Pi Network (PI) fell 5.63% in the past 24 hours to $0.2283 after failing to hold key support at the 23.6% Fibonacci retracement level of $0.26. The token also slipped below its 7-day simple moving average at $0.248.
On-chain data shows that exchange supply surged to 423 million PI, up by 13 million week-on-week, meaning increased selling pressure.
Despite the short-term dip, the Pi Network team confirmed that several upgrades are on the way. The upcoming V23 Mainnet Protocol Upgrade, Smart Contracts Integration, and PI DEX (Decentralized Exchange) are expected to push the project toward full functionality.
The roadmap also includes token creation tools on the Pi Blockchain, enabling developers to launch their own tokens within the Pi ecosystem. These updates could position Pi as a major player in mobile-first decentralized finance once fully deployed.
Progress Toward Open Mainnet
Currently, Pi operates in the Enclosed Mainnet (Transitional) phase, launched in December 2021. Core infrastructure is now 100% complete, but the long-awaited Open Mainnet remains pending.
The blockchain runs on a modified Stellar Consensus Protocol with 5-second block times and Byzantine Fault Tolerance, offering speed and energy efficiency. Analysts say these features give Pi a strong technical foundation, though the multi-year delay raises questions about readiness and regulatory compliance.
Smart Contracts and Ecosystem Growth
Pi’s smart contract system is still in testnet, with 66% progress reported. Built using Rust and WebAssembly, it focuses on speed and security. Around 47 decentralized apps are already in development, alongside 200,000 active nodes and 47 million registered users.
The planned Pi DEX is halfway complete and will include automated market makers and liquidity pools. Developers see it as key to unlocking the project’s DeFi potential, once open trading is allowed.
User Growth Remains a Strength
With over 47 million registered users and 150,000 daily transactions, Pi Network continues to show strong community engagement. The wallet system, now 90% complete, supports mobile payments with minimal transaction fees.
However, most of Pi’s user base remains in the Asia-Pacific region, creating potential exposure to regulatory risks in those markets. Still, the sheer scale of users gives the network a foundation few emerging blockchains can match.
Market Sentiment and Price Predictions
The community remains divided about Pi’s short-term price direction. There are predictions of a rebound toward $0.30 as new updates roll out, while others warn that delays in mainnet launch and exchange listings could drag prices lower.
If the project meets its roadmap goals, especially with the mainnet, smart contracts, and DEX integration, a return to the $3 all-time high is possible in 2025.
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