Pi Coin Trades Below Eight Cents Following Protocol 28 Upgrade

Pi Network's scheduled Mainnet transition to Protocol 28 has passed, but the token price remains below eight cents, according to CryptoNews. PI traded near $0.0786 on October 23, accompanied by approximately $3.1 million in reported 24-hour volume and a market capitalization near $888 million.

Network Transition and Node Status

Pi asked Mainnet node operators to move to Protocol 28 by October 13 ahead of an October 16 activation. However, the project's official node page continues to describe the upgrade as in progress rather than providing a network-wide completion report. Historical data from CoinGecko shows the October 16 close at $0.080503, dropping to $0.078992 by October 20.

Developer Tools and Ecosystem

The protocol upgrade introduces tools designed to improve the handling of delayed transaction data and allow developers to update groups of smart contracts simultaneously. Pi reports having over 300 Mainnet applications and 18.1 million KYC-verified users, though comparable transaction and repeat usage metrics have not been published. An upcoming ecosystem summit scheduled for November 17 to 19 provides an opportunity for developers to showcase working products and payment activity.

Key facts

• PI traded at approximately $0.0786 on October 23 with $3.1 million in 24-hour volume.
• Mainnet node operators were instructed to move to Protocol 28 by October 13 ahead of the October 16 activation.
• CoinGecko recorded the token's close at $0.080503 on October 16 and $0.078992 on October 20.
• The project reports over 300 Mainnet apps and 18.1 million KYC-verified users.