Deep Dive
1. DEX Launch (20–22 November 2025)
Overview: Pi Network plans to launch its native decentralized exchange (DEX) between November 20–22, 2025 (CoinMarketCap). This will introduce automated market maker (AMM) liquidity pools, allowing Pioneers to trade Pi and other assets peer-to-peer without intermediaries. The launch coincides with significant token releases, which could increase market volatility.
What this means: This is bullish for PI because it creates a foundational utility for the token within its own ecosystem, potentially increasing demand for trading and liquidity provision. However, it is bearish if the concurrent token unlocks lead to substantial selling pressure that outweighs new demand.
2. Protocol v23 Mainnet Upgrade (Q1 2026)
Overview: The network is testing the Protocol v23 upgrade, which implements Stellar Core v23.0.1, on its Testnet (Coinspeaker). The final mainnet rollout is anticipated in Q4 2025 or early Q1 2026. This upgrade aims to improve transaction efficiency, scalability, and smart contract capabilities, which are critical for supporting a growing dApp ecosystem.
What this means: This is bullish for PI because successful technical upgrades strengthen network fundamentals and enable more complex utilities, which could attract developers and users. The risk is that any delays or technical issues could dampen community confidence and prolong the enclosed network period.
3. Kraken Chain Integration Review (2026)
Overview: Kraken's public listings roadmap references Pi Network under its "Chains" section for 2026 (CoinMarketCap). This signals the exchange may review Pi's blockchain for node connectivity and custody readiness—a prerequisite infrastructure step. It does not guarantee a spot listing, which requires separate operational and legal approvals.
What this means: This is neutral for PI because roadmap visibility indicates growing institutional consideration, which is a positive signal. However, it is not a direct catalyst, and final listing decisions depend on factors like liquidity and regulatory compliance that remain uncertain.
4. Palm Print Authentication (Ongoing)
Overview: Pi Network has begun beta testing palm print authentication for user security (MEXC News). This biometric system is considered more secure than fingerprints and aligns with the project's focus on real human participation and compliance. The feature is part of ongoing efforts to enhance wallet security and user verification.
What this means: This is bullish for PI because advanced, user-friendly security can improve trust and pave the way for broader adoption, especially in regulated environments. It demonstrates the project's commitment to building robust, long-term infrastructure.
Conclusion
Pi Network's immediate path focuses on launching core financial infrastructure (DEX) and completing a major technical upgrade, setting the stage for greater utility in 2026. While exchange integration reviews are promising, the network's value will ultimately be driven by internal ecosystem growth and adoption. Will developer activity and real-world use cases accelerate faster than the market's focus on exchange listings?