Core

Launchpad

Record

<h2 id="record-exchange-supply-meets-a-critical-upgrade">Record Exchange Supply Meets a Critical Upgrade</h2>
<p>Pi Network is heading into one of its most consequential weeks since the open mainnet launch, and the supply picture is not making it easy. <cite>Nearly 540 million <a href="https://x.com/search?q=%24PI&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$PI</a> are now sitting on exchanges, signaling potential selling pressure</cite> at precisely the moment the network is trying to prove its utility credentials.</p>
<p><cite>Protocol 23 is the upgrade that introduces full smart contract functionality to the Pi blockchain, transforming the network from a mobile mining project into a programmable platform capable of supporting DeFi applications and real-world asset tokenisation.</cite><cite>The protocol went live on May 11, 2026, with a final operational deadline set for May 15, 2026.</cite> CoinMarketCap has since reported that <cite>the Pi Core Team extended the deadline for Mainnet nodes to complete the mandatory Protocol 23 upgrade from May 15 to May 19, 2026.</cite></p>
<p><cite>Five major protocol milestones across a 10-week window from May through late June 2026 represents the most infrastructure-dense period in Pi Network's history.</cite><cite>Protocol 23's smart contract upgrade will enable the Pi Launchpad Mainnet launch and Pi DEX integration, the real-world utility tools Pi's ecosystem has been building toward throughout 2026.</cite></p>
<h2 id="token-unlocks-add-to-the-pressure">Token Unlocks Add to the Pressure</h2>
<p>The technical progress arrives alongside a wave of new supply. <a href="https://x.com/PiCoreTeam" rel="noopener noreferrer nofollow">@PiCoreTeam</a> is unlocking over 200 million tokens worth more than $36 million this month alone, with a further 1.65 billion scheduled over the next 12 months. <cite>The platform will unlock over 1.65 billion tokens in the next 12 months, with an average monthly unlock of around 18.15 million tokens.</cite></p>
<p><cite>This trend, coupled with ongoing token unlocks, suggests increased availability for sale, coinciding with <a href="https://x.com/search?q=%24PI&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$PI</a>'s price struggling below $0.20. The growing exchange supply indicates that selling pressure may be outpacing organic demand, creating a headwind for <a href="https://x.com/search?q=%24PI&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$PI</a>'s price despite positive fundamental developments.</cite></p>
<p>The network does have scale on its side. <cite>Pi Network currently has 421,000 active Mainnet nodes and over 10 billion <a href="https://x.com/search?q=%24PI&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$PI</a> migrated to Mainnet.</cite><cite>Pi Network argues its 18 million verified users and 526 million completed KYC validation tasks give it a structural answer that pure code-based blockchains cannot replicate.</cite> Whether that community depth is enough to absorb the supply overhang as Protocol 23 goes live is the question the market is now asking.</p>
<p><a href="https://crypto.news/pi-network-launches-protocol-23-on-may-11/" rel="noopener noreferrer nofollow">crypto.news: Pi Network sets May 11 for Protocol 23, its first full smart contract launch</a> | <a href="https://coinmarketcap.com/cmc-ai/pi/latest-updates/" rel="noopener noreferrer nofollow">CoinMarketCap: Latest Pi Network News and Market Insights</a> | <a href="https://www.coingabbar.com/en/crypto-currency-news/pi-network-protocol-23-deadline-out-upgrade-or-lose-node-access" rel="noopener noreferrer nofollow">CoinGabbar: Pi Network Protocol 23 Upgrade Deadline</a></p>

Pi Network sits on 540M tokens on exchanges as Protocol 23 deadline closes in

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