The biggest token unlock in the history of coin distribution! 189 million tokens dumped, can Palm ID hold the price?

Token Unlock Record: 189 million tokens unlocked in February, setting a new record; 134 million already unlocked in January. Pi Network has enabled Palm ID fingerprint verification to prevent fake accounts, with over 16 million users migrating to the mainnet. The community circulated news of a governance vote on March 22, but the official has not confirmed it. Pi faces a dual challenge of increasing supply and ecosystem development.

189 Million Token Unlocks Break Historical Record

(Source: PiScan)

Data shared by PiScan shows that February will see the largest token unlock to date, approximately 189 million 派幣 potentially entering circulation. Previously, about 134 million PI tokens were unlocked in January. The February unlock is about 41% higher than January, sparking market concerns over selling pressure. These tokens are part of a long-term plan from 2025 to 2027, designed to gradually increase supply and build genuine liquidity over time.

The logic behind this long-term plan is to avoid market shocks caused by large one-time unlocks. Pi chooses to release tokens in three phases over three years, theoretically giving the market time to absorb the new supply. However, the key question is whether absorption can keep pace with release. If ecosystem growth and actual usage are slow, while supply expands rapidly, it will inevitably lead to supply-demand imbalance and price suppression.

Nevertheless, recent token unlocks have exerted downward pressure on prices. The more tokens there are, the greater the risk of selling. Some users see this as a test, believing Pi’s utility must grow enough to match the increased supply. Currently, Pi has over 15 million migrated users and more than 200 applications. This unlock will test whether market demand can sustain the supply increase.

The 15 million migrated users and 200+ applications are key ecosystem data points. Migration to the mainnet indicates these users have completed KYC verification and hold real, tradable tokens. However, this number is still small compared to Pi’s claimed tens of millions of registered users. Most registered users’ tokens remain locked, awaiting KYC completion and mainnet migration. If these users gradually complete migration, supply pressure will further increase.

Over 200 applications demonstrate Pi’s practical utility. They cover payments, gaming, social media, and more, providing real use cases for Pi. However, data on daily active users and transaction volume for these apps has not been disclosed, making it hard to assess actual economic activity. If these applications are merely showcase projects without real usage, Pi’s demand side may struggle to absorb the growing supply.

Palm ID Fingerprint Verification Enhances KYC Security

The Pi team has begun testing fingerprint authentication. This feature adds an extra layer of security to the KYC process, ensuring each account belongs to a real user and helping prevent fake or duplicate accounts. The system uses biometric “liveness detection,” meaning it can verify if the user is physically present, rather than relying on static photos or videos to deceive.

Currently, only a small subset of users can see this feature, which will appear during mainnet migration. The goal is simple: Pi aims to strengthen identity verification without compromising user privacy. This is a follow-up to the earlier facial verification tool. As more users migrate to the mainnet, these tools will collectively enhance network security.

Palm ID fingerprint verification offers higher security than facial recognition. Fingerprints have highly complex, lifelong patterns, making forgery much harder than with facial features. Liveness detection prevents users from fooling the system with photos or silicone gloves. This multi-layer biometric system is a key defense against Sybil attacks.

Sybil attacks are a common threat in blockchain networks, where attackers create numerous fake identities to manipulate votes, obtain airdrops, or influence consensus. For Pi, which emphasizes “one person, one account” fairness, preventing Sybil attacks is critical. If fake accounts are not effectively identified and excluded, genuine users’ interests will be diluted, and the project’s reputation could collapse.

Many users see Palm ID as a sign of Pi’s progress, indicating the project is building core systems and aligning with long-term plans for a verifiable Web3 economy. However, some express privacy concerns over biometric data. Pi Network needs to balance security and privacy, ensuring biometric data is stored securely in encrypted form and not misused.

March Governance Vote Rumors Await Official Confirmation

Another post claims that Pi will hold a governance vote starting March 22, 2026, lasting seven days, inviting users to participate in future decision-making. However, this information does not come from the core team but from a community account. Pi Network has not yet confirmed this schedule. The community is discussing governance voting, reflecting user interest in participating in project decisions.

Some users are skeptical about the timing. March 22 is just over a month away; if a vote were truly planned, official channels should have begun publicity and preparations. Currently, no official announcements have been made, casting doubt on the credibility of this date. Others believe it aligns with Pi’s goal of giving users more control. Governance votes are crucial, as they influence project direction, token release, ecosystem fund use, and technical upgrades.

Until an official announcement is made, this remains unconfirmed. For now, it mainly indicates community concern rather than confirmed action. If implemented, governance voting would involve key issues like token release pace, ecosystem fund allocation, and technical upgrades—decisions that will directly impact Pi’s future development and token value.

Three Key Developments in Pi for February

189 million tokens unlocked: Largest supply release ever, testing market absorption

Palm ID testing launched: Fingerprint verification enhances KYC security, prevents Sybil attacks

March governance vote rumors: Community discussion but unconfirmed by official, showing user engagement

Can Pi Ecosystem Handle Supply Pressure?

These updates point to a transitional phase. Palm ID reflects a focus on trust and security, while governance discussions suggest future user control. Token unlocks serve as a real test of market strength. Currently, only the fingerprint verification is officially announced; the governance schedule remains unconfirmed, and recent unlock data comes from third-party tracking tools.

Pi appears to be preparing its infrastructure—developing advanced identity tools like Palm ID to streamline KYC, unlocking tokens, and gradually moving toward a more open system. In the coming months, the ecosystem’s readiness for full decentralization may become clearer.

The key question is whether utility growth can keep pace with supply expansion. Unlocking 189 million tokens (about 14% of current circulating supply of approximately 13.4 billion) means more tokens in circulation. If holders choose to sell immediately, and actual demand (application usage, payments) cannot absorb the new supply, prices could face significant downward pressure.

From a technical perspective, the launch of Palm ID shows the team is actively iterating products. This is a positive sign for a project often criticized for slow progress. However, whether technological advances translate into market confidence remains to be seen. Many crypto projects have strong tech but fail due to poor tokenomics or marketing.

From a user engagement standpoint, the discussion around governance voting indicates an active community. A vibrant community often adds resilience, as members are both users and promoters. However, community activity does not always correlate with token value—many projects with passionate communities still fail if they cannot generate real economic value.