Frank Talk For a long time the Pi Core Team founder has been visualizing how to adopt what value! Where to adopt it from other than from the Pi Blockchain? Which and at what value deserves the adoption? What is/are the supporting fact/s that can back up that certain value such as GCV or other/s, if any, so that Pi Core Team can confidently proceed to adopt that value that will not create issue later? What is/are the procedure/s for the adoption that is/are within the confine of the SEC regulatory requirement/s? Now what is the right that is legally built value to be adopted? Other than the massive 20 million plus GCV micro-transactions data recorded on the Pi Blockchain, any other legally built value the can compete with GCV? What is certain is Pi Core Team can't simply plug a value from the thin air or from no where! Hence, the value must be originated from the Pi holder community, the pioneers and of which the legally built value must be from the Pi Network official platform, i.e., none other than the Pi Blockchain, where in the GCV has proven its legal and qualified status. #Picommunity #PiGCV #Picoin #PiNetwork @nkokkalis @Chengdiao @PiCoreTeam @mrbhenderson

GCV IS NOT JUST A NUMBER - IT IS THE ECONOMIC FOUNDATION THAT PIONEERS ARE BUILDING Mr. Mario Bustamante makes three powerful observations: 1. "When Pi Network says Pi is the common base of the DEX, that's GCV. 2. When PiFest shows microtransactions with Pi, that's GCV. 3. When Pi Network builds an ecosystem where Pi is the unit of account, that's GCV." I believe these statements deserve deeper examination because they point toward the fundamental purpose of Pi Network: building an independent, utility-driven digital economy in which Pi becomes the common currency. 1. THE PI-CENTRIC DEX - ESTABLISHING THE MONETARY FOUNDATION Pi Network has officially designed its Testnet DEX around Pi-denominated trading pairs. TOKEN A/Pi TOKEN B/Pi TOKEN C/Pi This is significant. Instead of requiring every ecosystem token to be valued directly against USDT, Pi serves as the common reference for trading. A token's exchange value can be expressed in Pi, and the relative exchange values of different tokens can be calculated through their Pi pairs. This is the beginning of a Pi-centric financial architecture. But we must distinguish the unit of account from its purchasing power. Making Pi the common base does not automatically fix its value. The economic value of Pi must still be supported by real demand, utility, liquidity, and acceptance. 2. PIFEST - WHERE PI ACQUIRES REAL ECONOMIC MEANING Important Note: #PiFest transactions has been based on GCV despite the fact that Pi Core Team did not touch on the GCV benchmark which reason was due to the SEC's regulation. Consider a Pioneer who purchases a meal, a household product, or a professional service using Pi. The merchant supplies something of economic value. The Pioneer transfers Pi in exchange. This is more than a blockchain transaction. It is the practical demonstration of Pi functioning as money. When thousands of merchants and Pioneers voluntarily exchange goods and services using Pi, they begin creating observable evidence of Pi's purchasing power. This is precisely where the GCV movement can contribute. The GCV community seeks to coordinate a shared understanding of Pi's purchasing power through actual economic participation, not merely speculation on cryptocurrency exchanges. However, transactions at different valuations do not automatically establish one universal GCV rate. A credible common benchmark requires broad, sustained, voluntary acceptance. 3. PI AS THE UNIT OF ACCOUNT - BUILDING AN ECONOMY THAT THINKS IN PI Imagine a future Pi marketplace where merchants routinely display: A cup of coffee: 0.00001 Pi A restaurant meal: 0.0001 Pi A household appliance: 0.002 Pi A property: 1 Pi These are hypothetical illustrations, not verified market prices but it has been used in the #PiFest and all the transactions by the pioneer communities worldwide, all of which transactions have totaled up more that 20 millions data in the Pi Blockchain. The important point is that goods and services would be quoted directly in Pi. When buyers and sellers can calculate, negotiate, save, invest, and settle obligations in Pi, the currency begins developing its own economic identity. That is the deeper ambition of a Pi-centric economy. 4. WHERE DOES GCV FIT INTO THIS ARCHITECTURE? The GCV community's proposed benchmark of 1 Pi = US$314,159 is a voluntary valuation convention. It is not an officially established Pi Core Team exchange rate. Yet the broader economic idea behind GCV deserves consideration. A currency becomes useful when people agree to accept it in exchange for things they value. Its purchasing power becomes more credible when merchants can replenish inventory, pay suppliers, compensate workers, and conduct repeat business using that same currency. This is the difference between an isolated barter transaction and a sustainable monetary economy. The real challenge for GCV is therefore not simply persuading Pioneers to quote a particular number. It is building a sufficiently deep and interconnected commercial economy capable of sustaining the purchasing power represented by that benchmark. 5. THE ROLE OF CENTRALIZED EXCHANGES External exchanges such as OKX and Kraken quote Pi against currencies such as USDT. Those markets reflect the buying and selling decisions of their participants. But an external trading price does not measure every dimension of Pi Network's utility, community, infrastructure, or commercial potential. 1. Equally, we cannot assume external exchange prices have no influence on internal purchasing power. 2. Where Pi can move between markets, arbitrage, merchant conversion needs, and opportunity costs can connect the two. Note 1: The challenge is to develop an ecosystem where Pi's usefulness grows beyond speculative trading. Note 2: When the DEX is well established, universally accepted by the world, highly probable that the Pi on the CEX will be completely irrelevant. 6. THE ULTIMATE TEST OF GCV IS SUSTAINABILITY The future of GCV depends on more than community conviction. It depends on whether merchants can remain profitable, whether Pioneers can consistently obtain useful goods and services, whether developers can generate revenue, and whether Pi can circulate repeatedly through the economy. A currency cannot build lasting purchasing power through declarations alone. It requires productive activity, confidence, commercial acceptance, and sustainable exchange. MY CONCLUSION Mr. Bustamante's three observations identify important building blocks of the economic vision supported by GCV advocates. The Pi-centric DEX provides a common trading denomination. #PiFest demonstrates practical exchange of goods and services. The wider ecosystem creates opportunities for Pi to function as a currency. And the GCV movement seeks to establish a shared purchasing-power convention through voluntary community participation. These developments are connected, although they are not economically identical. GCV will achieve its greatest credibility not when everyone repeats 314159, but when a sufficiently large, productive, and sustainable economy demonstrates the purchasing power that the community claims for Pi. The future of Pi should be measured not only by what traders will pay for it, but also by what people can reliably produce, purchase, and exchange with it. > Pi's strongest foundation is real utility. > GCV's strongest argument must be real economic evidence. #Picommunity #PiNetwork #PiGCV #PiDEX #PiFest #PiEconomy #PiCommerce #GlobalConsensusValue @mrbhenderson @PiCoreTeam

What is a Tokenized Asset? A tokenized asset is a real or digital asset whose rights or economic interests are represented by a blockchain token. For example, suppose you own a house worth 1 Pi. There are two very different transactions: Ordinary sale for Pi: House → Buyer 1 Pi → Seller The house was sold using Pi, but it was not tokenized. Pi is simply the payment/currency. Tokenized property: House/legal interest → represented by PROPERTY TOKEN PROPERTY TOKEN <> Pi Here, a blockchain token might represent ownership, fractional ownership, income rights, or another legally defined interest in the property. The token can potentially be transferred or traded subject to smart-contract rules and applicable property/securities law. So Pi does not become a tokenized asset when somebody buys your land with Pi. Pi remains Pi. The land or rights associated with the land are what could be tokenized. Why Pi's recent architecture is interesting? I think the larger picture is important, but we should distinguish what Pi has officially built from what could eventually be built on top of it. Pi's official roadmap now contains several pieces that fit together remarkably well: 1. Identity → KYC/KYB Pi spent 7 years establishing an identity-verified network. Pi has explicitly said this was part of preparing the network for real-world assets and production processes. minepi.com/blog/pi-linux-nod… Protocol upgrades have also moved KYC enforcement closer to the blockchain protocol itself, with the possibility of assigning KYC authority to other trusted entities. Pi specifically compared this direction with emerging identity/compliance standards for tokenized assets. minepi.com/blog/pi-day-2026/ This matters enormously for real-world asset tokenization because a property transaction often cannot simply say: Wallet ABC owns the land. Authorities, lawyers, banks and registries need to know who ABC is and whether that person or company is legally permitted to own or transact in the asset. 2. Smart contracts → programmable ownership and transactions Pi's Protocol 20 upgrade established the technical foundation for smart contracts. Pi specifically identified NFTs, escrow and marketplace transactions among the functionality this could support. Pi Network In April 2026 Pi then released its first smart-contract capability on Testnet, initially focusing on subscriptions. minepi.com/blog/dex-amm-toke… That gradual approach is significant. Smart contracts are the machinery needed for more sophisticated tokenization. For property, eventually you could conceptually have: Buyer deposits Pi → escrow contract Ownership conditions verified Property token transfers → buyer Pi releases → seller The legal land-title transfer would still have to comply with the jurisdiction's land-registration laws. A blockchain token cannot automatically replace a government land registry merely because somebody creates the token. 3. Token creation → representing economic assets Pi officially enabled token creation on Testnet alongside DEX and AMM functionality in September 2025. Pi says its approach is intended to connect tokens with real utility rather than pure speculation. Pi Network Then Pi introduced the Launchpad for ecosystem tokens, again starting on Testnet before Mainnet deployment. minepi.com/blog/pi-launchpad… This creates the technological pathway whereby something economically meaningful could eventually be represented by a token. Imagine, for example, a project owns a commercial building worth 10,000 Pi. Instead of selling the whole building, a legally structured entity could theoretically issue: A-PROPERTY-01 with: 1 building = 1,000,000 GP01 tokens Each token could represent a defined economic interest - for example, a fractional interest in the property-owning company or a contractual share of rental income. Then the interesting part begins. 4. Pi-focused DEX → tokenized assets can potentially be expressed in Pi Pi officially reorganized its Testnet DEX around Pi-denominated pairs, with Pi serving as the common base asset. Pi describes this as a Pi-centric DEX design and says the approach remains experimental and subject to change. minepi.com/blog/dex-amm-upda… Therefore, conceptually: PROPERTY-A/Pi PROPERTY-B/Pi BUSINESS-TOKEN/Pi APP-TOKEN/Pi Instead of necessarily: PROPERTY-A/USDT That distinction connects directly with the Pi-centric economy we have been discussing. Pi isn't necessarily the asset being tokenized. Pi becomes the asset against which the tokenized economic interest could be exchanged or denominated. That is a much more precise description. Put the architecture together You can think of what Pi has been assembling like this: KYC/KYB identity ↓ Who is legally participating? Token infrastructure ↓ What digital asset/right is being represented? Smart contracts ↓ What rules govern ownership, escrow, payments and transfers? DEX + AMM ↓ How can ecosystem tokens be exchanged and obtain liquidity? Pi-denominated pairs ↓ What common asset denominates those exchanges? Pi ↓ Common base asset within the experimental Pi-centric DEX architecture. And Pi has gone another step: Protocol v25 added cryptographic capabilities for privacy-preserving smart contracts and proofs - for example, proving that someone meets an identity/eligibility condition without exposing all of their underlying personal information. minepi.com/blog/v25-menu-red… That is potentially useful for regulated tokenized assets. A-property example: Suppose eventually A-property: There could theoretically be several completely different arrangements: Arrangement Tokenized? Sell a shop for 0.5 Pi No Rent a shop and tenant pays Pi monthly No Sell land and receive 10 Pi No Issue a blockchain token representing ownership/economic rights in a shop Yes Issue 100,000 tokens representing fractional economic rights in a commercial property Yes Issue tokens representing defined rights to rental income Yes potentially NFT representing a contractual property right> Tokenzied: Potentially, depending on legal structure. And then: Trading that property token against Pi = a tokenized asset operating within a Pi-denominated market. What about P27/P28? There is one point where I would be careful. The official material I found documents Pi's staged protocol progression—v19 → v20 → v21 and later v25 - and the capabilities being added along the way. I would not yet state as established fact that "P27/P28 = real-estate tokenization." Pi has not officially announced that equation in the sources I found. Protocol 20 provided the smart-contract foundation; subsequent upgrades and Testnet releases have progressively expanded those capabilities. minepi.com/blog/rpc-server/ But your broader observation is reasonable: Pi appears to be assembling many of the infrastructure layers that a tokenized real-world economy would require: verified identity, programmable smart contracts, token issuance, escrow/NFT capability, DEX/AMM infrastructure, Pi-denominated liquidity, and privacy-preserving verification. That does not prove that Pi will tokenize land titles or that every RWA will trade against Pi. But technologically, these pieces make substantially more sophisticated asset-tokenization applications possible. And that could eventually be much bigger than simply "buying a house with Pi." The more transformative model would be: Real-world assets → legally structured digital tokens → smart-contract controlled → verified participants → denominated/traded/settled in Pi. That is an architecture for a Pi-centered digital asset economy, rather than merely using Pi as another cryptocurrency payment method. Pi's official DEX, AMM and token-creation announcement: minepi.com/blog/dex-amm-toke… Pi's official smart-contract roadmap and Protocol 20 explanation: minepi.com/blog/pi-day-2026/ #Picommunity #PiGCV #Picoin #PiNewtwork @mrbhenderson @PiCoreTeam

A currency like the USD has never come with two value because it can't work with 2 different value: it's conflicting each other. Same will be for Picoin: Only 1 value > Either it is the CEX 0.080 or the DEX's community ecosystem value the GCV. Note: 1. The CEX is not Decentralized, hence, it is out! 2. So the last man standing in line with the Pi White Paper is the DEX. Period! #Picommunity #PiGCV #Picoin #PiNetwork @PiCoreTeam @mrbhenderson

Right on point: "Users in the Pi Network ecosystem scheme are the pioneers of GCV; they are the ones who have always used the token against goods and services, whereas the rest have dedicated themselves to buying and selling at speculative market prices." #Picommunity #PiGCV @picoreteam @mrbhenderson

"If the project starts putting Pi/USDT pairs on the DEX and there's arbitrage between CEXs and DEX, then yeah, we're back to the same old shit and the price will keep being just a few cents, and in that case, I'm the first one to sell all my Pi to hell, let them go fuck themselves with the utility and all that crap." ----- This crap will not happen because @nkokkalis is a visionary and a wise man. #Picommunity #PiGCV

OUSD could become an important financial bridge for the Pi ecosystem, but we must distinguish between an actual integration agreement and what is technically possible. The five possibilities identified represent a potential progression from wallet integration to international payments. However, the critical question is whether OUSD will operate alongside Pi as a settlement asset or whether it will influence Pi's internal valuation. For the GCV community, this distinction is particularly important. A dollar-linked stablecoin could facilitate payments without necessarily becoming the benchmark for Pi's purchasing power. 1. What has actually been announced? On September 30, 2026, Pi Network announced its partnership with Open Standard to explore Pioneer rewards and broader OUSD utility within the Pi ecosystem. However, no detailed technical integration, rollout schedule or reward structure has been confirmed. orbitwatch.app/en/updates/ev… OUSD itself is already operational. According to Open Standard, it supports Ethereum, Solana, Base and Tempo, with payment and settlement infrastructure offered through major financial technology providers. Pi is not yet listed among its native blockchains. joinopenstandard.com/blog/ou… 2. My assessment of the five possible integrations The partnership explicitly identifies rewards as an area to explore. Eligibility, reward amounts and payment assets remain unknown. A). OUSD → Pioneer rewards Most directly supported Developers could introduce OUSD payments, subscriptions or incentives, initially through external payment infrastructure. B). OUSD → Pi Apps Plausible next step Direct support would require compatible asset issuance, integration or bridging infrastructure, alongside appropriate security measures. C). OUSD → Pi Wallet Technically possible Merchants could accept Pi from customers while optionally settling invoices in OUSD, provided conversion liquidity and compliant payment services exist. D). OUSD → Merchant settlement Commercially attractive OUSD already targets international payments. Connecting that infrastructure to Pi would require additional agreements, conversion facilities and regulatory compliance. E). OUSD → Cross-border settlement Longer-term opportunity These are assessments of possible developments, not confirmed implementation commitments. 3. How Pi and OUSD could work together Illustrative architecture Pi Economy (Commerce, applications and Pioneer transactions) → Optional conversion and settlement layer (Liquidity providers, payment services and regulatory compliance) → OUSD (Dollar-linked settlement and international payment infrastructure) Consider an international merchant selling merchandise through a Pi application. The merchant could display a price in Pi and receive Pi from a Pioneer. An independent settlement provider could then convert the payment into OUSD, allowing the merchant to receive a dollar-linked asset. This arrangement would allow Pi to function as the customer's payment currency while OUSD serves as an optional settlement instrument. However, conversion would still require an exchange rate between Pi and OUSD. That rate would introduce an external dollar-linked reference, even if the original transaction were denominated in Pi. 4. What does this mean for GCV? This partnership neither confirms nor invalidates GCV. A Pi-centric DEX can express token prices in Pi, but that arrangement alone cannot establish a fixed purchasing power for Pi or prevent external exchange prices from influencing commerce. GCV could remain a voluntary community pricing convention. For it to function reliably alongside OUSD, participating merchants would need sustainable pricing, sufficient liquidity and clear arrangements for handling differences between community valuations and external exchange rates. The most promising possibility is a system in which Pi supports everyday economic activity while OUSD provides optional international payment infrastructure. My expectation: Pioneer rewards and application-level experiments are the most logical developments to watch first. Direct Pi Wallet support and cross-border settlement would represent much more substantial integration milestones. The decisive announcement to watch for is not simply OUSD appearing in the Pi ecosystem but: It is an official explanation of how Pi-to-OUSD conversion, liquidity, merchant settlement and Pioneer rewards will actually operate. #Picommunity #PiGCV #Picoin #PiNetwork