The team behind the controversial crypto project Pi Network continues to release updates and announcements covering the ecosystem’s development.
PI’s price has attempted a rebound, but several signs point to the possibility of a larger correction ahead.
Recent Developments
Earlier this week, the Core Team announced that more than 18.1 million users have completed full KYC verification and that over 16.7 million Pioneers have migrated to Mainnet.
Pi Network stresses a core principle: one account equals one real person. The team argues this requirement helps maintain fair distribution of mining rewards and ensures settlements involve actual participants.
Still, many users report problems with the verification process on social platforms, with some claiming they have been waiting years to complete KYC.
Beyond KYC updates, Pi Network has advanced its protocol steadily. In February the team released protocol version 19.6, followed by upgrades to v19.9 and the awaited v20.2, which established groundwork for smart contract support.
At the start of the month, Pi Network announced migration to protocol v22, with v23 planned next. Some community members recently observed that the deadline for that upgrade was extended from May 15 to May 19.
High-Profile Recognition
Pi Network participated as a sponsor at the global crypto conference Consensus 2026, where co-founders Chengdiao Fan and Nicolas Kokkalis spoke on the main stage.
Chengdiao Fan highlighted how Pi Network’s infrastructure and its real-human identity approach can support meaningful products in the AI era. She contrasted that vision with projects that create tokens mainly for hype, emphasizing Pi’s focus on coins that encourage engagement and long-term value.
Nicolas Kokkalis addressed the rise of artificial intelligence and the growing challenge of verifying real human identity and trust as AI systems increasingly generate realistic bots, profiles, and interactions.
Price and Exchange Flows
Despite the technical progress and public exposure, PI’s market price remains below $0.20. At the time of writing, PI trades around $0.17 (CoinGecko), reflecting a roughly 6% decline over the past week.
At the same time, the volume of PI held on centralized exchanges has been growing, a trend that could amplify selling pressure. Data indicate centralized platforms now hold nearly 540 million PI tokens, with more than half held on Gate.io.
This shift from self-custody toward exchanges increases the pool of tokens available for immediate sale, a factor that market participants often view as a bearish signal for price stability in the near term.
In summary, Pi Network continues to make protocol and ecosystem progress while grappling with user verification complaints and market headwinds. The project’s long-term outlook will depend on adoption of Mainnet features, resolution of KYC concerns, and whether exchange inflows translate into sustained selling pressure or are absorbed by growing demand.