Pi Network Launches Smart Contracts and DEX with v23 Upgrade

Pi Network has launched the v23 upgrade, introducing smart contracts and an on-chain decentralized exchange (DEX) to expand platform capabilities. This marks a shift toward full decentralized functionality.

The second migration phase allows verified users to transfer referral mining rewards to the mainnet, with access contingent on KYC verification of their referral members. Over 119,000 users have already completed this phase.

Pi Network's 2026 roadmap includes key protocol upgrades, with v23.0 set for release on May 18, 2026. This version is a major milestone in the project's Web3 development.

The v23 upgrade brings significant improvements, including full smart contract support, an on-chain DEX, and enhanced node management. These features enable Pi Network to support decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming applications, marking a shift from a test and utility network to a fully functional decentralized platform. Smart contracts facilitate automated agreements and complex financial instruments without intermediaries, while the DEX allows users to trade Picoin directly on the blockchain.

On-chain KYC improves verification efficiency, compliance, and security, and Linux nodes are now fully open, promoting decentralization and resilience. The upgrade also improves transactions per second (TPS), which is crucial for DeFi and other real-time applications. These changes position Pi Network to support real-world utility and foster broader adoption.

The second migration phase includes referral bonuses, which are only available to users whose team members have completed KYC verification. The rollout is gradual to ensure accurate verification of mining and referral activity. Users must enable two-factor authentication before any migration to protect against potential errors.

What Is the Significance of the v23.0 Release in 2026?

The v23.0 release on May 18, 2026, represents a major milestone for Pi Network, moving the network toward broader Web3 functionality. This upgrade includes full smart contract support and an on-chain DEX, which significantly enhance the platform's capabilities and position it for real-world utility. The incremental upgrade process ensures each version functions correctly before moving forward, maintaining consensus across the network.

How Does the Second Migration Phase Work in Pi Network?

The second migration phase allows verified users to transfer referral mining rewards to the mainnet, subject to KYC verification of their referral members. The process is gradual, with careful verification of each user's mining sessions and referral activity to ensure accuracy and fairness. Users must enable two-factor authentication before any migration can occur. The first migration remains the top priority, and both phases operate in parallel without interfering with each other.

What Security Measures Are Required for Migration in Pi Network?

Security steps, including two-factor authentication, are required before any migration to protect against potential errors and ensure the integrity of the migration process. First migrations remain the top priority, and the second migration does not affect new users. The system is designed to prevent bot exploitation by confirming real user engagement, and regular mining and additional verification steps help maintain account integrity and signal active participation.

The network is also building new tools and use cases, such as the Pi Launchpad on testnet, to increase the token's real-world utility. These developments are aimed at supporting the long-term sustainability and growth of the Pi Network ecosystem.