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#PI Pi Wallet is a native coin, and after transferring from the wallet to the exchange, it becomes a Token. Their values are also different. You can check the introduction in KOSASIH's tweet; KOSASIH is one of the developers from the Nicholas team. The dual system he developed is still in testing and will soon be pushed to the market. These merchants can connect to the dual system through the SDK port, and its price is executed by smart contracts.
Users of the migration coin should not transfer your coins to the exchange at will; the coins in the wallet and those in the exchange have dual value.