Pi Network upgrades to Protocol 28 – But PI still can’t shake its slump

Pi Network has repeatedly upgraded its Mainnet protocol throughout 2026. Yet the question remains: what has actually changed? Each update created new functionality rather than just adjusting various technical parameters.

Protocol 23 introduced smart-contract support, while all subsequent upgrades improved cryptography and enhanced protection of smart contract transactions and how they are processed.

These compulsory updates require nodes to adopt the latest version to remain compatible with the network.

The next major upgrade, Protocol 28, is scheduled for the 16th of October. This protocol focuses on improving the delay of transaction processing data as well as updating smart contract applications to provide greater safety.

It demonstrates that Pi Network [Pi] is slowly developing an advanced application development platform. However, the ultimate question remains – does this development create true value?

Pi’s upgrades fail to lift price

Despite a series of technical upgrades, PI’s price action is still lagging due to lack of investment confidence. PI remains 97% below its $2.99 all-time high, highlighting the gap between network development and investor confidence.

After recovering from the low point of $0.0693 in August to reach approximately $0.10 by the 1st of October. Sellers rejected the move at around $0.10 in late September, which wiped out nearly all of the price gains of September.

The latest breakdown pushed PI below $0.0835 support and the rising trendline, bringing $0.0812 back into focus. Meanwhile, RSI has fallen near 30, showing heavy selling pressure and weakening momentum.

Furthermore, the fact that PI is 97% from its all-time high shows the market’s limited response to technical improvements. Therefore, if buyers reclaim $0.0835, then the recent breakdown may be short-lived.

However, losing $0.0812 would expose $0.0690-$0.0695, potentially erasing more gains and reinforcing doubts about PI’s near-term demand.

Pi’s Network growth faces weak usage

Pi’s upgraded infrastructure has yet to translate into stronger on-chain demand. More than 28.9 million ledgers now exist, with new blocks closing roughly every five seconds. However, most activity still comes from claimable-balance operations and small peer-to-peer transfers.

This shows the network remains functional, but developers are not yet driving significant smart-contract activity. Approximately 11.24 billion PI is circulation, which includes 6.10 billion locked PI and 5.15 billion available for transaction.

The current composition of total circulation represents an additional hurdle since new unlocked PI can consume potential demand. Therefore, Pi needs more than protocol improvements to change its market profile.

Rising transactions, active wallets, smart-contract calls, and fees would show that upgrades are creating real economic activity. Until then, adoption remains largely unproven.

Final Summary

• Pi Network has expanded its technical capabilities, but upgrades have yet to drive stronger price performance.
• PI needs greater on-chain usage and demand to turn its infrastructure progress into lasting market value.