Pi Network’s Native Token Set to Debut on OKX Amid User Concerns Over Trading Risks
The highly anticipated listing of Pi Network’s native token, PI, on the cryptocurrency exchange OKX is set to commence on February 20. However, some users have voiced concerns regarding potential risks associated with the listing.
In a recent announcement, OKX confirmed that PI deposits would open on February 12 at 2:45 UTC, followed by the official launch of spot trading on February 20 at 8:00 UTC. Withdrawals for PI will be enabled starting February 21 at 8:00 UTC.
Pi Network’s Vision and Mining Model
Pi Network is a blockchain platform designed to enable users to mine PI tokens directly through a mobile application. The project aims to make cryptocurrency mining more accessible while reducing its environmental footprint. Built on a referral-driven model, Pi Network claims to be a decentralized peer-to-peer ecosystem focused on inclusivity.
According to the platform’s official website, the Pi Network mainnet is set to launch on February 20, 2025, at 8:00 UTC, marking the beginning of its “Open Network” phase.
“The Pi community is taking a major step toward realizing its vision of becoming the world’s most inclusive peer-to-peer ecosystem, powered by Pi, the network’s native token,” the project stated.
Soaring IoU Prices for PI Ahead of Listing
Despite its mainnet not being fully launched yet, certain exchanges have already introduced IOU (I Owe You) trading for PI. An IOU token represents a debt agreement between two parties and can be transferred within the same exchange, functioning similarly to a traditional IOU document.
Following OKX’s listing announcement, PI’s IOU price surged nearly 80% within 24 hours, according to CoinGecko data. The current IOU price for PI stands at $86, reflecting a 112% increase over the past week, with 24-hour trading volume reaching $770,718.
User Concerns and Potential Risks
Despite the excitement surrounding PI’s listing on OKX, some traders have expressed skepticism about the project’s structure and long-term viability.
A user on X (formerly Twitter), @Asenup4, shared their concerns, noting their surprise that OKX is listing PI. They suggested that this move could signal a shift toward centralization, which contrasts with Pi Network’s originally decentralized vision.
Describing Pi Network as a “zero-cost mining project”, the user pointed out that its mobile mining model lowers entry barriers but also raises concerns about its long-term sustainability.
One of the main points of contention is Pi Network’s user referral system, which some critics argue bears similarities to a pyramid scheme.
KYC Verification Issues and Delays
To participate in mainnet activities, Pi Network requires users to complete Know Your Customer (KYC) verification for individuals and Know Your Business (KYB) verification for businesses.
According to an official statement, this process is meant to ensure a secure and compliant Web3 ecosystem. However, @Asenup4 claimed that many Chinese traders have encountered difficulties in completing the KYC process, either due to limited verification slots or technical issues.
Even for users currently undergoing KYC verification, approval might not be granted before PI’s listing on OKX, raising concerns about accessibility and fairness.
Previously, Pi Network’s KYC grace period faced multiple delays. Initially set for November 31, 2024, it was postponed to December 31, 2024, and later pushed again to January 31, 2025, due to the large number of unmigrated tokens.
Additionally, @Asenup4 noted that Pi Network has been in development for six years, meaning that many of its users transitioned from Web2 to Web3—a shift that could be particularly challenging for older participants.
“If you want to attract new OKX users, please proceed with caution. Don’t deceive the elderly into compromising their private keys,” the user cautioned.
As PI’s listing on OKX approaches, the debate over its legitimacy, accessibility, and trading risks continues to unfold. Traders and investors are advised to conduct thorough research and remain cautious before engaging in PI-related transactions.
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