Pi Network Pioneers Push ‘Buyback’ to Drain 417M Tokens

Pi Network pioneers have initiated a major buyback campaign to remove $Pi tokens from centralized exchanges (CEX). According to community sources, 417 million $Pi tokens currently sit on exchanges. It forms the key supply that influences the market price. The campaign encourages users to withdraw $Pi from exchanges into personal wallets. 

By shrinking available supply on CEX platforms, pioneers aim to create a supply crunch. This is potentially driving the token price upward. Organizers compare the move to the GameStop short squeeze. It is highlighting the collective power of community action.

Community Mobilization and Market Impact

The buyback plan relies on the participation of Pi Network massive user base. Currently, the network reports 17 million KYC verified users. Including 70 million active pioneers and 10 million newly onboarded members. Even if a small fraction participates, withdrawing modest amounts of $Pi could significantly reduce CEX supply. As one community post explains, although 8 billion $Pi tokens are in circulation. Around 5 billion are locked, leaving 3 billion in wallets. 

Of that, only 417 million remain on exchanges. It highlights the potential impact of this initiative. The campaign relies on basic supply and demand principles. Reducing the available supply can increase scarcity. This may push the market price higher. Community members are enthusiastic. They are sharing strategies for participating and promoting the initiative on social media. Analysts see the movement as a first of its kind decentralized buyback in the crypto space.

Mainnet Ecosystem Gains Momentum

The Pi Network ecosystem is growing rapidly. Over 210 DApps are already live on the mainnet. With 23,000 more projects under development in Pi Studio. This expansion demonstrates the network’s ability to attract developers and support innovation at scale. The Pi DEX, set to launch soon, will allow pioneers to trade $Pi directly on-chain. It is using liquidity pools and automated market making (AMM) tools. 

Users who provide liquidity will earn trading fees, creating additional incentives to support the ecosystem. The mainnet launch and DEX introduction are expected to increase liquidity demand, complementing the buyback effort. By removing tokens from CEXs and encouraging on-chain participation. Pi Network pioneers hope to strengthen the decentralized Pi economy.

Looking Ahead: DeFi and Token Utility

The buyback campaign marks the first significant market-moving initiative led by Pi Network pioneers. By actively managing token distribution. The community is demonstrating its role in shaping the network’s financial landscape. Experts note that such moves could enhance token utility in DeFi applications. Including swaps, staking, and liquidity provision. As more pioneers participate, the initiative may set a precedent for community driven market interventions in crypto projects.

With mainnet activities ramping up and DeFi tools becoming available. The Pi Network community is preparing for a new phase of growth and innovation. Early adopters and active pioneers are positioning themselves to benefit from token price appreciation and ecosystem rewards. As the network transitions from experimental to fully operational. The buyback campaign, combined with upcoming DEX liquidity and vibrant development. It signals that Pi Network is entering a decisive stage in its evolution. Where community action and decentralized finance converge.