What happened?
The mobile mining project Pi Network recently announced that the “Open Mainnet” will officially launch on February 20. Subsequently, the international exchange OKX also announced that it would list Pi Token trading simultaneously with the mainnet launch, sparking heated discussions among netizens.
Pi Network started in 2019, gaining attention with the highlight of “mining via mobile phones.” However, due to its promotional model overly relying on user referrals, as well as years of delays in launching the mainnet, and the Pi Token lacking substantial application scenarios, it has been labeled by netizens as “air garbage coin.”
Pi Token to be listed on OKX Exchange
In the cryptocurrency world, Pi Network has been a project of continuous attention and controversy due to its “mobile mining model” and claimed user base of tens of millions. Recently, with Pi Network announcing the imminent launch of its mainnet and the international exchange OKX announcing the listing of Pi Token trading, Pi Network has once again become the focus of community discussions.
OKX recently announced that it will list Pi Token on the day the mainnet goes live, which has drawn considerable interest from netizens. As OKX is one of the world’s well-known cryptocurrency exchanges, the listing of Pi Token on OKX will help enhance its visibility and liquidity, signifying that Pi Network has gained recognition from a mainstream trading platform, thus increasing people’s confidence in its future development.
Some supporters of Pi Network feel excited about the news of the mainnet launch and the listing on OKX; however, many skeptics still harbor doubts about Pi Network, referring to it as an “air coin” or a “scam.” What exactly is Pi Token?
The Operation Model of Pi Network
Pi Network was founded in 2019 by several Ph.D. students from Stanford University, aiming to make it easier for the general public to participate in cryptocurrency mining. Therefore, the biggest difference between Pi Network and other cryptocurrencies like Bitcoin lies in its mining method.
Mining for cryptocurrencies like Bitcoin often requires substantial electricity and computing power, as well as specialized mining equipment, making it difficult for everyday individuals to participate. In contrast, Pi Network employs a mining mechanism called the “Pi Consensus Protocol,” allowing users to mine simply through a mobile app without consuming significant electricity and computing resources.
The mining process in Pi Network is very straightforward; users only need to open the app once daily and click the lightning button 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, collectively maintaining network security. Members of the security circle mutually guarantee each other, forming a trust network that effectively prevents fake accounts and bots from participating in mining, thereby enhancing the security of Pi Network.
Furthermore, Pi Network places significant emphasis on user authenticity, introducing a KYC (Know Your Customer) verification mechanism, which requires users to submit identification documents to verify their identity’s authenticity. This helps prevent multiple accounts by a single person, ensuring that each Pi Token is mined by a real user. KYC verification is one of the crucial prerequisites for the mainnet launch, as only users who pass the KYC verification can transfer their mined Pi Tokens to the mainnet wallet.
Launch of Pi Network’s Mainnet
The launch of Pi Network’s mainnet can be described as an important milestone in the development of Pi Network, as it signifies that Pi Tokens will officially enter the circulation phase. After the mainnet launch, users will be able to use Pi Tokens for transactions, payments, and other activities within the Pi Network ecosystem. The mainnet’s rollout will occur in multiple phases, starting with the “Enclosed Mainnet,” followed by a gradual transition to the “Open Mainnet,” where Pi Tokens can be traded on public markets.
During the Enclosed Mainnet phase, the trading and circulation of Pi Tokens will be restricted, primarily for testing and refining the Pi Network ecosystem. However, the originally scheduled launch of the Open Mainnet in March or June 2022 has been delayed multiple times, leading to considerable dissatisfaction among users. According to an announcement from Pi Network yesterday (the 12th), the “Open Mainnet” is set to officially launch at 4:00 PM Taipei time on February 20.
Challenges and Controversies of Pi Network
Although Pi Network promotes mobile mining, claims to have tens of millions of users, and has announced the imminent launch of its mainnet alongside OKX’s listing of the token, it still faces skepticism and ridicule from many netizens, who label it as a “garbage air coin.”
The criticism of Pi Network primarily stems from its lack of transparency and tangible value. The years-long delay in launching the mainnet, coupled with the non-disclosure of the mining mechanism and consensus protocol details, along with Pi Tokens’ consistent lack of practical application scenarios and inability to trade on mainstream exchanges, has led many users to question the real value of the tokens mined with their phones and to struggle to assess the feasibility and security of its technology.
Moreover, its promotional model’s heavy reliance on user referrals has drawn comparisons to a “Ponzi scheme.” The official claims of a large user base also seem inconsistent with blockchain data showing the actual number of active users.
Pi Network also faces regulatory challenges. In 2022, Chinese state media warned investors to be cautious of the risks of Pi Tokens “draining vegetables” and classified it as an “air coin.” Additionally, authorities in Vietnam have launched an investigation into Pi Network, suspecting possible fraud. Le Trung Minh, deputy director of the Cybersecurity and High-Tech Crime Prevention Department of the Vietnamese Ministry of Public Security, stated that the operational models of virtual currencies like Pi Network are “extremely complex and unregulated,” pointing out that “no other business activities can generate such high profits in an online environment.”
Due to these factors, Pi Tokens have also been humorously dubbed as “the longest-living MLM coin,” and after OKX announced the listing of Pi Tokens, it once again shocked the cryptocurrency community. Cryptocurrency analyst Phyrex posted on social media platform X, exclaiming, “This world is just too magical,” tagging OKX CEO Xu Mingxing, saying, “If you are being kidnapped, please give me a signal.”
This world is just too magical; old Xu @star_okx, if you are being kidnapped, please give me a signal. This should be the longest-living MLM coin; it was brutally criticized when it logged onto Huobi, and now it has actually logged onto #OKX. I was not surprised by $Layer’s rise today; however, I truly cannot sleep over this. pic.twitter.com/1k88RU06uD— Phyrex (@Phyrex_Ni) February 12, 2025
Additionally, since most Pi Token holders are older individuals from China, many netizens are concerned that the launch of Pi Tokens will face significant selling pressure. It remains uncertain whether the older adults holding substantial funds can withstand this wave.
How to Withdraw Pi Tokens?
After Pi Tokens are listed on the exchange, most netizens are most concerned about “how to convert the tokens into New Taiwan Dollars (TWD)?”
Complete 8 Tasks
First, open Pi Network and complete the tasks on the mainnet checklist.
1. Download the Pi Browser.
2. Create a Pi Wallet.
3. Confirm the Pi Wallet.
4. Choose the duration and amount for staking.
5. Confirm the security of the Pi Network account.
6. Migrate the mined Pi Tokens to the mainnet.
7. Submit KYC information (Pi Tokens can only be received and transferred after passing KYC).
8. Wait for KYC verification results.
After completing steps 1-8, users will be automatically added to the migration queue. Once the official verification is passed, they can withdraw Pi Tokens.
Withdraw Pi Tokens and transfer to OKX
Once users have completed the tasks, they will see their personal balance in the pending withdrawal balance and 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 the announcement from OKX, Pi Tokens will be listed at 4:00 PM on February 20, 2025, at which point users can sell their Pi Tokens for the stablecoin USDT.
Withdraw USDT to a TWD exchange
In fact, after converting to stablecoins, users can use these funds for other cryptocurrency investments. However, if they wish to fully cash out and convert to New Taiwan Dollars, they must transfer the stablecoins to a TWD exchange account and select the USDT/TWD trading pair to exchange the stablecoins for New Taiwan Dollars.
This way, they can withdraw New Taiwan Dollars to their linked bank accounts. Additionally, withdrawing New Taiwan Dollars typically requires waiting a few business days, so users are advised to be patient and not rush.
References: tribune, ccn, e.vnexpress.