HTX Delists PI IOU as Pi Network Nears Mainnet; What Pioneers and Developers Must Do Next

HTX has delisted the PI IOU token, converting user holdings to USDT ahead of Pi Network’s mainnet launch on February 20, 2025. Pioneers should continue mining, complete KYC, and promote Pi adoption, while developers focus on enhancing and building applications. The success of the Open Network phase depends on active participation from both groups.

CONTENTS:

• HTX Delists PI IOU Token and Converts Holdings to USDT Ahead of Pi Network Mainnet Launch
• Key Actions for Pioneers and Developers During Pi Network’s Open Network Phase

HTX Delists PI IOU as Pi Network Nears Mainnet; What Pioneers and Developers Must Do Next

HTX Delists PI IOU Token and Converts Holdings to USDT Ahead of Pi Network Mainnet Launch

HTX has officially delisted the PI IOU token and converted users’ holdings into USDT ahead of Pi Network’s mainnet launch. Trading for the PI/USDT pair was halted on February 13, 2025, at 08:00 UTC, with conversions executed at a fixed rate of 1 PI = 61.28 USDT. The exchange initially listed PI as an IOU, a placeholder token rather than a fully functional mainnet version. Now, with the mainnet approaching, HTX has opted to discontinue the IOU version and credit users with USDT instead.

The platform has assured users that it will support the real PI token upon the successful launch of the mainnet, scheduled for February 20, 2025. Pi Network recently announced that it has surpassed 10.14 million mainnet migrations, exceeding its initial target. Despite ongoing skepticism about its legitimacy, the project aims to establish a functional ecosystem for PI token use.

While some exchanges, including OKX and Bitget, plan to list PI for spot trading, Bybit CEO Ben Zhou has openly dismissed the token. Despite mixed reactions, the PI IOU price has seen a modest increase of over 2% in the past 24 hours, though trading volume has declined by more than 26%.

Key Actions for Pioneers and Developers During Pi Network’s Open Network Phase

Pi Network will officially enter its Open Network phase on February 20, 2025, at 8:00 AM UTC, marking a crucial step toward establishing Pi as a utility-driven cryptocurrency. With 19 million identity-verified “Pioneers,” this transition allows users to connect with external networks, unlocking new growth opportunities for individuals and businesses.

Responsibilities for Pioneers:

Pioneers, as early adopters of Pi Network, play a key role in its expansion. Their main tasks include:

• Continuing to mine Pi despite the decreasing issuance rate, as their contributions influence mining speed and overall network stability.
• Engaging actively with Pi apps and utilizing Pi tokens for external transactions to enhance the token’s real-world usability.
• Encouraging businesses to accept Pi as a payment method, integrating it into daily commerce to boost adoption.
• Completing KYC verification and migrating to Mainnet if they haven’t already, ensuring full participation in the Open Network.

Responsibilities for Developers:

Developers are crucial in shaping the Open Network phase. Their key contributions include:

• Enhancing existing Mainnet applications by addressing user feedback and resolving post-launch issues.
• Building new applications that cater to real-world needs, further increasing Pi’s practical use cases.
• Encouraging businesses to incorporate Pi into their operations, demonstrating its viability as a functional cryptocurrency.

Conclusion:

The success of Pi Network’s Open Network phase relies on the combined efforts of Pioneers and developers. By actively contributing to the ecosystem, they help establish Pi as a widely accepted and reliable cryptocurrency.