Pi Network IOUs Surge 44% As Binance Polls Community on PI Listing

Binance, the world’s largest cryptocurrency exchange by trading volume, has launched a poll asking users whether it should list Pi Network. According to Binance, they are holding the poll following “vibrant discussions” within its community regarding Pi Network. 

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We want to hear from you! 🫵

Should $PI be launched on #Binance? Vote now on Binance Square and share your thoughts!

Cast your vote ➡️ https://t.co/gXvkN6nbqi pic.twitter.com/RZkCLdg8Yd

— Binance (@binance) February 17, 2025

Voting is accessible to users with verified Binance accounts who hold at least $5 worth of assets in their accounts during the voting period. The voting period is already open, and will end on February 27 at 23:59 UTC. This means that Binance won’t be listing PI as soon as possible, even if the community votes in favor and Binance decides to list the coin.

A listing on Binance would be a major win for Pi Network, as it would help ensure strong liquidity for PI and make the coin accessible to a huge userbase.

The highly anticipated Open Network phase of the Pi Network project is set to launch on February 20 at 08:00 AM UTC. Once it launches, Pi Network will have external connectivity, which means that PI will be available for trading on cryptocurrency exchanges. Multiple exchanges, including OKX, Bitget and MEXC, have already announced that they will be listing PI and offering trading services for the coin as soon as the Open Network phase goes live. 

PI IOUs Surge 44% as enthusiasm for Open Network launch builds

Some cryptocurrency exchanges have been offering PI trading for several years even though the coin itself is not yet live. These listings are referred to as IOUs (I owe you), as traders’ IOU balances will be exchanged with PI once the coins are available for trading. The exact terms of the IOU listings vary from exchange to exchange. 

In the last 24 hours, Pi IOUs have seen a 44% price increase as traders anticipate the launch of the Open Network on February 20.

However, users should exercise extreme caution when trading IOUs.

Even though the ability to speculate on a coin that has yet to launch can be helpful, IOUs don’t reflect the supply dynamics of the actual underlying coin and can therefore be significantly overpriced or underpriced. Currently, Pi IOUs appear to be extremely overpriced at $127, given that PI is expected to have a circulating supply of 6 billion coins at launch and has a total supply of 100 billion coins.

We can quickly see why Pi IOUs are overpriced with a quick calculation of what Pi Network’s market capitalization would be if 1 PI traded at $127. Keep in mind that the current total crypto market capitalization is $3.19 trillion and the market capitalization of Bitcoin is $1.89 trillion. 

• Implied PI market cap at 6 billion circulating supply: $762 billion 
• Implied PI market cap at 100 billion fully diluted supply: $12.7 trillion