Stellar News Today: Pi Network's Gamble: Can DeFi Upgrade Reverse a 90% Price Crash?

Pi Network, the mobile-based cryptocurrency platform, is advancing its mainnet roadmap with the upcoming Protocol 23 upgrade, scheduled for late Q4 2025 or early Q1 2026. The upgrade, aligned with Stellar Core v23.0.1, introduces decentralized finance (DeFi) tools such as a decentralized exchange (DEX) and automated market maker (AMM), aiming to address liquidity challenges and enhance scalability. The testnet phase, currently active, has already enabled users to experiment with token trading and liquidity pools, signaling a strategic shift toward real-world utility.

Over 13 million users have migrated to Pi Network's Open Mainnet since February 2025, with 2.2 billion of the total 7.4 billion Pi tokens unlocked and circulating. The migration process, supported by phased token transfers and third-party KYC providers, has expanded access beyond the original mining community. However, the ecosystem faces hurdles, including low trading volumes (under $30 million daily) and skepticism over tokenomics. Community experts like Dr. Altcoin have urged the Pi Core Team to implement token buybacks or coin burns to stabilize the price, which has fallen over 90% from its $2.99 peak to $0.2368.

The Protocol 23 upgrade introduces Soroban smart contract capabilities, node decentralization, and improved compliance features, positioning Pi Network for broader institutional adoption. The integration of Stellar's infrastructure allows for faster transaction processing and cross-chain compatibility. Additionally, the Pi ecosystem now supports over 80 decentralized applications (dApps) across commerce, education, and productivity, though many remain underutilized. The introduction of the .pi domain system and Linux node support further underscores the platform's focus on scalability and developer accessibility.

Despite technical progress, Pi Network faces persistent challenges. Critics highlight centralization concerns, with the Pi Foundation reportedly holding 90 billion tokens. Exchange listings remain limited, with major platforms like Binance and Coinbase yet to include Pi Coin. Technical indicators, including a Relative Strength Index (RSI) at 24 and a declining Chaikin Money Flow (CMF), reflect ongoing bearish sentiment. However, signs of potential recovery include reduced token unlocks (under 120 million Pi) and increased self-custody activity, suggesting long-term holder confidence.

The success of Protocol 23 will hinge on its ability to attract liquidity and drive adoption. Analysts emphasize the need for transparency in token distribution and governance to rebuild trust. If the upgrade delivers on scalability and DeFi functionality, Pi Network could transition from a speculative project to a utility-driven platform. However, without significant demand growth or exchange listings, price recovery remains uncertain. The ecosystem's focus on merchant adoption through initiatives like PiFest and developer incentives will be critical in achieving mainstream traction.

[1] Pi Network Mainnet Update: Pi Coin Price Prediction After (https://coinpedia.org/news/pi-network-mainnet-update-pi-coin-price-prediction-after-protocol-23-upgrade-explained/)

[2] Pi Network Mainnet to Get Major Upgrade in Q4, Says Expert (https://coingape.com/pi-network-mainnet-to-get-major-upgrade-in-q4-says-expert/)

[3] Pi Network Approaches Its Breakthrough: Open Mainnet and ... (https://www.hokanews.com/2025/10/pi-network-approaches-its-breakthrough.html)

[4] Pi Network Mainnet Launch: Timeline, Migration ... (https://www.okx.com/learn/pi-network-mainnet-launch-timeline-migration-progress-whats-next-in-2025)

[5] Pi Borrows Stellar's Blueprint For Pi Coin's Price Reversal (https://dailycoin.com/pi-borrows-stellars-blueprint-for-pi-coins-price-reversal/)

[6] Pi Network Rolls Out V23 Upgrade: A New Era of Performance, ... (https://www.hokanews.com/2025/09/pi-network-rolls-out-v23-upgrade-new.html)

[7] Pi Network Upgrade: Q4 2025 Game-Changer Unveiled (https://capwolf.com/pi-network-upgrade-q4-2025-game-changer-unveiled/)

[8] Pi Network Price Drops 90% Amid Allegations and Struggles (https://thebitjournal.com/pi-network-price-crashes-90-amid-allegations/)

[9] Pi Network Price Analysis 2025 – Understanding the ... (https://99bitcoins.com/news/pi-network-price-analysis-2025-understanding-the-decline-and-whats-next/)

[10] Drastic Pi Network (PI) Decline End of May 2025: ... (https://pintu.co.id/en/news/162580-drastic-pi-network-pi-decline-end-of-may-2025-analysis-of-causes-and-impacts)

[11] Pi Coin Price Crash 2025 – Why Pi Network is Falling ... (https://picoins.net/pi-coin-price-crash-2025-reasons-analysis/)

[12] Pi Network price prediction: Here's why the Pi token has crashed (https://invezz.com/news/2025/10/03/pi-network-price-prediction-heres-why-the-pi-token-has-crashed/)