Pi Jumps After Network's Protocol 22 Upgrade as Traders Bet on What’s Next

Pi Network, which officially launched in March 2019, is a blockchain project that lets users “mine,” or earn PI, through a mobile app – unlike Bitcoin (BTC), which requires powerful computers. 

The token traded around $0.195, giving  Pi Network a  market cap of over $2bn, according to CoinGecko. Trading volume over the past 24 hours stands at roughly $38mn.

The price jump suggests traders are reacting to the upgrade being completed while also looking ahead to what comes next, analysts said. With Protocol 22 improving how the network runs, focus is already shifting to whether the next update can bring more activity and usage.

However, part of the day's market move is also likely market mechanics, according to Sammi Li, CEO of Ju.com, a cryptocurrency exchange and Web3 platform.

“What actually moved the price is the signal that the core team is still shipping code, ” Li said. “And honestly, some of this is just market makers on exchanges like HTX using the news to squeeze positions. So maybe 60% upgrade hype and 40% mechanical trading,” Li added. 

As of April 2026, PI primarily trades on centralized exchanges (CEXs) and has a total supply of 15.8bn. 

Protocol 22

The latest update is a technical upgrade, meaning it improves how the network runs behind the scenes. According to the Pi team, the update aims to help prepare the system for smart contracts – or programs that run on a blockchain and allow developers to build software without a middleman.

Pi Network is still developing towards a more decentralized system, but for now, nodes (which help validate transactions) are selected by the core team, rather than being fully open to anyone, according to a recent blog post. 

“Under the hood [Protocol 22] makes Pi [Network] more robust for dApps, better cross-contract calls, less congestion,” Li told Sandmark. “That matters for their ecosystem push down the road. But for an actual user trying to spend or withdraw Pi? Zero difference.”

Protocol 23

Perhaps more importantly, the next upgrade, Protocol 23, has been moved up to 11 May from 18 May. This update is expected to enable those smart contracts and allow developers to build apps, often called dApps (or decentralized apps), on Pi Network.

In a post on X, Pi Network community member drealfx (@okere_eberechi) said Protocol 23 could “open the door to real utility.”

Data from Pi Network’s block explorer shows ongoing transaction activity on its mainnet, though most transfers appear small. A large share of the token supply also remains locked.

“Pi has an enormous user base, tens of millions of pioneers,” Li said. “That’s latent demand, not realized demand. [It] could become real if they ever open mainnet and build legit partnerships, but today? No.”

Pi Network did not immediately respond to a request for comment from Sandmark.