Pi Network moves toward mainnet launch! The V23 protocol and DEX are about to go live, aiming to challenge the $3 mark.

Pi Network has experienced a slight rebound to $0.2219, but selling pressure continues. The Pi team assures that a series of major upgrades are imminent, including the enhanced mainnet protocol V23, smart contract integration, and the launch of PI DEX. The project uses a modified Stellar consensus protocol and boasts 47 million registered users, 200,000 active nodes, and 47 dApps under development.

$423 Million Tokens Flooding Exchanges Signal Selling Pressure Warning

On-chain data shows that the supply of PI on exchanges has surged to 423 million tokens, an increase of about 13 million from the previous week, indicating mounting selling pressure. This supply growth is particularly significant within the Pi ecosystem because Pi is still in the closed mainnet phase, with strict restrictions on token transfers. The increase in exchange supply suggests that more early miners or insiders are unlocking and selling tokens.

The weekly increase of 13 million tokens accounts for roughly 3% of the total exchange supply. If this pace continues, it could exert ongoing downward pressure on the price. Even more concerning is the lack of clarity about the source of these tokens. Pi’s token unlock mechanisms and circulation rules lack transparency, leaving the community uncertain whether these tokens come from the team, early investors, or are flowing into the market through some undisclosed channels.

As of November 6, Pi’s price slightly rebounded to $0.2219, failing to hold the key support level at the 23.6% Fibonacci retracement of $0.26. Technically, breaking below $0.26 suggests that recent rebound momentum is insufficient, and the price may enter a deeper correction. The current price of $0.2219 has fallen 92.6% from its all-time high of $3. This kind of decline is common in crypto markets but remains severe for a project with 47 million users.

The vicious cycle of increasing exchange supply and falling prices is Pi Network’s biggest challenge. As more tokens flow into the market, supply increases, pushing prices down, which in turn triggers panic among holders, prompting more to transfer tokens to exchanges for sale. Breaking this cycle requires a strong demand catalyst, and upcoming technological upgrades could serve as such a catalyst.

V23 Protocol and Smart Contract Ecosystem Revolution

(Source: X)

Although short-term prices have dipped, the Pi team guarantees that a series of major upgrades are on the horizon. These include the mainnet protocol enhancement V23, smart contract integration, and the launch of PI DEX (decentralized exchange). All aim to enable the project to achieve full functionality. If successful, these upgrades could significantly improve Pi Network’s competitive position.

The smart contract system is currently in testing, with 66% progress. Built using Rust and WebAssembly, it emphasizes speed and security. Rust is known for memory safety, and WebAssembly offers near-native performance, ensuring efficient execution of smart contracts. Currently, about 47 dApps are under development, supported by over 200,000 active nodes and 47 million registered users.

The deployment of smart contracts will be a key milestone, transforming Pi from a simple value transfer network into a full-fledged smart contract platform. Developers will be able to build DeFi apps, NFT marketplaces, games, and other dApps on the Pi blockchain, creating real utility for PI tokens. The current sell-off mainly stems from a lack of practical use cases; once smart contracts go live, PI will shift from a speculative asset to an ecosystem fuel token.

Pi Network Major Upgrade Timeline

• V23 Protocol Enhancement: Underlying upgrade to improve network performance and security
• Smart Contract Integration: 66% complete, using Rust + WebAssembly
• PI DEX Launch: 50% complete, including AMM and liquidity pool features
• Token Creation Tool: Allows developers to issue custom tokens on Pi blockchain

The roadmap also includes a token creation tool based on the Pi blockchain, enabling developers to issue their own tokens within the Pi ecosystem. Similar to Ethereum’s ERC-20 or BSC’s BEP-20 standards, this tool will significantly lower the barrier to token issuance on Pi. Once launched, it could trigger explosive growth in ecosystem projects, each generating additional demand for PI tokens (for gas fees and transactions).

47 Million Users and Mobile DeFi Ambitions

User growth remains Pi Network’s biggest advantage. With over 47 million registered users and an average daily transaction volume of around 150,000, the community shows high engagement. This scale is rare among crypto projects, even surpassing many mainstream blockchain wallets. While registered users and active users differ, even at a 10% active rate, Pi would have 4.7 million active users—enough to support a thriving ecosystem.

The digital wallet system is nearly complete at 90%, supporting mobile payments with very low transaction fees. Pi aims to become a “mobile-first” DeFi platform, differentiating itself from other major chains that primarily serve desktop and professional traders. With billions of smartphone users worldwide, Pi’s simplified mobile experience and low entry barriers aim to capture this vast potential market.

However, most Pi users are concentrated in Asia-Pacific, which could pose regulatory risks. Countries like China, India, and Southeast Asian nations have vastly different and frequently changing crypto regulations. Stricter regulations in these regions could impact user activity and token circulation. Nonetheless, the large user base provides a rare foundation for a new blockchain project.

Pi uses a modified Stellar Consensus Protocol (SCP), with a 5-second block time and Byzantine fault tolerance, giving it speed and energy efficiency advantages. Compared to Bitcoin’s proof-of-work (about 10-minute blocks) and Ethereum’s proof-of-stake (about 12 seconds per block), Pi’s 5-second blocks enable faster transaction confirmation. Importantly, Stellar’s consensus doesn’t require heavy energy consumption, making Pi more suitable for running nodes on mobile devices.

Analysts see these features as a strong technical foundation, but years of delays have raised questions about regulatory readiness and compliance. Pi remains in the closed mainnet (transition phase) launched in December 2021. While core infrastructure is fully complete, the long-awaited open mainnet launch has not yet occurred. This ongoing delay is a major source of community dissatisfaction and continues to put downward pressure on the price.

Feasibility of Returning to $3 by 2025

Short-term, community opinions vary. Some are optimistic, believing that new updates could push the price back toward $0.30; others worry that delays in mainnet launch and exchange listings could lead to further declines. The current rebound from $0.2219 to $0.30 represents about a 35% upside—a conservative short-term target.

Looking ahead, if Pi successfully achieves its roadmap goals—mainnet launch, smart contract integration, and DEX deployment—the price could potentially return to its all-time high of $3 by 2025. This would mean a roughly 1,252% increase from current levels. While ambitious, it’s not impossible. Key conditions include a smooth mainnet launch supported by major exchanges, strong developer and liquidity engagement with smart contracts and DEX, and converting the large user base into active usage.

The development of PI DEX is halfway complete. The platform will feature AMM and liquidity pools. Developers believe that once trading opens, PI DEX will be crucial in unlocking Pi Network’s DeFi potential. An native DEX creates direct use cases for PI tokens—such as earning trading fees through liquidity provision, paying gas fees on DEX transactions, and potentially using fees for buybacks or token burns.