Zafar Iqbal
Introduction
The Pi Network’s native cryptocurrency, PI, is set to be listed on the popular cryptocurrency exchange, OKX. The listing is scheduled to take place on February 20, 2025. While this marks a significant milestone for Pi Network and its community, traders have raised concerns about potential risks associated with the listing and the project’s overall transparency.
Key Details About Pi Network’s Listing on OKX
OKX, one of the leading cryptocurrency exchanges, recently announced the addition of PI to its platform’s spot trading markets.
Trading Schedule on OKX
The timeline for PI’s trading on OKX is as follows:
| Event | Date & Time (UTC) |
| Deposits Open | February 12, 2025, 2:45 UTC |
| Spot Trading Starts | February 20, 2025, 8:00 UTC |
| Withdrawals Begin | February 21, 2025, 8:00 UTC |
About Pi Network
Pi Network is a cryptocurrency project that allows users to mine PI coins using a mobile app. The primary goal of the project is to make crypto mining accessible to a larger audience while reducing its environmental impact. According to the platform’s official website, Pi Network operates as a decentralized peer-to-peer ecosystem that utilizes a referral-based growth model.
Mainnet Launch Plans
The Pi Network has announced that its Mainnet will officially launch on February 20, 2025, at 8:00 UTC. This launch will mark the transition into the Open Network period of Mainnet, which is expected to bring full blockchain functionality to the network.
“The Pi community is taking the enormous next step in achieving the vision of the world’s most inclusive peer-to-peer ecosystem and online experience, fueled by Pi, the native token of Pi Network,” the project stated.
PI Token and Its Market Performance
Despite the fact that Pi Network’s Mainnet has not launched yet, some cryptocurrency exchanges have been displaying PI’s IOU (I Owe You) prices. An IOU token is a type of tradable digital asset that represents a debt agreement between two parties, often used in anticipation of a future listing.
Surge in IOU Prices
Following the announcement by OKX, PI’s IOU price surged by nearly 80% within 24 hours. Data from CoinGecko shows that:
- PI’s current IOU price is $86.
- Over the past week, PI’s IOU price has increased by 112%.
- PI’s 24-hour trading volume reached $770,718.
Concerns Raised by Traders
Despite the excitement surrounding PI’s listing on OKX, some traders have voiced concerns over potential risks. These concerns primarily relate to the project’s operational model, regulatory compliance, and the challenges users face in completing verification processes.
Possible Centralization Issues
A trader using the handle @Asenup4 expressed surprise over OKX’s decision to list PI. The trader suggested that this could indicate a shift towards a more centralized model, raising doubts about the project’s original vision of decentralization.
Pi Network markets itself as a “zero-cost mining project”, where users can mine cryptocurrency using their mobile phones without the need for high-end hardware. However, some community members fear that this model may present issues similar to those seen in centralized financial structures.
Referral-Based Growth Model and Pyramid Scheme Concerns
Some critics have pointed out that Pi Network’s referral-driven growth model bears similarities to a pyramid scheme. The concern arises because users must invite others to earn rewards, which could become unsustainable over time.
KYC Verification Issues
To participate in Pi Network’s Mainnet activities, users must complete a Know Your Customer (KYC) verification process. Businesses participating in the network are also required to undergo a Know Your Business (KYB) verification.
According to the project’s official statement:
“Overall, Pi intends to be a safe Web3 space where Pioneers can have external connections with the Pi they hold.”
However, some users, particularly in China, have reported difficulties completing their KYC verification due to limited verification slots and system issues. Many fear that even if they start the process now, they may not be approved in time for PI’s listing on OKX.
Delays in KYC Verification
Pi Network has experienced multiple delays in the KYC verification process. Initially, the first grace period for KYC verification was scheduled to end on November 31, 2024, but was later extended to December 31, 2024. In December 2024, another delay pushed the deadline to January 31, 2025, citing the fact that millions of users had not yet migrated their tokens to Mainnet.
Long Development Timeline and Web3 Migration Challenges
Pi Network has been in development for six years, during which many of its early users have transitioned from Web2 to Web3. A significant portion of these users may not be familiar with the complexities of Web3 wallets, smart contracts, and security practices.
A user warned:
“If you want to attract new OKX users, please act with caution. Don’t defraud the elderly of their private keys.”
This highlights the risks associated with inadequate user education, as many new and older users may be vulnerable to scams, phishing attacks, or mistakes that could lead to losing their funds.
Conclusion
The listing of PI on OKX is a major milestone for Pi Network, reflecting its growing adoption in the cryptocurrency market. However, concerns regarding centralization, KYC verification challenges, and the referral-based model continue to raise skepticism among traders and analysts.
As the Mainnet launch approaches, the success of Pi Network will largely depend on its ability to address these concerns, streamline its verification process, and maintain transparency within its ecosystem. For now, traders are advised to exercise caution while engaging with PI tokens, especially given the uncertainties surrounding its listing and long-term viability.
