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The long-anticipated Pi network upgrade may finally be approaching reality, according to crypto analyst Dr. Altcoin, who revealed that the network’s Protocol 23 is currently active on the testnet and undergoing final testing. The update integrates Stellar Core v23.0.1, a key component designed to boost scalability, transaction speed, and overall stability.
Once the current phase of testing concludes successfully, the Pi Core Team plans to roll out Testnet 2, before deploying the full Pi network upgrade to the Mainnet. Based on the internal testing timeline, analysts expect the full Mainnet launch to occur by late Q4 2025 or early Q1 2026.
Dr. Altcoin, however, warned that delays are still possible. “The PiCoreTeam is known for doing things painfully slow but meticulously right,” he wrote in his post on X, suggesting that while slow, the team’s methodical approach could ensure a smoother, bug-free rollout of the Pi network upgrade.
The Protocol 23 release is one of the most ambitious technical overhauls for Pi since its inception in 2019, aiming to transition from a closed ecosystem to a fully decentralized blockchain network that can support DeFi applications and real-world tokenization projects.
This upgrade is crucial for Pi Network’s credibility, said Daniel Ahn, Blockchain Research Fellow at CoinDesk. Without a Mainnet launch soon, the project risks losing momentum among its 47 million users.
As part of the Pi network upgrade, developers have introduced two major testnet features which is a decentralized exchange (DEX) and an automated market maker (AMM) both designed to simulate DeFi functionalities such as token swaps and liquidity pooling in a controlled environment.
These testnet tools will enable users to experience real-time decentralized finance use cases while helping developers identify scalability challenges before the mainnet goes live. If the testing proves successful, the Pi DEX could evolve into one of the network’s flagship DeFi services upon full mainnet deployment.
The integration of the DEX and AMM into the Pi network upgrade reflects Pi’s attempt to compete with other blockchain ecosystems like Ethereum, BNB Chain, and Solana, which already offer mature DeFi infrastructures.
If Pi executes this correctly, it could become the first mobile-first blockchain with native DeFi support, said Luna Rahman, blockchain analyst at CryptoSlate. That could attract a new wave of non-traditional crypto users, especially from emerging markets.
The Pi Network, which initially gained attention for allowing users to mine coins through mobile devices, has been criticized for its slow transition to mainnet. Developers argue that the gradual rollout ensures strong compliance and network reliability.
Despite optimism surrounding the Pi network upgrade, the project faces mounting criticism from its global community after the Pi token price collapsed by over 90% from its peak of $2.99 earlier this year.
At the time of writing, Pi (PI) trades around $0.263, according to data from Crypto.news, down 12.3% in the past week alone. The token’s decline has ignited concerns of centralization and potential manipulation, with critics highlighting the Pi Core Team’s control over an estimated 90 billion tokens as a red flag for long-term sustainability.
Some users on Reddit’s Pi Network forum have even accused the team of “holding the project hostage” by delaying open mainnet access, leading to fears of a possible rug pull.
There’s a fine line between careful development and losing community trust, said Rachel Omondi, crypto market strategist at Cointelegraph. The Pi network upgrade could be the make-or-break moment for Pi’s legitimacy as a blockchain ecosystem.
Despite widespread skepticism, industry analysts say the successful completion of the Pi network upgrade could reinvigorate confidence among users and developers. A stable, scalable mainnet would open the door for new decentralized applications (dApps), token listings, and integrations with third-party wallets.
If the Protocol 23 deployment delivers on its promises of improved throughput and on-chain efficiency, it could position Pi as a viable player in the DeFi and Web3 economy particularly in regions where mobile-first blockchain solutions remain untapped.
Pi’s focus on accessibility has always been its strength, said Elias Oduor, Head of Research at Blockchain Africa. The Pi network upgrade could help the platform regain trust, attract developers, and compete more seriously in the global crypto space.
However, with the project’s reputation at stake and community patience wearing thin, the next few months will be critical. For millions of Pi users awaiting mainnet activation, Protocol 23 isn’t just a technical milestone as it’s a test of whether Pi can still deliver on its long-promised mission of financial empowerment through decentralized technology.
