What happened?
The mobile mining project Pi Network recently announced that its “Open Mainnet” will officially launch on February 20. Following this announcement, the international exchange OKX also declared that it would list Pi Token trading simultaneously with the mainnet launch, sparking widespread discussion among internet users.
Pi Network started in 2019, gaining attention with the highlight of “mobile mining.” However, it has been criticized for its promotional model, which overly relies on user referrals, alongside delays in the mainnet launch and a lack of substantial application scenarios for Pi Token, leading many to label it as “air trash coin.”
Pi Token to be listed on OKX exchange
In the cryptocurrency world, Pi Network has been a highly discussed and controversial project due to its “mobile mining model” and claims of millions of users. Recently, with Pi Network announcing the imminent launch of its mainnet and OKX announcing the listing of Pi Token, Pi Network has once again become a focal point of community discussion.
OKX recently announced that it will list Pi Token on the same day as the mainnet launch, generating considerable discussion among users. After all, OKX is one of the world’s well-known cryptocurrency exchanges, and listing Pi Token on OKX will help enhance its visibility and liquidity, representing a recognition from a mainstream trading platform and increasing confidence in its future development.
While some supporters of Pi Network feel excited about the mainnet launch and OKX’s listing, many skeptics remain doubtful, referring to it as “air coin” or a “scam.” What exactly is Pi Token?
Operation model of Pi Network
Pi Network was founded in 2019 by several PhD graduates from Stanford University, aiming to make cryptocurrency mining more accessible to the general public. Therefore, the biggest difference between Pi Network and other cryptocurrencies like Bitcoin lies in its mining method.
Mining for cryptocurrencies like Bitcoin often requires massive amounts of electricity and computing power, along with specialized mining equipment, making it difficult for the average person to participate. In contrast, Pi Network employs the “Pi Consensus Protocol” mining mechanism, allowing users to mine simply through a mobile app without needing to expend large amounts of electricity and computing power.
The mining process in Pi Network is very straightforward; users only need to open the app and click the lightning button once a day to start mining. To prevent malicious users or bots from participating in mining, Pi Network has implemented a “security circle” mechanism, requiring users to invite trusted members to join their security circle to jointly maintain network security. Members of the security circle provide mutual guarantees, forming a trust network that effectively prevents fake accounts and bots from participating in mining, thus enhancing the security of Pi Network.
Moreover, Pi Network places significant importance on user authenticity, introducing a KYC (Know Your Customer) verification mechanism that requires users to submit identification documents to validate their identity. This helps prevent the situation of multiple accounts being created by a single user, ensuring that each Pi Token is mined by real users. KYC verification is one of the crucial prerequisites for the mainnet launch, and only users who pass KYC verification will be able to transfer their mined Pi Tokens to the mainnet wallet.
Launch of Pi Network’s mainnet
The launch of Pi Network’s mainnet marks an important milestone in its development, as it signifies that Pi Token will officially enter the circulation phase. After the mainnet launch, users will be able to use Pi Token for transactions and payments within the Pi Network ecosystem. The mainnet rollout is divided into several stages, starting with a “closed mainnet” and then gradually transitioning to an “open mainnet” where Pi Token can be traded on the public market.
During the closed mainnet phase, trading and circulation of Pi Tokens will be restricted, primarily used for testing and refining the Pi Network ecosystem. However, the open mainnet, originally scheduled to launch in March or June 2022, has faced multiple delays, leading to considerable dissatisfaction among users. According to an announcement released by Pi Network yesterday (12th), the “Open Mainnet” will officially launch at 4 PM Taipei time on February 20.
Challenges and controversies surrounding Pi Network
Despite promoting mobile mining and claiming to have millions of users, as well as announcing the upcoming mainnet launch and OKX’s listing, Pi Network still faces skepticism and mockery from many online users, who refer to it as “garbage air coin.”
The criticism of Pi Network primarily stems from its lack of transparency and substantial value. With years of delays in the mainnet launch, the details of its mining mechanism and consensus protocol have not been publicly disclosed, and Pi Token has consistently lacked real application scenarios, unable to trade on mainstream exchanges, leading many users to doubt the actual value of the tokens they mined with their phones, as well as the feasibility and security of its technology.
Additionally, its promotional model excessively relies on user referrals, drawing comparisons to a “Ponzi scheme” style of marketing. The large user base claimed by the official team seems inconsistent with the actual number of active users shown in blockchain data.
Pi Network also faces regulatory challenges. In 2022, Chinese state media warned investors to be cautious of the risks of being “harvested” by Pi Token and labeled it as “air coin.” Furthermore, Vietnamese authorities have also launched an investigation into Pi Network, suspecting it of fraud. Le Trung Minh, deputy director of the Ministry of Public Security’s Cybersecurity and High-Tech Crime Prevention Department in Vietnam, stated that the operation of virtual currency models like Pi Network is “extremely complex and unregulated,” and noted that “no other commercial activities can generate such high profits in an online environment.”
Due to these various factors, Pi Token has been humorously referred to as “the longest-lived MLM coin,” and after OKX announced the listing of Pi Token, it once again shocked the cryptocurrency community.
Cryptocurrency analyst Phyrex posted on social platform X, expressing disbelief, “This world is too magical,” while tagging OKX CEO Xu Mingxing, saying, “If you are kidnapped, please give me a sign.”
This world is too magical. @star_okx if you are kidnapped, please give me a sign. This should be the longest-lived MLM coin, right? It was heavily criticized when it launched on Huobi, and now it is unexpectedly listed on #OKX. Today’s $Layer surge didn’t surprise me; but this thing really keeps me awake at night. pic.twitter.com/1k88RU06uD — Phyrex (@Phyrex_Ni) February 12, 2025
Additionally, since most Pi Token holders are older individuals from China, many users are concerned about the strong selling pressure Pi Token will face upon launch, wondering if elderly investors holding large amounts of funds will be able to withstand this wave.
How to withdraw Pi Tokens?
After Pi Token is listed on exchanges, most users are concerned about “how to exchange the tokens for New Taiwan Dollars (TWD).”
Complete eight major tasks:
1. Open Pi Network and complete the tasks on the mainnet checklist.
2. Download the Pi Browser.
3. Create a Pi Wallet.
4. Confirm the Pi Wallet.
5. Choose the lock-up duration and amount.
6. Confirm the security of the Pi Network account.
7. Migrate the mined Pi Tokens to the mainnet.
8. Submit KYC information (only after passing KYC can you receive and transfer Pi Tokens).
After completing steps 1-8, you will be automatically added to the migration queue, and once the official verification is completed, you can withdraw Pi Tokens.
Withdraw Pi Tokens and transfer them to OKX
After confirming that you have completed all tasks, your balance will be displayed in the pending withdrawal balance, and you can select the withdrawal function, entering the amount of Pi Tokens to withdraw.
Then choose OKX as the withdrawal address.
Exchange Pi Tokens for USDT
According to an announcement from OKX, Pi Tokens will be listed at 4 PM on February 20, 2025, at which point you will be able to sell your Pi Tokens for the stablecoin USD Tether (USDT).
Withdraw USDT to a TWD exchange
Once you have exchanged for a stablecoin, you can use these funds for other cryptocurrency investments. However, if you want to completely exit and convert to New Taiwan Dollars, you will need to transfer the stablecoins to a TWD exchange account and select the USDT/TWD trading pair to exchange the stablecoins back to New Taiwan Dollars.
This way, you can withdraw New Taiwan Dollars to your linked bank account. Additionally, withdrawing New Taiwan Dollars usually requires waiting a few business days, so please be patient and don’t rush.
References: tribune, ccn, e.vnexpress.