Pi Network to launch on OKX, traders raise concerns

The native token of the PI network should register on OKX from February 20, but users have raised concerns about the risks of potential negotiations.

In a recent announcementCrypto exchange Okx said he will add an IP to the spot trading markets in his platform. Users can start to deposit PI from February 12 at 2:45 UTC. Trading at point will officially start on February 20 at 8:00 am UTC, while PI withdrawals start on February 21 at 8:00 am UTC.

THE Pi network is a platform that allows users to operate PI parts using a mobile application. The objective of the project is to make the exploitation of cryptocurrencies more accessible and to reduce its environmental impact. He claims to be a “decentralized peer peer ecosystem” which is inspired by a growth model based on orientation.

Depending on the platform siteThe PA Mainnet will be officially launched on February 20, 2025 at 8:00 am UTC, in transition to what it calls the “Open Network of Mainnet”.

“The Pi community has crossed the enormous next step in carrying out the most inclusive ecosystem and online experience in the world, fueled by PI, the native token of the PI network,” wrote the project.

Even if the PA Mainnet has not yet been launched, some exchanges already highlight the prices of the IOU for PI. An Iou Crypto token serves as a debt loan token between two parts which is transferable via the same crypto exchange platform, similar to a traditional document.

Shortly after the publication of the OKX opinion, the IOU PI price increased to almost 80% in the past 24 hours, according to data de Coingecko. The IU PI price is currently $ 86. During last week, the IOU price of the Network Pi token rose 112% last week. The 24 -hour Pi trading volume is $ 770,718.

Potential PI network concerns

However, X traders have expressed concerns about the potential risks that may arise from OKX’s decision to list PI. A user named @ asenup4 admitted to a job That it was surprised that PI was listed on OKX, suggesting that this could indicate a passage to a more centralized model.

It describes the PI network as a “zero cost mining project” which allows users to operate the crypto via a mobile phone without significant barriers.

The user has highlighted the risk concerning the user’s reference mechanism of the PI network, indicating that the approach has the creation of a potential pyramidal scheme.

According to the official declaration of PI Network, users who wish to participate in Blockchain Mainnet activities will have to complete a process of verifying your customer for individuals and knowing your business verification for companies.

“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 said that Chinese merchants have had difficulty completing the KYC verification process due to limited slots or other systemic problems. Even if users start the verification process now, they may not be approved in time for the token list.

As before reported By Crypto.News, the first period of grace for the verification of KYC was delayed from November 31 to December 31. It was delayed a second time in December 2024 to January 3124, declaring that millions of users had not migrated their tokens to the Mainnet.

In addition, @ ASEUP4 has noted how the project has been developing for six years, which means that many users have migrated from web2 to web3 ecosystem, especially older users.

“If you want to attract new OKX [users]Please act with caution. Do not fraud the elderly of their private keys, “said the user.