The Pi Community’s native token is ready to record on OKX ranging from Feb. 20, nevertheless customers have raised issues concerning potential buying and selling dangers.
In a latest announcement, the crypto change OKX declared that will probably be including PI to its platform’s spot buying and selling markets. Customers can begin depositing PI as early as Feb. 12 at 2:45 UTC. Spot buying and selling will formally start on Feb. 20 at 8:00 UTC, whereas withdrawals for PI will begin on Feb. 21 at 8:00 UTC.
The Pi Community is a platform that permits customers to mine Pi cash utilizing a cell app. The challenge’s aim is to make cryptocurrency mining extra accessible and cut back its environmental affect. It claims to be a “decentralized peer-to-peer ecosystem” which pulls from a referral-driven development mannequin.
In response to the platform’s website, the Pi Community’s mainnet will formally launch on Feb. 20, 2025 at 8:00 UTC, transitioning into what it calls the “Open Community interval of Mainnet.”
“The Pi group is taking the large subsequent step in reaching the Pi imaginative and prescient of the world’s most inclusive peer-to-peer ecosystem and on-line expertise, fueled by Pi, the native token of Pi Community,” wrote the challenge.
You may additionally like: Pi Community mainnet launch is coming: will Pi coin rise or fall?
Although the Pi Community’s mainnet has not 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 by means of the identical crypto change platform, just like a conventional IoU doc.
Shortly after the OKX discover was revealed, the IoU worth for PI surged to just about 80% previously 24 hours, in accordance with information from CoinGecko. PI’s IoU worth at the moment stands at $86. Previously week, the IoU worth for the Pi Community token has skyrocketed by 112% previously week. PI’s 24-hour buying and selling quantity sits at $770,718.
Value chart for PI’s IOU worth in the marketplace, February 12, 2025 | Supply: CoinGecko
Potential Pi Community issues
Nonetheless, merchants on X have expressed issues concerning potential dangers that would come up from OKX’s determination to record PI. One consumer named @Asenup4 admitted in a publish that he was shocked that PI was being listed on OKX, suggesting it may point out a shift to a extra centralized mannequin.
He describes the Pi Community as a “zero-cost mining challenge” it which permits customers to mine crypto by way of a cell phone with out important limitations.
The consumer highlighted the chance concerning the Pi Community’s consumer referral mechanism, stating that the strategy has the makings of a possible pyramid scheme.
In response to Pi Community’s official assertion, customers who want to take part in Mainnet blockchain actions might want to full a Know Your Buyer verification course of for people, and Know Your Enterprise verification for companies.
“Total, Pi intends to be a protected web3 house the place Pioneers can have exterior connections with the Pi they maintain,” stated the protocol.
Nonetheless, @Asenup4 claimed that Chinese language merchants have confronted difficulties in finishing the KYC verification course of as a result of restricted slots or different systemic issues. Even when customers start the verification course of now, they may not be authorized in time for the token’s itemizing.
As beforehand reported by crypto.information, the primary grace interval for KYC verification was delayed from Nov. 31 to Dec. 31. It was delayed a second time in December 2024 to Jan. 31, stating that tens of millions of customers had not migrated their tokens to the mainnet.
Moreover, @Asenup4 famous how the challenge has been in growth for six years, which implies a whole lot of its customers migrated from Web2 to the Web3 ecosystem particularly older customers.
“If you wish to entice new OKXs [users], please act with warning. Don’t defraud the aged of their non-public keys,” stated the consumer.
Learn extra: Pi Community builders situation a vital mainnet launch replace
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