Original | Odaily Planet Daily (@OdailyChina)
Author | Nan Zhi (@AssassinMalvo)_
After nearly six years, the "legendary project" in the crypto space, Pi Network, has finally announced that it will launch its mainnet on February 20. Since its inception, PI has been surrounded by controversy, with slogans like "one coin, one model" and "two coins for a yacht," leading to various pyramid schemes and exaggerated claims, which have garnered it countless believers, while many others view it as an "IQ test."
Today, OKX announced that it will open spot trading for Pi Network at the same time as the mainnet launch. Could it be that this time, the aunties are really going to get rich?
(Internet meme)
Origin of PI Coin
Pi Network was established in 2019 by Nicolas Kokkalis, Chengdiao Fan, and Vincent McPhillip, who have backgrounds from Stanford. Initially, it aimed to create a decentralized cryptocurrency for "inclusive finance," with the core idea of lowering the entry barrier for cryptocurrency participation, allowing users to "mine" for free through a mobile app without the need for professional equipment or electricity consumption.
In the early stages, the project rapidly accumulated users through an invitation system and social networking, and began the KYC process in early 2022. As of the mainnet announcement, there are a total of over 60 million users, of which 19 million users have completed KYC, and over 10 million users have migrated to its mainnet.
OKX Spot Trading
The deposit, auction, and spot trading times for OKX are as follows:
PI deposit time: February 12, 2025, at 10:45 AM (UTC+8)
PI call auction time: February 20, 2025, from 3:00 PM to 4:00 PM (UTC+8)
PI/USDT spot trading opening time: February 20, 2025, at 4:00 PM (UTC+8), coinciding with the launch of Pi Network's mainnet.
It is worth noting that during the first five minutes of spot trading, market orders are not allowed, and the maximum limit order amount and maximum position amount are both set at $10,000.
The current circulating supply of PI coins is 6.041 billion, accounting for 65% of the total supply of 9.294 billion.
IQ Test? Myth of Sudden Wealth? Or the beginning of a new round of entry for external users?
The debate over the true value of PI has never ceased since its inception. However, it is undeniable that the concept of PI ≈ strong promotion and viral growth has taken root in people's minds.
In addition to the Pi Network project itself, many other projects leveraging the PI name have created considerable records. In the second wave of inscriptions at the end of 2023, the market cap of piin once exceeded $20 million, consistently ranking among the top five in trading volume on the OKX inscription market. Currently, in the inscription rankings, the latest PI concept inscriptions π and п have market caps of $138 million and $16 million, respectively.
At the same time, Pi Network has also been pursued and blocked due to its involvement in gray market activities. CCTV reported that Pi Network is a "typical pyramid scheme", pointing out that its claimed high returns (such as "1 Pi = $200") lack actual support and may mislead investors. Police in several countries, including India and Vietnam, have investigated Pi Network, believing its activities may involve illegal fundraising and pyramid schemes, warning participants of potential legal risks.
In 2021, DOGE led a massive influx of users and new funds into the market. Many users are now waiting for a token that can break the mold in this bull market. Can PI take over from TRUMP to accomplish this task and lead countless aunties into the market? Or will it become the Top Signal of user and capital exhaustion? Let’s wait and see.
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