practical application scenarios. Further reading: Pi coins can be exchanged for food, clothing, housing, and transportation! Dozens of stores in Taiwan have reached a "payment consensus" to swipe Pi Network. Discussions in Taiwan's related community also remain active, with many people engaging in offline P2P face-to-face transactions. Observing recent discussions, prices mostly fall around 25 to 30 New Taiwan Dollars per coin. If we calculate based on a maximum supply of 10 billion coins, the fully diluted valuation reaches an astonishing 100 billion dollars. With Pi Network expected to launch the open mainnet in Q1 of next year, how the actual value of Pi coins will perform and how the ecosystem will develop remains to be seen. What is Pi Network and Pi coins? Pi Network was launched in 2019 and claims to be a project where "you can mine with your phone". Users can continuously mine Pi coins by downloading the official app and interacting daily. The project currently only has an "closed mainnet," and Pi coins, due to the delayed launch of the open mainnet, can currently only be traded in P2P transactions among users who have passed KYC, and cannot be liquidated through exchanges, thus raising doubts about their real value. This project is often accompanied by community controversies. Although Huobi Exchange (HTX) announced that it would list Pi coins at the end of 2022, Huobi has not yet opened deposits and withdrawals for Pi coins, meaning no one can transfer their Pi coins to the exchange for sale. The tokens users are currently buying are not strictly speaking spot, but more like a type of Pi coin "futures" with no delivery date, making it easier for those with intentions to quickly inflate the coin price with small funds. Therefore, some people say that the current trading of Pi coins on exchanges is essentially "trading air." The official Pi Network has also stated that they have not authorized any exchanges to list Pi coins and warned users not to purchase tokens from third parties, otherwise the consequences are at their own risk. When it first listed at the end of 2022, Pi coins soared to a peak of $345, and as of the time of publication, the price on HTX exceeds 48.3 USDT, having risen over 50% in nearly a year.