Pi Network is a decentralized finance project that enables seamless cryptocurrency mining via mobile phones. Pi network users can mine PI tokens through its official mobile application. The project was launched on March 14, 2019, which is celebrated as Pi day. The decentralized project has over 70 million users worldwide and is one of the most widely used projects in the cryptocurrency arena.
The Pi network’s native token PI is all set to list on OKX, a prominent centralized exchange in the cryptocurrency realm. OKX has declared that they will be adding PI tokens to their spot trading markets from February 12, 2025. Users will be able to deposit in PI from February 12, 02:45 UTC. As per the official announcement from OKX, the mainnet of the Pi network will officially launch on February 20, 2025, at 08:00 UTC. The Inclusion of PI tokens in OKX is a sensational topic within the crypto community, many users have raised their concerns regarding the potential trading risks of it, and are ambiguous with the current scenario.
Pi Network In OKX!
OKX, one of the biggest cryptocurrency exchanges in the world is on the verge of including PI tokens into its spot trading markets. OKX announced this news through their latest announcement. The announcement begins like this, “OKX is pleased to announce the listing of PI (Pi Network) on our spot trading markets”. Interested users can invest in PI tokens from February 12, 2025. The spot trading of PI will officially begin on February 20, 2025, at 08:00 UTC and withdrawals for PI tokens will start one day after the commencement of spot trading, which means on February 21, at 08:00 UTC.
The listing timeline of the PI in OKX is given below
- PI deposits will open at 2:45 am UTC on Feb 12, 2025.
- PI call auction will take place from 7:00 am to 8:00 am UTC on Feb 20, 2025.
- PI/USDT spot trading will open at 8:00 am UTC on Feb 20, 2025.
- PI withdrawals will open at 8:00 am UTC on Feb 21, 2025.
OKX will be adopting multiple restrictions to protect traders from price volatility at the opening of spot trading. The restrictions will be imposed during the first five minutes of trading. The restrictions that are going to be imposed are pointed out below.
- No market orders are allowed.
- Each limit order must not exceed 10,000 USD in value.
- Each user’s maximum net position size must not exceed 10,000 USD in value.
Tokenomics Of Pi Network
- Asset name: Pi Network
- Ticker: PI
- Circulating supply: 6.041B
- Total supply: 9.294B
- Max supply: 100B
Call Auction Mechanism In OKX
OKX will impose a call auction before the full trading, here users can purchase and sell orders to decide an opening price. The main terms of this call auction are explained in this passage. Users can place buy orders up to $50,000, the call auction lasts at least 10 minutes, Only limited orders are supported, the opening price is based on the highest trading volume and All the orders placed above or sell orders placed below the opening price must be fully executed at that price, and In the last 5 minutes, orders can be placed but not canceled or modified.
Potential Pi Network Concerns Associated With OKX Listing
Traders across the community have expressed their concerns over the OKX listing. A user from X (formerly known as Twitter) claimed through his post that the decision from OKX was surprising and the potential listing of PI in OKX could shift the project’s focus to a more centralized model. He claimed that Chinese traders have faced complications in completing the KYC verification due to some technical problems or limitations. One user of Pi Network stated that he had been a member since 2020 and had submitted their KYC with their passport and face verification, yet it remained in tentative approval. He requested that his KYC be approved or be allowed to resubmit it so he could contribute to the Pi ecosystem.
People have started to question the integrity of OKX for listing a project without a mainnet, the history of unauthorized exchange listing, and a public blockchain explorer. MLM concerns are another issue reported among the crypto market pundits. The referral mechanism of the Pi network could indicate the potential pyramid system. The potential MLM scheme attributed to the Pi network is due to where users are rewarded for introducing more people and potentially receiving PI tokens in return. Many traders across the community have already entitled this as the largest “MLM scam in Asia”.
The Bottom Line
According to the latest information from the official X post of Pi News, More than 1,042,597 Pi has already been deposited into the OKX wallet. Listing the Pi network in OKX is an advanced step in its future journey and could help emphasize the legitimacy of the Pi network in the crypto sphere. The Pi network and its ecosystem plan to adopt major improvements and adaptations. They have recently released the latest Pi Network app version 1.40 with improved performance and minor bug fixes. The release of new features and utilities to enhance the user experience and improve the transaction capacities is on the way to its implementation.
