
ALT Within the Pi-centric DEX, Pi is the common base asset and reference unit of value. Ecosystem tokens are exchanged in TOKEN/Pi pairs, so their exchange values are expressed in Pi. This role is distinct from Pi’s external CEX price, which fluctuates through supply and demand against other assets. CEX pricing and Pi’s function inside the DEX are separate economic matters. The AMM applies x·y=k to the two reserves in each TOKEN/Pi pool to calculate the token’s exchange rate in Pi. Pi’s reserve participates mathematically, but that does not mean the AMM discovers, calculates, or establishes Pi’s own value or price. The pool determines the token/Pi exchange relationship; it does not price Pi. **Pi is the base reference—not an asset whose value is discovered by the DEX.**Pi is Pi: value as the ecosystem's common base asset, not a price discovered by the DEX.





































