It has been an eventful period for Pi Network and its wider ecosystem, despite the fact that a major protocol update scheduled nearly ten days ago has not yet been fully implemented.
The native token fell sharply recently but managed to stabilize and is trading near $0.15.
Delayed New Update
Protocol version 22 was released on May 1, continuing a series of upgrades that began in February with version 19.6. At that time, the project’s Core Team announced that the next planned release, version 23, was expected to be deployed by May 15. When that date passed without a full rollout, community members began to ask for progress updates, with some describing the pending upgrade as potentially “game-changing.”
The Core Team’s first official comment about v23 arrived on May 20. They reported that “most major Nodes” had successfully upgraded, but said the update was still being finalized. According to the team, v23 proved to be one of the most complex upgrades to date because it required multiple subsystem improvements and internal data reprocessing.
While work on v23 continues, the Core Team also announced a separate ecosystem update aimed at creators. They outlined a plan for developers and creators to leverage Pi Network’s 60 million-user base by bringing externally created AI apps into Pi’s distribution network and utility ecosystem through Pi App Studio.
That initiative, which enables even non-technical creators to build products using platforms like Codex and Replit, is part of the team’s push to shorten the distance between app creation and real-world utility—making it easier to turn ideas into usable tools for Pi users.
Security Warning and Problem Solving
Pi Network’s official account issued a warning about a growing number of scammers impersonating the project’s co-founders, Nicolas Kokkalis and Dr. Chengdiao Fan. The message directed Pioneers to verify the co-founders’ official accounts, noting that neither account is particularly active.
Separately, the Core Team used Dr. Fan’s presentation at the 2026 Consensus conference in Miami to highlight a broader industry problem: many tokens launched by projects lack real utility and primarily serve as capital-raising instruments rather than as components of meaningful products.
Pi Network says it has pursued a different approach by positioning tokens as tools to support user acquisition, product engagement, and long-term utility. The Pi Launchpad is the latest product supporting that narrative; the team describes it as a mechanism for ecosystem tokens and launches designed to help products acquire real users who engage with the product, provide feedback, and use tokens within actual product experiences.
PI Price Update
Amid these developments—and possibly influenced by the delayed protocol update—Pi’s native token experienced a significant decline over the past two weeks. The price fell from a local high of $0.175 on May 13 to below $0.16 and then reached a multi-month low near $0.145.
The token slipped out of the top 50 altcoins by market capitalization. Although it has recovered some value and currently trades around $0.15, broader bullish announcements—such as the news that PI would be available on OKX in the U.S. market—failed to produce a stronger rebound. Over the past two weeks the token remains down roughly 13%.
Commentary from prominent members of the crypto community has been mixed. Some observers have noted that PI’s price has experienced a series of sharp moves that resemble multiple splits in market behavior, and some suggest the project may have unintentionally created a challenging liquidity dynamic for holders and traders.