What’s Hiding in Pi Network’s Exchange Reserves? Over 370M Pi & Counting

Following Pi2Day, Pi Network highlights significant progress, yet questions emerge about the rising volume of Pi coins flowing into exchanges.

This trend signals potential sell pressure and raises questions about the network’s long-term liquidity strategy.

On June 28, Pi Network marked Pi2Day by highlighting progress across its ecosystem. The Pi App Studio now lets anyone build AI apps and chatbots without needing coding experience, opening creative tools to a wider audience.

Meanwhile, the Ecosystem Directory Staking feature allows users to support Pi apps they find useful by staking Pi tokens, encouraging more active participation in the platform’s growth.

The network also made technical strides. Recent backend upgrades enabled over 500,000 more users to migrate to the mainnet. At the same time, Pi Network announced a way for users to acquire Pi with fiat currency through integrated on-ramp services and extended its custom .pi domain sales. These updates make it easier for developers to launch and share their apps with more users.

However, while Pi Network celebrates growth on the development side, questions are emerging around its token dynamics, among other ongoing concerns.

This article explains how Pi Network’s exchange reserves are growing even as most users remain locked out of their tokens. It breaks down what token unlocking means for pioneers, and why the gap between circulating supply and actual access is raising questions about transparency, fairness, and control.

Understanding Pi Network’s Unique Approach and Its Current State

Pi Network’s model centers on mobile mining, aiming to let users earn tokens without expensive equipment. 

However, even after Pi2Day, and the official launch of the open mainnet, most users still cannot move or trade their Pi. 

Some exchanges listed Pi as unofficial tokens known as IOUs (short for “I owe you”), representing a promise to deliver real Pi later. 

Others, such as Bitget, and after the Pi Network’s open mainnet launch, allowed users to trade actual mainnet Pi tokens directly connected to the Pi blockchain, enabling deposits and withdrawals. However, major exchanges like Binance and Coinbase have not listed Pi as of July 2025.

Mainnet Pi tokens are not fully usable for all intended purposes. While Pi Network has enabled payments within its own decentralized applications (dApps) ecosystem, including some use cases like mobile phone top-ups or limited merchant integrations, these features remain restricted to the closed environment.

Developers continue building apps, but those apps remain locked inside the Pi ecosystem and unconnected to other blockchains. 

Additionally, ongoing technical issues have left many waiting to unlock their Pi coin balances. 

With over 370 million Pi now showing up on exchanges and balances growing steadily, many are asking where this Pi is coming from and who controls it.

Some pioneers have emphasized concerns about the disparity between Pi’s total circulating supply and the amount accessible or tradeable externally. 

In March 2025, there were 6.77 billion Pi in circulation, but 5.1 billion Pi remained locked, and 244 million Pi were held on centralized exchanges (CEX). Dr Altcoin raised it on X, pointing out that 75% of Pi was still locked.

The latest July figures show that exchange balances have surged to over 370 million Pi, signaling growing sell-side pressure. The community has reacted.

‘Unlocking Pi Tokens:’ What Does It Mean for Pioneers?

Unlocking Pi tokens was one of the most anticipated steps for users who had mined Pi through the mobile app. The process began with Know Your Customer (KYC), which users must complete to verify their identity. Without passing KYC, pioneers cannot move their mined Pi to the mainnet.

After completing KYC, pioneers can link their Pi Wallet and begin the mainnet migration. This step allows them to transfer their tokens from the in-app balance to the real blockchain. 

But not all tokens are unlocked at once. Only a portion becomes immediately available. The rest remains locked under a vesting schedule based on how active and consistent the user was in mining and contributing to the network.

So, even after KYC and migration, users must wait as the remaining tokens unlock over time. 

Many saw this process as slow and uneven, especially as technical issues delayed KYC access for millions. For those still stuck in the queue, their Pi remains unusable, fueling frustration as exchange balances grow but individual access remains limited.

What Pi Exchange Reserves Mean for Pioneers

The rise in Pi exchange reserves means more tokens are entering public markets, yet most users still cannot access or trade their own Pi due to problems, such as two-factor authentication (2FA), missing balances, and ongoing KYC and general technical issues. 

This disconnect has led to confusion and concern across the community. While some Pi is reaching exchanges, the question is who are the pioneers holding it.

For regular users, this creates a two-tiered system:

• Limited access: Most users are still waiting for KYC approval, leaving their mined Pi locked and unusable.
• Growing exchange balances: Over 370 million Pi is now held on exchanges, yet this volume is not reflected in users’ available wallets.
• Transparency gap: With no clear explanation of where the exchange-held Pi is coming from, users are left questioning who controls the supply.

As a result, there are doubts about fairness and decentralization in the current Pi ecosystem.

Some believe waiting might be the only way forward.

Pi Network Token Unlock Timeline 

Encouragement remains central to the community. The Pi Network’s token unlock schedule is a pivotal aspect of its growth strategy, designed to enhance liquidity and foster real-world utility. 

The following timeline outlines key token unlock events from March 2025 through December 2027, highlighting the network’s phased approach to circulating supply expansion.

A recent post from an account portraying Dr. Chengdiao Fan highlighted the team’s ongoing efforts to scale migration and build real utility. 

The message encourages pioneers to focus on long-term development rather than short-term token price or trading activity. Whether pioneers hold for long enough remains to be seen. 

Conclusion

The Pi Network continues to expand its ecosystem with tools like the Pi App Studio and Ecosystem Directory Staking. It also made technical progress by migrating over 500,000 users and launching on-ramp options. These developments were highlighted during Pi2Day, marking a new phase in the project’s growth.

At the same time, more than 370 million Pi tokens have appeared on exchanges, prompting serious questions about transparency and fairness. 

While many users remain stuck waiting for KYC, a separate group moves tokens freely. This divide is growing as technical issues and delays prevent most from accessing what they mined.

The lack of clarity about who controls tradable Pi coins adds pressure to the project’s credibility. As users demand answers, the network faces a key challenge: balancing development milestones with trust and access for its pioneers.

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About the Author

Dr. Lorena Nessi

Dr. Lorena Nessi is an award-winning journalist and media technology expert with 15 years of experience in digital culture and communication. Based in Oxfordshire, UK, she combines academic insight with hands-on media practice.

She holds a PhD in Communication, Sociology, and Digital Cultures, and an MA in Globalization, Identity, and Technology.

Lorena has taught at Fairleigh Dickinson University, Nottingham Trent University, and the University of Oxford. She is a former producer for the BBC in London, with additional experience creating television content in Mexico and Japan.

Her research focuses on digital cultures, social media, technology, capitalism, and the societal impact of blockchain innovation.

She has written extensively on digital media and emerging technologies, with her work featured in both academic and media platforms. Her Web3 expertise explores how blockchain technologies shape culture, economics, and decentralized systems.

Outside of work, Lorena enjoys reading science fiction, playing strategic board games, traveling, and chasing adventures that get her heart racing. A perfect day ends with a relaxing spa and a good family meal.

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