Pi Network Turns One: Are Users Finally Getting Their Coins?

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• Millions of Pi users still can’t access their coins due to KYC and 2FA requirements.
  
• Sequential protocol upgrades are ongoing, with five more versions pending.
  
• Pi coin price dropped 11% before the anniversary, reflecting market uncertainty.

Pi Network’s open mainnet celebrated its first anniversary this week, highlighting significant milestones including over 16 million migrated users, multiple protocol upgrades, and initial exchange listings. Yet, beneath the fanfare, many users are still struggling to access their Pi coins, exposing a growing gap between the network’s promises and user experience.

Migration Roadblocks Keep Users Waiting

Despite the excitement surrounding the mainnet, a large segment of the Pi community remains locked out of their tokens. Key issues include incomplete Know Your Customer (KYC) processes and unmigrated balances. For many, account dashboards still show zero Pi coins.

Crypto creator Crypto Boy summarized the frustration: “Although one year is completed, people are still facing problems, waiting for their Pi coin.” The delay underscores persistent challenges in transitioning from a testing environment to a fully operational blockchain.

Two-Factor Authentication Becomes Mandatory

A critical step for Pi migration is completing two-factor authentication (2FA). Users must verify their Facebook account, phone number, and email to move coins to the mainnet wallet. Without this, tokens remain inaccessible.

“It is one of the most important things to migrate your Pi coin to the mainnet wallet,” noted Crypto Boy. This requirement has emerged as a hard blocker for users who mined Pi from the early stages but failed to complete these security measures.

Protocol Upgrades and Future Roadmap

Pi Network recently completed its v19.6 protocol upgrade on February 15, but the path forward remains long. Version 19.9 is scheduled for February 27, followed by v20.2 on March 12. The network still needs to progress through five additional upgrades to reach v23, with every node required to update sequentially.

Node operators, who help maintain the blockchain’s decentralized backbone via the Stellar Consensus Protocol, earn additional Pi rewards for their role, but they too face the sequential upgrade process.

Also Read: $10M Lawsuit Slams Pi Network as Token Drops 8% — What Really Happened?

In a surprising twist, Pi coin dropped 11% in the day before the anniversary, trading at $0.1761, despite a week-long rally. The decline highlights the fragile sentiment among investors and the urgency for Pi Network to close the gap between its roadmap and user experience.

As Pi Network enters its second year, the challenge will be balancing technical development with user accessibility. Whether the network can resolve these migration bottlenecks will define its credibility in the wider crypto ecosystem.

`Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.`