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Pi Network’s PI Attempts Comeback as Team Drops Important KYC Announcement

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Despite the growing criticism toward some of its features and initiatives, Pi Network’s Core Team continues to make major announcements on the KYC front.

In the latest such statement, they outlined the total number of users who have successfully passed the verification procedures and those who have migrated to Mainnet.

Millions and Millions

The blog post on X from the team reveals that over 18.1 million users have already been approved and verified through Pi Network’s comprehensive Know-Your-Customer procedure. In addition, more than 16.7 million Pioneers have been successfully migrated to Mainnet.

The team has frequently outlined that one person is one account, which is Pi Network’s core belief. This means that each of those millions and millions of accounts represents an actual human. According to them, this is what keeps the ecosystem functioning as mining rewards remain fair, payments rely on real participants, and apps can trust actual user engagement.

However, there’s a bit of a catch. Some users continue to be stuck in “Tentative KYC” status. Although many of them keep complaining on X that it has been months and even years in some rare and extreme cases, the team said this does not mean a complete rejection.

Those Pioneers need to complete additional verification as the system is “double-checking for authenticity.” This ‘cautious’ approach helps filter out bots and fake accounts, protect real users, and maintain long-term network integrity, the post reads.

It’s worth noting that Pi Network’s Core Team recently introduced AI-powered infrastructure that will enhance processing and approval speeds and reduce bottlenecks. Nevertheless, they remain committed to human effort as such input is still a notable part of the entire verification process.

PI Returns to Top 50

The native token’s price performance has been quite controversial, to say the least, in the past few months. Every major breakout attempt has been halted in its tracks, and the subsequent rejection has pushed the asset south to its starting point.

This resulted in a growing selling pressure that drove the token to under $0.17 yesterday, which knocked it out of the top 50 alts by market cap after a 6% weekly decline. Nevertheless, PI has rebounded slightly on a daily scale, though the weekly chart is still well in the red, and the overall market weakness has helped it return to the top 50 alts with a market cap of $1.8 billion.

Pi Network (PI) Price on CoinGecko
Pi Network (PI) Price on CoinGecko

 

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