It was an eventful week for Pi Network and its native token, driven largely by the completion of a recent protocol migration and the announcement of another upcoming upgrade.
Throughout that period PI experienced heightened volatility and largely failed to fully benefit from the broader crypto market rally over the past few days.
Protocol updates and developments
The protocol upgrade cycle kicked off in early May when the Pi Network team confirmed successful deployment of version 22. The announcement followed user reports on social platforms that the update had been applied. The team said the next migration would take place soon but initially provided limited details.
Shortly afterward, the team clarified that protocol version 23 is scheduled to be completed by May 15. Node operators were reminded to follow all required steps before the deadline, with warnings that nodes could be disconnected from the network if the necessary actions are not taken.
In parallel with protocol work, the Pi Core Team outlined how it blends human input with artificial intelligence to enhance the project’s capabilities. In a blog update, the team noted that while many organizations are increasingly relying on AI—sometimes reducing headcounts to cut costs—Pi aims to harness both AI and human contributions together.
The network continues to encourage its large user base to participate in validation and verification tasks alongside automated systems. According to the team, those combined efforts have produced significant results: over 526 million validation tasks completed by roughly one million verified participants.
“Unlike many other KYC tools, Pi’s KYC uniquely combines AI automation with the power of its massive distributed human workforce to accomplish accurate and efficient verification for over 18 million people in over 200 countries and regions. The over 18 million identity-verified people, in turn, may also further join the marketplace of such a workforce,” the team said.
PI price and token unlocks
PI’s market action was dramatic at the end of April. The token jumped from below $0.17 to a monthly high near $0.20, then faced a sharp rejection that pushed it back to its prior level within hours on April 29–30. After attempting to rebound, the token has traded around $0.18.
Those gains remain modest versus the broader crypto market, where Bitcoin reached a roughly three-month peak above $81,000 and some altcoins posted double-digit moves in recent days.
On-chain data from PiScan indicates the coming days could present selling pressure for PI holders: multiple large unlock events are scheduled, with four consecutive days showing over 10.5 million tokens becoming available. Such concentrated unlocks can create immediate supply pressure as long-waiting holders decide whether to sell.
Beyond those concentrated days, the average daily number of token unlocks is expected to decline to under 6 million, aside from a few brief increases over the next three weeks.