Grandpa and aunt's dream moment? "The King of MLM" PI mainnet enters countdown, OKX announces that it will be launched

The controversial Pi Network, often dubbed "The King of MLM," is set to launch its mainnet on February 20 after nearly six years of development, amid mixed reactions from the crypto community.
Founded in 2019 by Stanford alumni, Pi Network aimed to create a decentralized cryptocurrency accessible via mobile mining, amassing over 60 million users, with 19 million completing KYC.
OKX announced it will open Pi Network spot trading simultaneously with the mainnet launch, with specific timelines for deposits, bidding, and trading, though with initial trading restrictions.
PI has faced criticism as an "IQ tax" due to its pyramid-like marketing, exaggerated claims (e.g., "1 Pi = $200"), and regulatory scrutiny in countries like India and Vietnam, where it was flagged as a potential scam.
Despite skepticism, PI-inspired projects (e.g., piin, π, п) have gained traction in the crypto market, with some reaching multi-million-dollar valuations.
The launch raises questions: Will PI attract new retail investors like DOGE did in 2021, or will it signal market saturation and risk? The outcome remains uncertain.

Original | Odaily Planet Daily

Author: Nanzhi

After nearly six years, the "legendary project" Pi Network in the cryptocurrency circle finally announced that it will launch the mainnet on February 20. PI has been full of controversy since its inception, "one coin for one young model, two coins for a yacht", various pyramid schemes, fission routines and exaggerated slogans have made it have countless believers, and it is also regarded by many as an "IQ detector".

Today, OKX announced that it will open Pi Network spot trading at the same time as the Pi Network mainnet is open. Could it be that the aunts are really going to get rich this time?

Origin of PI coin

Pi Network was founded in 2019 by Nicolas Kokkalis, Chengdiao Fan and Vincent McPhillip, all of whom have Stanford backgrounds. Initially, it claimed to want to create a decentralized cryptocurrency for "inclusive finance". The core concept is to lower the threshold for participation in cryptocurrency and allow users to "mine" for free through mobile phone apps without the need for professional equipment and electricity consumption.

In the early stage of the project, users were quickly accumulated through invitation system and social fission, and the KYC process started in early 2022. As of the mainnet announcement, there were more than 60 million users, of which 19 million users had completed KYC and more than 10 million users had migrated to its mainnet.

OKX Spot

OKX's deposit, bidding and spot trading times are as follows

PI deposit opening time: February 12, 2025 10:45 am (UTC+8)
PI call auction time period: 3:00 pm to 4:00 pm on February 20, 2025 (UTC+8)
PI/USDT spot trading opening time: February 20, 2025, 4:00 pm (UTC+8), the same time as the launch of Pi Network's mainnet.

It is worth noting that market order transactions are not allowed in the first five minutes of spot trading, and the maximum limit order amount and the maximum position amount are both US$10,000.

The current circulating supply of PI coins is 6.041 billion, which is 65% of the current total supply of 9.294 billion.

IQ tester? A myth of getting rich overnight? Or the beginning of a new round of non-users entering the market?

The controversy over the true value of PI has never stopped since its birth. However, it is undeniable that the concept of PI≈strong promotion and fission has been deeply rooted in people's minds.

In addition to the Pi Network project itself, many other projects that borrowed the name of PI have created impressive records. In the second wave of inscriptions at the end of 2023, the market value of piin once exceeded 20 million US dollars, and the transaction volume in the OKX inscription market has long been in the top five. In the current inscription rankings, the market value of the two latest PI concept inscriptions, π and п, has reached 138 million US dollars and 16 million US dollars respectively.

At the same time, Pi Network was also being pursued and blocked for being involved in gray industries. CCTV once reported that Pi Network was a "typical pyramid scheme project", pointing out that its claimed high returns (such as "1 Pi = 200 US dollars") lacked actual support and might mislead investors. Police in India, Vietnam and other countries have also launched investigations into Pi Network, believing that its activities may involve illegal fundraising and pyramid schemes, and warned participants that they may face legal risks.

In 2021, DOGE led a huge number of users and incremental funds into the market. In this round of bull market, many users are also waiting for a token that breaks the circle. Can PI take over TRUMP to complete this task and lead countless aunts to enter the market? Or will it become a top signal of user and fund depletion? Let us wait and see.