The native token of the PI network is ready to list on the OKX starting from February 20, although users have expressed concern about potential trading risks.
recently AnnouncementCrypto Exchange OKX announced that it would add PI to his platform spot trading markets. Users can start depositing PI on 2:45 UTC on 12 February. Spot trading will officially start at 8:00 UTC on February 20, while the withdrawal for PI will begin on February 21 at 8:00 UTC.
The PI network is a platform that enables users to mines coins using the mobile app. The project aims to make cryptocurrency mining more accessible and reduce its environmental impact. It claims to be a “decentralized colleague to a colleague ecosystem” that is attracted by a referral-managed development model.
Platform siteThe PI network’s mennet will officially launch on February 20, 2025 on the 8:00 UTC, what is called the “Open Network Period” of Mennet.
“The PI community is taking a huge next step in achieving the world’s most inclusive colleague to colleague ecosystem and PI vision of online experience, fuel by PI, PI network by PI, by the original tokens of the PI,” the project wrote.
Even though the Mennet of the PI network has not been launched yet, some exchanges are already displaying the prices of IOUs for PI. Similar to a traditional IU document, an IOU crypto token is transferable through the same crypto exchange platform, acting as a loan borrowing token between two parties.
Shortly after the OKX notice was published, the IU price for PI has increased by about 80% in the last 24 hours, according to data From coingecko. The IU value of PI is currently at $ 86. In the last week, the IU price for PI network tokens has increased by 112% in the last week. The PI’s 24-hour trading volume sits at $ 770,718.
Potential Pie Network concerns
However, traders at X have expressed concern about potential risks that may arise from the decision of OKX’s decision to list the PI. A user named @asenup4 admitted to one Post He was surprised that the PI was being listed on OKX, suggesting that it could indicate a change in a more centralized model.
He describes the PI network as a “zero-level mining project” that allows users to mine crypto through mobile phones without significant obstacles.
The user highlighted the risk about the PI network’s user referral mechanism, stating that the approach has a possible pyramid plan.
According to the official statement of the PI network, those users who want to participate in the Mennet blockchain activities, will have to complete their customer verification process for individuals, and know their business verification for businesses.
Protocol said, “Overall, PI intends to have a safe web 3 space, where pioneers may have external connections with PI,” the protocol said.
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 now start the verification process, they cannot be approved on time for the listing of tokens.
As reported earlier by Crypto.news, the first grace period for KYC verification was delayed from 31 November to 31 December. The second time in December 2024 was delayed by 31 January, stating that millions of users did not migrate their tokens. For mennet.
In addition, @AsenuP4 mentioned how the project has been in development for six years, which means that a lot of its users have been migrated from the web2 to the web3 ecosystems, especially in older users.
“If you want to draw new okx [users]Please work with caution. The user said, “Do not cheat the elderly of their personal key.
Disclosure: This article does not represent investment advice. The materials and materials painted on this page are only for educational purposes.
