- Pi Network nears Protocol 23 rollout as most nodes upgrade while price stays under pressure.
- Over 18M users verified, but market weakness continues despite steady trading activity and volume.
- PI remains in a long downtrend, with lower highs signaling weak recovery despite ecosystem expansion.
Pi Network has moved closer to completing a major system upgrade after most Mainnet nodes shifted to Protocol 23 on May 20. The Pi Core Team confirmed the rollout in an update on X and said most operators have already completed the migration. The upgrade comes at a time when PI token prices remain weak in broader crypto trading.
The transition involves a full backend overhaul across the network. Besides moving from Protocol 22 to 23, operators also upgraded Ubuntu systems from version 20 to 24. The database layer also shifted from PostgreSQL 12 to PostgreSQL 16.
As a result, the team described the process as one of the most complex upgrades so far, citing deep system changes and large-scale data reprocessing.
Node Migration and System Upgrade Progress
The Pi Core Team said most nodes now run Protocol 23, leaving the network focused on stabilizing the remaining operators before full activation. The final rollout will complete once all nodes finish updating.
The upgrade follows earlier guidance that set a May 15 deadline for compliance. The team warned that nodes failing to update could lose connection to the mainnet. It also advised operators to back up system data before upgrading to avoid disruptions during the final sync phase.
Pi Network uses the Stellar Consensus Protocol instead of traditional mining. In this system, nodes validate transactions through trusted groups known as quorum slices. As a result, the network reaches agreement only when enough trusted nodes approve the data.
Ecosystem Expansion and KYC Scaling
Pi Network upgraded its identity verification system using AI-based KYC tools. The network said more than 18.1 million users have completed verification, while 16.7 million have migrated to the mainnet. However, some accounts remain under review pending additional checks.
The system uses liveness tests and manual verification to reduce duplicate accounts. Pi enforces a strict one-user-one-account rule to limit fraud risks and maintain fair distribution of rewards.
Users also support the network through security circles that build trust relationships across accounts. Additionally, participants can run lightweight nodes on personal computers, allowing broader participation in network validation.
Related: Bitget Unveils New Framework to Tighten Oversight on Listed Tokens and Market Makers
Market Pressure and Token Performance
Pi token extended its monthly decline, falling about 13% over the past 30 days. As of writing, according to Coingecko data, the price traded near $0.1507 after slipping from a recent high close to $0.19. The price now shows lower highs, which signals continued downward pressure across multiple sessions.
According to market data, the market capitalization of Pi is estimated at around $1.59 billion. Moreover, the daily volume of trades is over $14.6 million, indicating stable activity despite the downtrend.
The fully diluted valuation stands above $2.45 billion, while the total supply remains capped at 100 billion tokens. As a result, it is worth watching potential future token unlocks, which could influence price stability over time.
On a yearly basis, PI dropped from nearly $0.90 to around $0.15. Hence, earlier rallies failed to hold, and the market continues to struggle with sustained demand and a clear recovery trend.
Related: U.S. Treasury Yields Hit Multi-Year Highs as Inflation Pressure Intensifies
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