Original | Odaily Planet Daily
Author | Nan Zhi
After nearly six years, the "legendary project" in the crypto world, Pi Network, has finally announced that it will launch its mainnet on February 20. From its inception, PI has been surrounded by controversy, with slogans like "one coin, one model" and "two coins for a yacht," along with various pyramid schemes and hype, leading to countless believers, while many others view it as an "IQ test."
Today, OKX announced that it will open Pi Network spot trading at the same time as the Pi Network mainnet launch. Could it be that this time, the aunties will really get rich?
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 fission, and began the KYC process in early 2022. As of the mainnet announcement, there are over 60 million users, with 19 million completing KYC and over 10 million migrating to its mainnet.
OKX Spot Trading
The deposit, auction, and spot trading times for OKX are as follows:
- PI deposit opening time: February 12, 2025, at 10:45 AM (UTC+8)
- PI 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 the Pi Network mainnet.
It is worth noting that market orders are not allowed in the first five minutes of spot trading, and both the maximum limit order amount and maximum position amount are set at $10,000.
The current circulating supply of PI coins is 6.041 billion, which is 65% of the total supply of 9.294 billion.
IQ Test? Myth of Sudden Wealth? Or the Beginning of a New Wave of External Users Entering the Market?
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 fission has taken root in people's minds.
In addition to the Pi Network project itself, many other projects leveraging the PI name have created impressive records. During 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, the market caps of the two latest PI concept inscriptions, π and п, have reached $138 million and $16 million, respectively.
At the same time, Pi Network has also faced scrutiny for its involvement in gray market activities. CCTV has 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 capital into the market. In this bull market, many users are also waiting for a token that can break the mold. Can PI take over from TRUMP to accomplish this task and lead countless aunties into the market? Or will it become a Top Signal of user and capital exhaustion? Let’s wait and see.
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