Pi Network to Launch on OKX, But Traders Express Concerns

Pi Network’s native token, PI, is set to launch on the OKX exchange on February 20, 2025. This announcement marks a significant milestone for the project, which has been generating buzz within the crypto community. However, the upcoming listing has sparked concerns among traders, especially regarding potential risks tied to the Pi Network’s model and its unverified status.

OKX will allow users to deposit PI tokens starting on February 12 at 2:45 UTC, with spot trading scheduled to begin on February 20 at 8:00 UTC. Withdrawals for PI tokens will be enabled on February 21 at 8:00 UTC. Despite this, the Pi Network’s mainnet, which is essential for the full launch of the ecosystem, is not expected to go live until February 20, 2025.

Pi Network claims that it is a decentralized platform focused on creating a peer-to-peer ecosystem. Its mining system allows users to mine Pi coins through a mobile app without the need for extensive hardware setups. This approach is presented as a more environmentally friendly alternative to traditional mining practices, with a referral-driven growth model.

Even though the Pi Network’s mainnet has not been launched yet, exchanges are already listing IOUs for PI tokens. An IOU, or “I owe you,” is a debt token that represents a promise to deliver a specific asset in the future. In this case, the Pi Network token is listed as an IOU on OKX, and the price for these IOUs surged by almost 80% following the announcement. As of now, the IOU price for PI is trading at around $86.

Concerns Raised by Traders

Despite the excitement around the listing, concerns are mounting regarding the legitimacy and future prospects of the Pi Network. One major concern raised by users, particularly on platforms like X (formerly Twitter), is the potential centralization of the network. Some traders suggest that Pi Network, with its mobile phone-based mining system and referral model, could be veering toward a pyramid scheme. They worry that this could be problematic in the long run, especially as the network transitions to a more centralized approach with its exchange listings.

Further skepticism arises from the KYC (Know Your Customer) verification process required for users to interact with the Mainnet. While Pi Network insists that KYC verification will be essential for accessing blockchain activities, some users have raised issues regarding the difficulties that Chinese traders, in particular, have faced in completing the KYC process. Delays in verification, such as the grace period being pushed from November to December 2024 and then again to January 2025, have added to the uncertainty.

A trader named @Asenup4 raised concerns over the limited availability of KYC slots, which could prevent some users from being approved in time for the token’s official listing. Additionally, the lengthy development timeline—Pi Network has been in the works for six years—has led to further distrust, particularly among older Web2 users who are transitioning to Web3.

Another worry involves the possible exploitation of the less-savvy, particularly older individuals who may not fully understand the risks of dealing with private keys. As one user stated, “If you want to attract new OKX users, please act with caution. Don’t defraud the elderly of their private keys.”

Despite these concerns, Pi Network remains optimistic. The platform has emphasized that users must complete a KYC verification process before participating in the Mainnet blockchain activities. The goal is to create a safe Web3 space for users, and the network has plans for both individual and business verifications.

The Pi Network’s listing on OKX is a highly anticipated event in the crypto space, but it comes with a host of uncertainties and potential risks. The concerns surrounding centralization, KYC issues, and the referral-based model have raised red flags for some traders. While the project continues to promote its vision of a decentralized, peer-to-peer ecosystem, the success of the Pi token on the exchange will depend on how these challenges are addressed and whether the project can build trust with its community as it moves toward its Mainnet launch. For now, traders and users alike are watching closely to see how Pi Network’s transition into the mainstream crypto market unfolds.