The Pi Community’s native token is about 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 it will likely 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 allows customers to mine Pi cash utilizing a cell app. The venture’s objective is to make cryptocurrency mining extra accessible and cut back its environmental affect. It claims to be a “decentralized peer-to-peer ecosystem” which attracts from a referral-driven progress mannequin.
Based on 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 big 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 venture.
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Despite the fact that 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 the identical crypto change platform, much like a conventional IoU doc.
Shortly after the OKX discover was revealed, the IoU value for PI surged to almost 80% previously 24 hours, based on knowledge from CoinGecko. PI’s IoU value at present stands at $86. Up to now week, the IoU value for the Pi Community token has skyrocketed by 112% previously week. PI’s 24-hour buying and selling quantity sits at $770,718.
Worth chart for PI’s IOU value available on the market, February 12, 2025 | Supply: CoinGecko
Potential Pi Community issues
Nevertheless, merchants on X have expressed issues concerning potential dangers that might come up from OKX’s resolution to record PI. One consumer named @Asenup4 admitted in a publish that he was shocked that PI was being listed on OKX, suggesting it might point out a shift to a extra centralized mannequin.
He describes the Pi Community as a “zero-cost mining venture” it which permits customers to mine crypto by way of a cell phone with out important boundaries.
The consumer highlighted the chance concerning the Pi Community’s consumer referral mechanism, stating that the method has the makings of a possible pyramid scheme.
Based on 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 area the place Pioneers can have exterior connections with the Pi they maintain,” stated the protocol.
Nevertheless, @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 won’t 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 hundreds of thousands of customers had not migrated their tokens to the mainnet.
Moreover, @Asenup4 famous how the venture has been in improvement for six years, which suggests a variety of its customers migrated from Web2 to the Web3 ecosystem particularly older customers.
“If you wish to appeal to 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 subject an important mainnet launch replace
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