The Pi Network’s native token is space to list on OKX initiating from Feb. 20, nonetheless customers bear raised concerns relating to capability shopping and selling risks.
In a present announcement, the crypto trade OKX declared that this could presumably perchance be adding PI to its platform’s put shopping and selling markets. Users can initiate depositing PI as early as Feb. 12 at 2:forty five UTC. Space shopping and selling will officially initiate on Feb. 20 at 8:00 UTC, whereas withdrawals for PI will initiate on Feb. 21 at 8:00 UTC.
The Pi Network is a platform that lets in customers to mine Pi coins the utilization of a mobile app. The project’s purpose is to have cryptocurrency mining extra accessible and decrease its environmental affect. It claims to be a “decentralized sight-to-sight ecosystem” which attracts from a referral-pushed stutter model.
In step with the platform’s scheme, the Pi Network’s mainnet will officially launch on Feb. 20, 2025 at 8:00 UTC, transitioning into what it calls the “Start Network period of Mainnet.”
“The Pi community is taking the immense subsequent step in reaching the Pi imaginative and prescient of the arena’s most inclusive sight-to-sight ecosystem and on-line trip, fueled by Pi, the native token of Pi Network,” wrote the project.
Even supposing the Pi Network’s mainnet has no longer been launched but, some exchanges are already showcasing IoU costs for PI. An IoU crypto token serves as a debt lending token between two events that’s transferable via the equal crypto trade platform, equal to a weak IoU doc.
Rapidly after the OKX eye used to be printed, the IoU designate for PI surged to virtually 80% within the past 24 hours, in step with information from CoinGecko. PI’s IoU designate for the time being stands at $86. Up to now week, the IoU designate for the Pi Network token has skyrocketed by 112% within the past week. PI’s 24-hour shopping and selling quantity sits at $770,718.
Likely Pi Network concerns
On the opposite hand, merchants on X bear expressed concerns relating to capability risks that can even come up from OKX’s decision to list PI. One user named @Asenup4 admitted in a post that he used to be shocked that PI used to be being listed on OKX, suggesting it ought to also indicate a shift to a extra centralized model.
He describes the Pi Network as a “zero-value mining project” it which lets in customers to mine crypto by a cell mobile phone with out necessary boundaries.
The user highlighted the probability relating to the Pi Network’s user referral mechanism, pointing out that the reach has the makings of a attainable pyramid scheme.
In step with Pi Network’s legitimate relate, customers preferring to preserve discontinuance half in Mainnet blockchain actions will must whole a Know Your Buyer verification course of for folks, and Know Your Industry verification for businesses.
“Overall, Pi intends to be a true web3 scheme the put Pioneers can bear external connections with the Pi they preserve,” acknowledged the protocol.
On the opposite hand, @Asenup4 claimed that Chinese language merchants bear faced difficulties in completing the KYC verification course of attributable to restricted slots or assorted systemic issues. Even though customers initiate the verification course of now, they’ll even just no longer be authorized in time for the token’s itemizing.
As previously reported by crypto.news, the foremost grace period for KYC verification used to be delayed from Nov. 31 to Dec. 31. It used to be delayed a 2nd time in December 2024 to Jan. 31, pointing out that hundreds and hundreds of customers had no longer migrated their tokens to the mainnet.
Moreover, @Asenup4 renowned how the project has been in pattern for six years, that prolong a vogue of its customers migrated from Web2 to the Web3 ecosystem particularly older customers.
“In relate for you to scheme fresh OKXs [users], please act with caution. Don’t defraud the elderly of their non-public keys,” acknowledged the user.
Disclosure: This article does no longer signify investment advice. The screech and gives featured on this web screech are for academic capabilities most attention-grabbing.
