On February 20, 2025, it was officially announced that the Pi Network open network will finally be launched. This news is attracting significant attention in the cryptocurrency market and blockchain industry. This article provides a detailed explanation of this important announcement and the related movements of the HTX exchange.
HTX Exchange Movements and Market Reaction
HTX Exchange announced on February 13, 2025, that it would halt trading of Pi Network related tokens (IOU tokens) and convert them to USDT for holders. This measure is aimed at ensuring safety and responding to the mainnet launch. Specifically, holders’ assets will be converted at a fixed rate of 1 Pi = 61.28 USDT.
Announcement article by htx
https://www.htx.com.cm/support/84993738626361
「HTX plans to quickly list the new token and launch spot trading services after the Pi Network mainnet launch.」
Positive Views
Some market participants view this move as positive news. HTX’s plan to quickly list the official token after the mainnet launch is expected to enhance the project’s credibility. Furthermore, the price setting of 「1 Pi = 61.28 USDT」 is an attractive condition for many Pioneers.
Concerns and Criticisms
On the other hand, there are also critical voices regarding this decision. Some point out concerns about delays in the Pi Network roadmap and its reliability. In particular, since IOU tokens had 「virtual value」, some argue that halting their trading raises questions about the overall transparency and legitimacy of the project. Additionally, as HTX itself has experienced security issues and fund outflow incidents in the past (e.g., a fund outflow equivalent to 256 million USD), some investors have doubts about the exchange’s reliability.
Furthermore, some experts are warning about the risk of price volatility and panic selling in the market, citing the resemblance of the Pi Network’s growth model to multi-level marketing (MLM) and the large number of inexperienced investors.
Summary and Future Outlook
Pi Network is bringing a new wave to the cryptocurrency industry with its innovative approach. The upcoming open network launch and HTX exchange’s response will further expand its potential. However, alongside positive expectations, concerns also exist in the market, and it is necessary to carefully monitor future developments.
In particular, in Japan, collaboration with existing platforms like LINE is progressing, raising expectations for new revenue models and community formation. We will also be paying attention to how these factors will affect the market.
※This article is based on information published as of February 15, 2025.