Pi Network is entering the final stretch of its 2026 calendar. Protocol 28 is due to arrive on the mainnet on October 16, after a migration of nodes planned by the 13th. However, on the market side, the PI is still struggling to rebound. The token is worth $0.0824, or 97.2% below its all-time high.
In brief
- Operators must upgrade their nodes to version 28.0 by October 13, ahead of the planned activation of Protocol 28 on the 16th.
- PI is worth $0.0824 as of 12:10 UTC on October 7, 97.2% below its all-time high of $2.99 reached on February 26, 2025, according to CoinGecko.
- The network has more than 29.09 million ledgers, with an average interval of 5.3 seconds between blocks, according to Pi’s public API.
Protocol 28: a new milestone for the Pi network
Known for its mobile token mining, Pi Network has been continuing its upgrades since February. After version 27.1, finalized on September 15, the network is now preparing the transition to Protocol 28.
All mainnet nodes must therefore adopt version 28.0 before October 13. The network then aims for activation on October 16. Since September 25, the testnet is already working with this version.
There official nodes page also asks operators to update their machines. According to the project’s published guidelines, each migration should cause less than five minutes of downtime. Pi also plans a gradual deployment to avoid a simultaneous transition of all nodes.
On a technical level, three developments stand out. First, validators will be able to vote on delayed transaction data without waiting for each node to have all the information. Then, Pi improves the management of smart contracts by allowing them to be updated in groups. Finally, the network strengthens control of data stored by applications.
The Pi remains far from its record
For the moment, these advances do not change the market trend. As of 12:10 UTC on October 7, PI is trading at $0.0824. The token lost 6.3% in 24 hours and 10.3% over seven days, according to CoinGecko.
Above all, the PI has been moving below $0.10 since July and has just fallen back below $0.09. Its capitalization reaches approximately $926 million, while daily trading represents almost $7.9 million.
The contrast thus becomes difficult to ignore: Pi Network has multiplied upgrades since the start of the year, but the market has not yet followed.
Still limited activity
The data of Pi blockexplorer however, show that the network continues to function. At 12:07 UTC, the chain had just reached ledger #29,094,719. Over the last 100 blocks, the average interval was 5.3 seconds.
On the other hand, activity remains modest. These 100 blocks contained 836 operations, or approximately 8.4 transactions per block, while 13 blocks contained no operations. Of the last 200 transactions, 160 corresponded to simple payments and 35 to claimable balances. None used smart contracts.
The next step will therefore give an important indicator. Protocol 28 will have to show that technical improvements can also stimulate the use of the network. For now, the first meeting remains set for October 13, the deadline for node migration. The traffic and nature of crypto transactions will then make it possible to measure the real impact of this new upgrade.
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