It has been a busy period for Pi Network and its ecosystem, even though a key protocol update slated for completion nearly ten days ago remains incompletely implemented.
Token Performance and Protocol Updates
The native token recently experienced a downturn but has stabilized, currently trading around $0.15.
Protocol version 22 was released on May 1, continuing a series of upgrades that began in February with version 19.6. At the time, the Core Team behind the project announced that version 23 was scheduled for deployment by May 15. When that date passed, the community began to inquire about the update’s progress, with some anticipating it would be a “game-changer.”
The team’s first official communication regarding v23 came on May 20. They noted that “most major Nodes” had successfully upgraded, but the update was still in progress, proving to be “one of the most challenging” to date due to “multiple subsystem upgrades and optimizations that required internal data reprocessing.”
Ecosystem Developments
In the meantime, the Core Team outlined an ecosystem update aimed at “changing the equation for creators.” They stated that vibe coders and creators could leverage Pi Network’s 60 million user base by “easily bringing their external AI-created apps to Pi’s real distribution network and utility ecosystem through Pi App Studio.”
This new development allows even non-technical users to build products using platforms like Codex and Replit. The team has emphasized its goal of bridging the gap between app creation and the development of usable tools.
Additionally, Pi Network’s official X account issued a warning about a growing number of scammers impersonating the project’s co-founders, Nicolas Kokkalis and Dr. Chengdiao Fan. The post directed Pioneers to the verified accounts of the two co-founders, neither of which is highly active on X.
Separately, the Core Team used Dr. Fan’s speech at the 2026 Consensus conference in Miami to highlight a major issue within the crypto industry. They believe that most tokens launched by different projects lack utility and substance, primarily serving to raise capital without fostering product innovation.
Pi Network claims to have taken a different approach, treating its tokens as “tools that can support user acquisition, product engagement, and long-term utility.” Its latest product supporting this narrative is the Pi Launchpad, described as a tool for “ecosystem tokens and launch mechanisms that aim to help products acquire real users who engage, provide feedback, and use those tokens with actual product experiences.”
Market Impact
Amid these ongoing developments, and potentially influenced by the protocol update delay, the project’s native token experienced a significant decline in recent weeks. It fell from a local high of $0.175 (on May 13) to below $0.16 and then to a multi-month low of $0.145.
The token dropped out of the top 50 altcoins by market capitalization and remains there, even after recovering slightly to its current price of $0.15. Even positive news from OKX about PI becoming available in the US market for the first time failed to trigger a more substantial rebound, and the token is still down 13% over the past two weeks.
Some prominent members of Crypto X have commented on the asset’s recent performance, including Kien Trinh. They noted that PI has split 20 times (in terms of price movements), which could signal the “end of a beautiful love story.” Trinh added that Pi Network might have designed the perfect liquidity trap.
Leave a Reply