Pi Network’s v23 Upgrade and Valour ETP Launch: Catalysts for a Sustainable Price Recovery?

The Pi Network’s v23 and v23.01 protocol upgrades, coupled with the Valour ETP listing, represent a pivotal moment for the project. These developments aim to address long-standing criticisms of scalability, security, and institutional access while positioning Pi for broader adoption. However, the question remains: do these advancements justify a bullish investment thesis in 2025?

Technical Upgrades: A Foundation for Scalability and Security

The v23 upgrade embeds KYC authority directly into the blockchain, aligning with standards like ERC-3643 and decentralizing identity verification [1]. This shift not only enhances regulatory compliance but also improves scalability by enabling higher transaction throughput and smart contract functionality [2]. The v23.01 upgrade further strengthens security with biometric authentication (Face ID, fingerprint) via the Passkey feature, reducing phishing risks and unauthorized access [3]. Additionally, the release of a Linux Node expands infrastructure support, streamlining updates and reducing configuration discrepancies across operating systems [4]. These technical strides are critical for transitioning Pi from a testing environment to a fully operational mainnet, with a phased rollout (Testnet1 → Testnet2 → Mainnet) designed to minimize disruptions [5].

Valour ETP: Bridging Institutional and Retail Markets

The Valour ETP, launched in August 2025 on Sweden’s Spotlight Stock Market, offers regulated exposure to Pi through traditional brokerage accounts [6]. Denominated in SEK with a 1.9% management fee, the ETP provides institutional and retail investors with a familiar, transparent vehicle to access Pi, bypassing the complexities of crypto exchanges [7]. This listing has already attracted venture capital firms like Ulu Ventures, which added Pi to its portfolio, signaling institutional confidence [8]. The ETP’s success is further underscored by Valour’s broader expansion, now offering over 85 ETPs across Europe, including tokens like Shiba Inu and VeChain [9].

Institutional Adoption and Market Dynamics

Post-ETP launch, Pi’s institutional adoption has gained momentum. Valour’s ETP business reported $947 million in assets under management (AUM) by July 31, 2025, reflecting strong demand for regulated digital assets [10]. Meanwhile, Pi’s Linux Node and v23 upgrades align with global trends in blockchain interoperability and decentralized governance, potentially attracting developers and service providers [11]. However, challenges persist: centralization concerns (core team controls mainnet validators), liquidity constraints, and unresolved technical delays could hinder adoption [12].

Risks and Macro Market Volatility

Despite these positives, risks loom large. The v23 upgrade’s execution—such as potential outages during transitions and the need for third-party code audits—remains a wildcard [13]. Macroeconomic factors, including inflation trends and regulatory shifts, also weigh on the broader crypto market. For instance, Bitcoin’s volatility, though reduced by 75% in 2025, still reflects institutional caution [14]. If Pi’s price remains stagnant near $0.34, as it has since the ETP launch, the token’s speculative nature may deter long-term investors [15].

Conclusion: A Cautious Bull Case

The v23 upgrades and Valour ETP listing are undeniably positive catalysts. They address critical infrastructure gaps and open new avenues for institutional participation. However, the bullish thesis hinges on successful execution of the mainnet rollout, resolution of governance concerns, and sustained macroeconomic stability. If these factors align, Pi could see a price rebound to $0.40 or higher. Yet, investors must remain wary of technical risks and market-wide volatility. For now, Pi’s journey remains a high-risk, high-reward proposition.

Source:
[1] Pi Network Announces Major Protocol Upgrade as Valour Pi ETP Trading Begins, [https://coingape.com/pi-network-announces-major-protocol-upgrade-as-valour-pi-etp-trading-begins/]
[2] Pi Network’s v23 Protocol Upgrade: Key Features and Roadmap, [https://tr.okx.com/en/learn/pi-network-upgrade-key-features]
[3] Pi Network v23.01 Upgrade Boosts Security and Readies Mainnet Launch, [https://www.ainvest.com/news/pi-network-v23-01-upgrade-boosts-security-readies-mainnet-launch-2508/]
[4] Pi Network Announces Linux Node Expansion, [https://coingape.com/pi-network-announces-major-protocol-upgrade-as-valour-pi-etp-trading-begins/]
[5] Pi Network Prepares v23.01 Upgrade Ahead of September 3 Mainnet, [https://coinfomania.com/pi-network-prepares-v23-01-upgrade-ahead-of-september-3-mainnet/]
[6] Valour Launches Pi ETP in Sweden, [https://coinpedia.org/news/pi-network-gets-valour-etp-listing-in-sweden-will-price-now-fly-past-1/]
[7] Billion-Dollar Asset Manager Launches First Pi Network ETP, [https://coingape.com/billion-dollar-asset-manager-launches-first-pi-network-etp/]
[8] Ulu Ventures Adds Pi to Portfolio, [https://www.ainvest.com/news/pi-token-etp-listing-strategic-catalyst-undervalued-community-driven-cryptocurrencies-2508/]
[9] Valour’s ETP Expansion, [https://www.prnewswire.com/news-releases/valour-launches-eight-new-etps-on-spotlight-stock-market-including-shiba-inu-shib-pi-pi-ondo-ondo-cronos-cro-mantle-mnt-vechain-vet-ethena-ena-and-celestia-tia-302539867.html]
[10] DeFi Technologies Q2 2025 Financial Results, [https://www.nasdaq.com/press-release/defi-technologies-inc-announces-q2-2025-financial-results-adjusted-revenues-us-321]
[11] Pi Network’s Strategic Expansion in Europe, [https://www.ainvest.com/news/pi-network-strategic-expansion-europe-catalyst-community-driven-blockchain-adoption-emerging-markets-2508/]
[12] Pi Network’s 2025 Stagnation and Risks, [https://www.ainvest.com/news/pi-network-2025-stagnation-signals-long-term-risk-retail-crypto-investors-2508/]
[13] Technical Challenges in Pi’s v23 Upgrade, [https://www.ainvest.com/news/pi-network-volatility-market-confidence-okx-delisting-assessing-long-term-investment-viability-emerging-crypto-projects-2508/]
[14] Bitcoin’s Reduced Volatility and Institutional Adoption, [https://www.ainvest.com/news/bitcoin-reduced-volatility-institutional-adoption-signal-era-market-maturity-2508/]
[15] Pi Network’s Price Volatility Analysis, [https://coinfomania.com/pi-price-stays-sideways-despite-network-upgrade/]