Pi Network expands to 47 million users! Mainnet upgrade brewing to reverse the fall trend.

Pi Network (PI) has fallen to $0.207, failing to maintain the support level of $0.26. Despite the short-term decline, the Pi Network team has confirmed that several upgrades are in progress. The upcoming V23 Mainnet protocol upgrade, smart contract integration, and PI DEX are expected to drive the project towards full functionality. With expansion to 47 million registered users, it continues to demonstrate strong community vitality.

Exchange supply surged by 13 million pieces, triggering selling pressure

(Source: CoinMarketCap)

Pi Network (PI) has fallen more than 10% in the past 24 hours, reaching $0.2078, failing to hold the key support level of $0.26 at the 23.6% Fibonacci retracement level. The token has also fallen below its 7-day simple moving average of $0.248. This technical double breakdown indicates that short-term momentum is weak and the market lacks sufficient buying pressure to support the price.

On-chain data shows that the exchange supply surged to 423 million PI, an increase of 13 million from last week, indicating an increase in selling pressure. The exchange supply is an important indicator of potential sell pressure. When users transfer tokens from personal wallets to exchanges, it usually means they are ready to sell. The increase of 13 million PI corresponds to an approximate 3% growth in exchange supply, and such a scale of supply increase exerts obvious pressure on prices in the short term.

The increase in supply may stem from several factors. First, the acceleration of KYC verification has enabled more users to unlock their PI and transfer it to exchanges. Second, the price retreating from recent highs may have triggered some holders to stop-loss or take profits. Third, disappointment over the Mainnet delay may have prompted some early supporters to choose to exit. Regardless of the reasons, the increase in supply pressure is a real challenge currently faced by the Pi Network.

From the price trend of Pi Network, the loss of 0.26 USD is an important technical signal. The Fibonacci retracement level is a widely used support and resistance indicator in technical analysis, and the 23.6% retracement level is usually a support for shallow corrections. Falling below this level indicates that the adjustment may deepen, with the next support level at the 38.2% retracement level of 0.20 USD. The breakdown of the 7-day moving average is also worth noting, as it shows that the short-term trend has turned downward, and technical selling pressure may continue.

V23 Mainnet smart contract and DEX triple upgrade imminent

Despite the recent short-term decline, the Pi Network team has confirmed that multiple upgrades are in progress. The upcoming V23 Mainnet protocol upgrade, smart contract integration, and PI DEX (decentralized exchange) are expected to drive the project towards full functionality. These three upgrades are critical steps for Pi Network to transition from a testing project to a fully functional blockchain platform.

The V23 Mainnet protocol upgrade will increase smart contract support, enhance scalability, and pave the way for the launch of decentralized applications and Pi DEX. Currently, Pi is operating on the closed Mainnet (transitional) phase launched in December 2021, and the core infrastructure is now 100% complete, but the long-awaited open mainnet remains pending. This blockchain operates based on an improved Stellar Consensus Protocol, with a block time of 5 seconds and employs a Byzantine Fault Tolerance mechanism, thereby ensuring both speed and energy efficiency.

The Pi smart contract system is currently still in the testnet phase, having completed 66%. The system is built using Rust and WebAssembly, focusing on speed and security. Currently, about 47 decentralized applications are under development. The launch of smart contracts will fundamentally change the possibilities of the Pi Network, expanding from a simple payment network to supporting various applications such as DeFi, NFTs, and games.

The planned Pi DEX is halfway completed and will include an automated market maker and liquidity pool. The developers believe that once trading is open, it will be key to unlocking the DeFi potential of the project. The launch of the DEX will enable PI holders to trade PI and other tokens in a decentralized environment without relying on centralized exchanges. This ability for decentralized trading is a hallmark feature of a complete blockchain ecosystem.

The roadmap also includes tools for creating tokens on the Pi blockchain, enabling developers to issue their own tokens within the Pi ecosystem. Once these updates are fully deployed, they are expected to make Pi a significant player in the mobile-first decentralized finance space. The token issuance tools will open up ICOs or token sales on the Pi Network, attracting more projects and funding into the ecosystem.

Pi Network Key Upgrade Progress

V23 Mainnet Protocol Upgrade: In preparation, will integrate smart contracts and enhance scalability.

Smart Contract System: 66% completed, Rust + WebAssembly, testnet running

Pi DEX: 50% completed, AMM + liquidity pool, decentralized trading core

Token Issuance Tool: In development, allows for the issuance of new tokens on the Pi chain.

Wallet System: 90% complete, supports mobile payments and low fees

Mainnet: To be determined, core infrastructure 100% but still not open

Duality of 47 million user scale

User growth remains a significant advantage for Pi Network. Pi Network has over 47 million registered users and a daily transaction volume of 150,000, continuously demonstrating strong community vitality. Currently, this wallet system is 90% complete, supports mobile payments, and has extremely low transaction fees. 47 million users is an astonishing number, surpassing the user base of most blockchain projects. In comparison, Ethereum has around 400,000 to 500,000 daily active addresses, while Solana has about 1 to 2 million. The scale of registered users for Pi Network is tens or even hundreds of times that of these mature public chains.

However, there is a huge difference between registered users and active users. Out of 47 million registered users, how many have completed KYC verification? How many actually hold and use PI? Although the daily trading volume of 150,000 is not low, relative to the 47 million user base, the activity level is only about 0.3%. This low activity level may reflect a large number of zombie accounts or users with insufficient confidence in the project.

However, most users of Pi are still concentrated in the Asia-Pacific region, which may expose it to regulatory risks in these markets. Nevertheless, the massive user base still lays a foundation that other emerging blockchains find difficult to reach. If Pi Network can successfully activate even 10% of its user base (4.7 million active users), its ecosystem activity will surpass that of most public chains. The key lies in the opening of the Mainnet, the launch of smart contracts, and the realization of practical application scenarios, which are necessary to convert registered users into active participants.

From the perspective of network effects, the 47 million user base is the largest moat for Pi Network. If a significant proportion of these users start using Pi Map for shopping, trading on Pi DEX, or engaging with dApps on the Pi blockchain, the network effects will amplify rapidly. With each additional active user, the value for other users also increases, creating a positive feedback loop. This potential is at the core of Pi Network's valuation logic and is the main reason investors are optimistic about its long-term prospects.

Feasibility Analysis of Returning to 3 USD in 2025

Regarding the short-term price trend of Pi Network, there are still differences within the community. Some predict that with the launch of the new version, the price will rebound to around $0.30; while others warn that delays in the Mainnet launch and exchange listings may lead to further price falls. If the project can achieve its roadmap targets, especially the Mainnet, smart contracts, and DEX integration, then by 2025, the price could potentially return to its historical high of $3.

A target of 3 dollars implies an increase of about 13 times from the current 0.228 dollars, which is not impossible in the crypto market, but requires multiple conditions to be met simultaneously. First, the opening of the Mainnet must be launched on schedule, which is the most basic prerequisite. The continuous delay of the closed Mainnet has severely undermined market confidence, and if there is another delay, the 3 dollar target will become out of reach.

Secondly, smart contracts and DEX must successfully go live and attract actual usage. It is not enough to simply launch features; developers need to build valuable applications on the Pi chain, and users must actually use these applications. If no one uses the smart contracts after they are launched, or if the DEX lacks liquidity, the value of these upgrades will be significantly diminished.

Third, support from mainstream exchanges is needed. If top exchanges list PI, it will bring huge liquidity and exposure. However, these exchanges have very strict listing standards, and Pi Network needs to prove its technical reliability, compliance, and actual demand.

Fourth, it is necessary to avoid large-scale token sell-offs. When more users complete KYC and unlock tokens, a sell-off wave may occur. If the market cannot absorb this selling pressure, the price will continue to be under pressure. The Pi Network needs to design a reasonable unlocking mechanism and incentive structure to encourage users to hold rather than sell immediately.

Finally, the overall cooperation of the cryptocurrency market is needed. If Bitcoin and Ethereum enter a new bull market in 2025, Pi Network, as an alternative coin, will benefit from the overall increase in liquidity. Conversely, if the market enters a bear market, even if Pi Network completes all upgrades, the price will find it difficult to strengthen on its own.

Analysts point out that these features provide a strong technical foundation for PI, but the years-long delay in release has raised concerns about its readiness and regulatory compliance. These concerns are justified, and Pi Network needs to rebuild market confidence through actual actions rather than promises. If the open Mainnet can be successfully launched and smart contracts go live in the first quarter of 2026, market sentiment may quickly reverse. However, if there are further delays, Pi Network may permanently lose market trust.