Pi Network Celebrates 6 Years: Key Updates, Achievements, and What’s Next

This cryptocurrency venture, which was launched in the form of a team comprised made up of Stanford students, first saw dawn of the day on Pi Network 6th anniversary. In its initial year in existence, its team concentrated heavily on the growth of communities as well as app-based mining and developing its ecosystem development.

In 2020, it launched the testnet stage, which allowed developers to begin experimenting using Pi transactions. The following year the Pi Network implemented a KYC verification process, which is an essential process before launching an functional mainnet.

In the course of this calendar year, the project saw the biggest achievement of introducing the long-awaited Open Network. The Open Network development has allowed cryptocurrency exchanges to market their own PI token, which made it available to all.

The first platforms that embraced it included Bitget, OKX, MEXC as well as Gate.io. The world's largest cryptocurrency exchange - Binance was also believed to follow the same pattern. The exchange even held a public vote to determine if its customers would like to have the currency traded, and more than 86% of participants opted to vote "yes" option. There has been speculation that Binance could list PI as of today (March 14) however it is inaccessible for trading on its platform.

For instance, the Grace Period, which requires users to complete KYC procedures before they can be migrated into the Mainnet launch was originally scheduled to last until February 28. However, the team changed it to March 14 and urged User base growth to complete the process before this date "to avoid forfeiting most of your Pi other than Pi mined within the rolling window of the last 6 months before your Pi is migrated."

At present, it is trading at around $1.57 which is an increase of 9% for the time period mentioned. It could be susceptible to further volatility in the near future plans due to Binance's possible support and other elements.