On September 17, Pi Network announced that more than 417,000 users, previously flagged as potential duplicate accounts, will be able to proceed with KYC verification after further evaluation. However, other identity checks still apply: the decision only removes one specific obstacle, not the completion of the entire procedure. Separately, Pi announced that it will release a fix within the next week for 497,000 users whose quick access wallets could not receive migration balances due to a lack of PI to pay the gas fee. These figures describe two technical issues and do not necessarily refer to two non-overlapping groups of people. Adding them up and claiming 914,000 new active users would go beyond what Pi has disclosed. As of September 29, the current market price of the PI token was about $0.09, but this figure cannot serve as a measure of demand for the application.
Pi Network stated that currently more than 60 million users are actively engaged in the project, of which approximately 16 million have already completed migration. These are different categories: audience reach, the number of users who have completed KYC, and the number of migrated users describe different groups. It is emphasized that KYC, migration, balance transfer, and payment in the application are separate stages with different requirements. Successful completion of KYC does not guarantee immediate access to PI, and the fix for 497,000 users requires them to have enough tokens to cover the gas fee. Pi Network emphasizes that simplifying access to wallets does not always mean an immediate increase in economic activity or demand for the token.
The issue of demand formation remains open. While access to tokens and the ability to use them becomes more transparent, the real demand and use of tokens can only be measured by analyzing users' completion of all necessary steps, including migration and active payments. As the most useful indicator, Pi suggests tracking the statistics of KYC completion, migration processes, and actual token usage in applications. If some users who gained access to KYC cannot migrate their balance or are not active in applications, this could negatively impact expectations for demand for PI tokens. Updates from the company on withdrawal and migration statuses leave open the question of the real numbers of users actually using the platform. To assess the growth in the number of active users, it is necessary to publish data on KYC and migration, as well as on repeat transactions. Currently, Pi Network has not disclosed how many of the 417,000 users have completed all necessary checks, the total amount of PI spent by these groups, and whether the cohorts overlap. Without this data, it is difficult to assess the real demand for the token.
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