Pi Network Inches Closer to Mainnet, but Doubts Persist

Pi Network Inches Closer to Mainnet, But Doubts Persist.

NAIROBI (CoinChapter.com) — Pi Network, a blockchain platform promising to make cryptocurrency mining accessible through mobile devices, has reportedly raised $15.1 billion in funding, according to Pi News.

While this announcement generated excitement among its supporters, it has not silenced critics who continue to question the project’s transparency and delays.

Funding Raises Eyebrows as Delays Continue

Pi News described the funding milestone as a sign of the network’s potential, calling the project “the Next Big Thing in Crypto.” However, the project has faced criticism due to repeated delays in launching its native token and Open Mainnet, which have yet to go live after more than five years of development.

Pi Network reaches $15.1B funding milestone. Source: X

The developers have tied the launch of the Open Mainnet to the completion of 15 million Know-Your-Customer (KYC) verifications. Currently, 14 million users have reportedly been verified, leaving one million more required to meet the threshold.

The team extended the initial KYC deadline from Sept. to Nov. 30, citing the need to process additional users during what they termed “the Grace Period.”

Pi Network reaches 14M KYC-verified users. Source: Pi News

While some users view the funding as a positive step toward fulfilling the network’s goals, critics argue that the extended timeline raises doubts about the project’s legitimacy. Some have even labeled Pi Network a scam, suggesting the token might never see the light of day.

Major Updates Raise Hopes, But Time Is Running Out

The developers also launched Pi Node Version 0.5.0, a major update that prepares nodes for the Mainnet. This upgrade transitions nodes to the Testnet2 blockchain, simulating the Mainnet environment. However, the original Testnet remains functional, supporting Pioneers and Pi app developers.

Pi Network updates Nodes for Mainnet launch. Source: Pi Network/X

“This update transitions Nodes to the Testnet2 blockchain, simulating the Mainnet environment and testing the switch between Testnet and Mainnet blockchains,” the team noted in a recent announcement.

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