Traders raise concerns, PI network launching on OKX

The PI network’s native token has been set on the OKX list since February 20th, but users are raising concerns about potential transaction risks.

In a recent announcement, Crypto Exchange declared that OKX will add PIs to the platform’s spot trading market. Users can begin depositing their PIs at 2:45 UTC on February 12th. Spot trading officially begins at 8:00 UTC on February 20th, with PI withdrawals beginning at 8:00 UTC on February 21st.

PI Network is a platform that allows users to minify PI coins using mobile apps. The goal of the project is to make cryptocurrency mining more accessible and reduce its environmental impact. It claims to be a “distributed peer-to-peer ecosystem” that can be obtained from referral-driven growth models.

According to the platform’s website, the PI network’s mainnet will officially be released at 8:00 UTC on February 20, 2025, and will transition to what is known as the “mainnet open network period.”

“The PI community is taking a huge next step to achieving the PI vision of the world’s most comprehensive peer-to-peer ecosystem and online experience, driven by PI, the native token of the PI network.” The project is written.

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The mainnet of the PI network has not yet been started, but some replacements already showcase the IOU prices for the PI. The Iou Crypto token, similar to traditional IOU documents, acts as a debt lending token between two parties that can be transferred via the same Crypto Exchange platform.

According to Coingecko data, Iou prices on the Pi skyrocketed to nearly 80% in the last 24 hours shortly after the OKX notification was released. The PI’s IOU price is currently $86. Over the past week, IOU prices for PI network tokens have skyrocketed 112% over the past week. PI’s 24-hour trading volume is $770,718.

February 12, 2025, PI IOU Price Price Chart | Source: Coingecko

Potential PI Network Concerns

However, X’s traders have expressed concern about the potential risks that may arise from OKX’s decision to list PIs. One user named @asenup4 admitted in the post that he was surprised that Pi is listed on OKX, suggesting that he could show a move to a more centralized model.

He describes the PI network as a “zero-cost mining project,” allowing users to mine crypto via mobile phones without any major barriers.

The users highlighted the risks regarding the user referral mechanism of PI networks, saying that the approach involves creating a potential pyramid scheme.

According to the official PI Network statement, users who want to participate in mainnet blockchain activities need to know the individual customer verification process and business verification for their business.

“Overall, PIs are going to be a secure Web3 space where pioneers can have external connections with the PIs they hold,” the protocol said.

However, @asenup4 claimed that Chinese traders are facing difficulties in completing the KYC verification process due to limited slots and other systematic issues. Even if a user starts the verification process, it may not be approved in time for the token list.

As previously reported by Crypto.News, the initial grace period for KYC verification was delayed from November 31st to December 31st. The second time was delayed in December 2024, with millions of users saying they hadn’t moved tokens. Go to the main net.

Additionally, @asenup4 looked at how the project has been developed for six years. This means that many users have migrated from Web2 to the Web3 ecosystem, particularly older users.

“If you want to attract new OKXS (users), act with caution. Don’t scam your private key to seniors,” the user said.

read more: PI Network Developers issue important mainnet boot updates