Pi Network to launch on OKX, traders raise concerns

The Pi Network’s native token is set to list on OKX starting from Feb. 20, however users have raised concerns regarding potential trading risks.

In a recent announcement, the crypto exchange OKX declared that it will be adding PI to its platform’s spot trading markets. Users can start depositing PI as early as Feb. 12 at 2:45 UTC. Spot trading will officially begin on Feb. 20 at 8:00 UTC, while withdrawals for PI will start on Feb. 21 at 8:00 UTC.

The Pi Network is a platform that enables users to mine Pi coins using a mobile app. The project’s goal is to make cryptocurrency mining more accessible and reduce its environmental impact. It claims to be a “decentralized peer-to-peer ecosystem” which draws from a referral-driven growth model.

According to the platform’s site, the Pi Network’s mainnet will officially launch on Feb. 20, 2025 at 8:00 UTC, transitioning into what it calls the “Open Network period of Mainnet.”

“The Pi community is taking the enormous next step in achieving the Pi vision of the world’s most inclusive peer-to-peer ecosystem and online experience, fueled by Pi, the native token of Pi Network,” wrote the project.

Even though the Pi Network’s mainnet has not been launched yet, some exchanges are already showcasing IoU prices for PI. An IoU crypto token serves as a debt lending token between two parties that is transferable through the same crypto exchange platform, similar to a traditional IoU document.

Shortly after the OKX notice was published, the IoU price for PI surged to nearly 80% in the past 24 hours, according to data from CoinGecko. PI’s IoU price currently stands at $86. In the past week, the IoU price for the Pi Network token has skyrocketed by 112% in the past week. PI’s 24-hour trading volume sits at $770,718.

Potential Pi Network concerns

However, traders on X have expressed concerns regarding potential risks that could arise from OKX’s decision to list PI. One user named @Asenup4 admitted in a post that he was surprised that PI was being listed on OKX, suggesting it could indicate a shift to a more centralized model.

He describes the Pi Network as a “zero-cost mining project” it which allows users to mine crypto via a mobile phone without significant barriers.

The user highlighted the risk regarding the Pi Network’s user referral mechanism, stating that the approach has the makings of a potential pyramid scheme.

According to Pi Network’s official statement, users who wish to participate in Mainnet blockchain activities will need to complete a Know Your Customer verification process for individuals, and Know Your Business verification for businesses.

“Overall, Pi intends to be a safe web3 space where Pioneers can have external connections with the Pi they hold,” said the protocol.

However, @Asenup4 claimed that Chinese traders have faced difficulties in completing the KYC verification process due to limited slots or other systemic problems. Even if users begin the verification process now, they might not be approved in time for the token’s listing.

As previously reported by crypto.news, the first grace period for KYC verification was delayed from Nov. 31 to Dec. 31. It was delayed a second time in December 2024 to Jan. 31, stating that millions of users had not migrated their tokens to the mainnet.

Furthermore, @Asenup4 noted how the project has been in development for six years, which means a lot of its users migrated from Web2 to the Web3 ecosystem especially older users.

“If you want to attract new OKXs [users], please act with caution. Don’t defraud the elderly of their private keys,” said the user.