#Pcoin: Pi network launches officially, opens trading to CEX

Following years of delay, Pi Network has officially launched trading for external connections. On Thursday, at 08:00 AM UTC, the Open Mainnet went live, ending the enclosed Mainnet phase that began in December 2021. 

With the launch, Pi Coin can now be traded on major exchanges, marking a crucial turning point for over 10 million Pioneers (Pi Network community members) globally. After years of anticipation, users can finally migrate their mined Pi coins from the testnet to the mainnet, signifying the cryptocurrency’s transition into a tradable asset.

“Open Network has officially launched, marking a groundbreaking moment for all Pioneers! With external connectivity now enabled, Pioneers can engage in transactions beyond the Pi ecosystem, connect with KYB-verified businesses, and access new integrations like centralized exchanges.” Pi Network said via an X post. 

In line with the Open Network, the platform noted that users can now take advantage of Pi’s utilities-backed ecosystem and applications to interface with other compliant networks and systems.

This enables transactions beyond the Pi ecosystem by introducing more reach.

A major feature of the launch includes support for integrations with centralized exchanges (CEXs) which provides additional means of acquiring Pi for use in its ecosystem. Users can apply for KYB verification to access Pi Mainnet wallets and conduct transactions within the Pi ecosystem.

To this, Pi Network has implemented KYC (Know Your Customer) verification for Pioneers and KYB (Know Your Business) verification for businesses. Only KYB-verified businesses will be eligible to create individual non-custodial Mainnet Pi Wallets. This is to ensure security and compliance with its ecosystem structure.  

“With millions of KYC-verified Pioneers and a thriving utilities-driven ecosystem, Open Network expands available opportunities, which allows Pioneers to connect Pi with external systems for use in real-world applications like never before. Congratulations to the entire community for the collective efforts and work over the past 6 years that led us to this moment!” the platform noted. 

Also Read: Major CEX listings trigger massive crypto pump-and-dump cycles – Report.

Pi – major backings from exchanges

Before its launch, several centralized exchanges such as OKX, MEXC, Bitget, Bitrue, HTX, and BitMart confirmed their support for Pi Coin. Bitget also announced a $60,000 Pi airdrop pool for eligible users, which runs until 3 March. 

“Based on their engagement and exchange activities, different amounts of PI coins will be airdropped to users,” Bitget stated after listing Pi/USDT Futures on its platform, bolstering the market sentiment. BitMart is also offering a $3,000 USDT Pi giveaway to 300 selected users.

The MEXC exchange has also launched a pre-listing trading for the token, which has gained notable traction in the crypto market. OKX announced the spot trading of the PI/USDT pair on its platform just after its mainnet launch. 

On the other end, Binance has taken a different approach. The popular crypto exchange platform is planning a rare community vote to determine if Pi Network should be listed. The results are expected to be revealed on February 27.

HTX recently delisted Pi Network’s IoU (I owe You) token, contributing to a price drop of over 50 per cent. This IoU token was used by traders to speculate on Pi’s value before the official launch.

However, in celebration of Open Network, Pi Network announced it will launch an Open Network Challenge next week. This would allow Pioneers to learn more about Open Network and explore the ecosystem through interactive tasks and rewards on the platform.

In their own opinion, crypto experts have expressed that as Pi Open Network continues to evolve, it is likely to have a profound impact on the blockchain landscape. Pi Network’s mission is to create an inclusive, and widely adopted cryptocurrency.

Performance and price

Over time, the platform has witnessed a surge in its downloads. Pi Network has surpassed 110 million installations, with an average of 110,000 new downloads daily. The Economic Times News reported that more than 540,000 new users joined the network on Monday.

The app ranks fourth in the Social category on the Google Play Store after trailing only Facebook and Instagram. 

On social media, Pi Network has outpaced major blockchain networks, including Ethereum and BNB Chain, in follower count. Crypto analyst Kim H Wong noted, “Pi Network is quickly becoming one of the most discussed blockchain projects among top cryptocurrencies.”

These performances underscore the platform’s significant presence and engagement within the social media landscape. Notably, the surge in users has been driven by the growing anticipation surrounding its mainnet launch which has now marked its transition to full decentralization.

As it kick-starts its trading, the platform noted that only around 1 billion out of 9.7 billion tokens will be currently available. The remaining tokens will be locked in users’ wallets over the next months or years.

The PI Network price was around $1.3 during its mainnet launch but soon soared past $2, indicating massive demand from the investors. During writing time, the crypto exchange has slipped to $0.7963. The trading volume of the token soared to $118.86 million.

Though investors will be on tabs to capitalize as a price increase is anticipated considering the limited supply and restricted availability of tokens.