PI · years of mined balances are unlocking into the market, with nothing to soak them up.
PI is the token of Pi Network, its own mobile-mined mainnet — ~10.9B circulating of a 100B hard cap, with more than 58B still held off-market by Pioneers waiting to migrate.
Sell pressure. Unlocking lockups and new migrations add about 585M PI to the live float over the next 90 days — the last 90 days ran near 786M.
Buy pressure. Zero. No buyback, no fee burn — nothing removes PI from supply.
Net. About +5.4% to market over the next 90 days — supply heading up hard, among the most inflationary assets we cover.
Fresh mining is now a trickle. After five halvings the base rate sits near 0.0029 pi an hour, and newly-mined Pi lands in locked or not-yet-migrated balances first, so it adds almost nothing to the live, tradable float inside the window. The supply that actually reaches the market is the unlock engine below, not new mining.
This is the whole story. Migrated Pi releases on individual lockup schedules at roughly a 6.5M-a-day pace, and freshly KYC-verified Pioneers keep moving dormant app-mined balances onto mainnet — together adding about 585M PI to the live float over the next 90 days. Around 103M is scheduled to unlock in July, easing from the heavier spring migration wave that pushed the last 90 days to about 786M.
No evidence of a discretionary Core Team release beyond the ongoing schedule — monitored. The overhang here is large but sits still: roughly 20B PI in the Core Team allocation (20% of the 100B cap) plus more than 58B in not-yet-migrated Pioneer balances, which is the reservoir that feeds the unlock row above rather than a separate dump.
No bankruptcy estate or court-ordered distribution applies to Pi. Supply is hard-capped at 100B, and voluntary Pi Lock-ups are user-chosen mining boosts that are already accounted for inside the unlock schedule.
There is no revenue-funded buyback. Nothing in the protocol purchases PI back from the market.
Pi does not burn a base fee. Transaction fees on the Stellar-Consensus chain are negligible and are not destroyed, so nothing is removed from supply.
No discretionary open-market buying programme — monitored.
No new multi-year protocol lock or escrow was announced in the window. Voluntary Pi Lock-ups are user mining-boosts, not a supply sink, and are already netted inside the unlock schedule.
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