Background and Controversy of Pi Network
Pi Network launched in 2019 as a mobile mining blockchain project, touting zero energy consumption and no data usage. Users simply tap once daily to earn Pi coins. However, the project has been mired in controversy. In 2022, Chinese state media denounced Pi coins as 'air coins' and warned investors of potential losses. That same year, Vietnamese authorities launched a fraud investigation into Pi Network. Despite these challenges, the project amassed a large user base, particularly among middle-aged and elderly individuals in China.
Mainnet Timeline: From Enclosed to Open
Pi Network's mainnet rollout was divided into two phases. The 'Enclosed Network' launched in December 2021, allowing only basic operations like Pi Wallet and Pi Browser. The 'Open Network' was originally slated for March or June 2022 but faced repeated delays. On February 12, the team announced that the Open Network would finally go live at 8:00 AM UTC on February 20, with KYC verification required for participation. This news thrilled the 'Pioneers' who had been waiting for nearly three years.
Exchange Listing and Market Price Action
In response to the announcement, crypto exchange OKX immediately listed the Pi token (as an IOU), drawing criticism from industry figures. Analyst Phyrex Ni mocked the listing, questioning if OKX was being 'held hostage'. Earlier, Huobi had listed a Pi IOU token in 2022 without project authorization, widely considered a 'fake' token. According to CoinGecko, the Pi IOU token price surged to $95.17 on February 12, a 24-hour gain of 64.9%.
Polarized Community Reactions
The crypto community's response has been sharply divided. Some dismissed Pi as a 'scam coin', while others noted its millions of real users and thousands of nodes worldwide. Concerns emerged that elderly investors (often called 'aunties and uncles') might storm government offices if the token price crashes, given their low risk tolerance. Others speculated that the listing could inject liquidity into a sluggish market. The debate continues as Pi Network prepares for its long-awaited mainnet launch.