Updates on Pi Network (PI) for October 28th

Pi Network has been experiencing a significant price decline after a brief rebound. In this article, we will delve into recent developments and market dynamics affecting the asset.

The Latest Update

Last month, the Pi Network team announced that they will upgrade the protocol from version v19 to v23. This new version aims to enhance the network’s functionality and integrate Know-Your-Customer (KYC) measures for better compliance.

As of October 28, multiple users on X have reported that the Testnet2 v23 has been activated. The next phase will focus on launching Mainnet v24 alongside Stellar integration.

The upgrade ensures that all network nodes are now on Protocol v23, enabling smart contracts and DeFi operations, while also introducing new governance features.

Is the Hackathon Over?

Another noteworthy development is the ongoing Pi Hackathon 2025, which was launched at the end of August to motivate participants to develop practical applications for the PI token with a prize pool of 160,000 coins for the best eight teams. The Hackathon was supposed to conclude on October 15, but no official updates have been released since.

PI Price Fluctuations

The PI token recently saw a significant increase, reaching nearly $0.30 by October 27, coinciding with a broader recovery in the cryptocurrency market. Yet, the situation has reversed, and the token is now trading around $0.23, down 7% today according to CoinGecko data.

Key market factors suggest that while some enthusiasts remain optimistic about future rallies, scheduled token unlocks exceeding 120 million in the next 30 days could generate increased selling pressure.

PI Token Unlocks Source: piscan.io

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