According to CryptoPotato on May 24, Pi Network’s Protocol 23 (v23) upgrade, originally scheduled to be released on May 15, is still underway. The core team first interacted with respect to v23 on May 20, saying that most major nodes had been upgraded, but that the update is challenging. Pi’s market cap fell out of the top 50, and the price has dropped 13% over the past two weeks.
Protocol 23 Delayed: The Core Team’s Official Statement
Pi Network’s upgrade series began with the v19.6 version in February 2026. Protocol 22 was released on May 1. For Protocol 23, originally set for May 15, the core team’s update as of May 20 confirmed that v23 is still in progress, because this version involves multiple subsystem upgrades and optimizations that require internal data reprocessing. The core team did not disclose an exact completion timeline for v23 in its May 20 update.
Pi App Studio: Ecosystem Update for Non-Technical Creators
Alongside this, the core team announced an independent ecosystem update: Pi App Studio, which allows non-technical applications built using AI platforms such as Codex and Replit. It introduces Pi Network’s real distribution network, leveraging its 60 million user base. In addition, Pi Network’s official X account issued a security warning, urging users to watch out for scammers increasingly impersonating Dr. Nicolas Kokkalis and Dr. Chengdiao Fan as co-founders, and guiding users to access the two verified accounts of the co-founders.
PI Price Data Confirmed: Bounced Back from a $0.145 Low to $0.15
After PI hit a local high of $0.175 on May 13, it fell below $0.16, and then dropped further to a multi-month low of $0.145. As of the time of reporting, PI is trading steadily at about $0.15, with its market cap having fallen out of the top 50, and a 13% decline over the past two weeks. OKX’s announcement that PI is entering the U.S. market failed to support a stronger rebound.
FAQ
What exactly is the specific reason for the Protocol 23 delay?
On May 20, the core team said that v23 is “one of the most challenging updates to date” because it “involves multiple subsystem upgrades and optimizations that require internal data reprocessing,” and it also confirmed that most major nodes have already been upgraded and that the update is still ongoing. The core team did not publish an exact completion timeline.
What is Pi App Studio, and how is it related to the Protocol 23 upgrade?
Pi App Studio is an independent ecosystem tool that allows non-technical applications built using AI platforms such as Codex and Replit to access Pi Network’s 60 million user base. It was announced in parallel with the Protocol 23 upgrade as an independent ecosystem update, and it is not part of the v23 upgrade itself.
Why did OKX’s announcement of PI entering the U.S. market fail to drive a price rebound?
After OKX announced PI’s first entry into the U.S. market, PI has still fallen by 13% over the past two weeks. CryptoPotato’s report confirmed this market reaction data, but did not provide specific reason analysis.
