Pi Network to Roll Out Smart Contracts in the Next 10 Days

Key Insights:

• Pi network mainnet just concluded its Protocol 22 upgrade, and smart contracts are slated for launch in a few days.
• Over $10 billion worth of Pi crypto has been moved to the mainnet so far.
• Pi price gains by over 2%, and could be headed for more recovery.

Pi network just kicked off May with a protocol upgrade that will usher in one of its most important network milestones. The company just announced the completion of its Protocol 22 upgrade, and here’s why it is important.

While the protocol 22 upgrade was a noteworthy milestone for the Pi network, it also sparked more excitement, ushering in the next upgrade. According to preliminary reports, the Protocol 23 upgrade will be the real game-changer.

This is because the Protocol 23 upgrade will finally enable smart contracts on the Pi network for the first time in history. This is a major milestone that will take place on 11 May and unlock the network’s full potential.

Pi network draws closer to smart contract functionality | source: Pi Network

The smart contract launch through Upgrade 23 is one of the network’s biggest developments. This will finally allow developers to run dapps on the Pi network.

Pi Network Liquidity Prepares for the Upcoming Major Shift with Pi Coin

The Pi network also recently celebrated another major milestone. The number of Pi coins transferred to the mainnet crossed 10 billion Pi. Moreover, roughly 6 billion coins have already been locked.

This means that Pi coin has fewer coins in circulation, which may fuel more selling pressure. The network also boasts of roughly 421,000 active node accounts, and it already has 18 million KYC-verified users.

All these factors underscore an ecosystem that is ready to kick into high gear. However, the network still has to contend with actual organic growth, which could be an uphill battle, especially during a crypto winter.

Nevertheless, it will be interesting to see how things unfold for the Pi coin over the coming weeks and months as it approaches full operational capacity. The launch of smart contracts on the network could finally unlock new growth potential, but the pace will be heavily determined by the rate of adoption.

Will the New Pi Network Milestone Fuel Pi Coin Price Recovery?

Pi coin price has been suppressed for months. Its $0.179 press-time price tag was equivalent to a 94% discount from its historic high in February 2025.

This massive discount meant that Pi crypto was still trading near its historic lows. This, combined with the upcoming smart contract milestone this month, could make it quite appealing to the crypto market.

Zooming into lower time frames, especially the daily chart, revealed a significant accumulation since February. Pi coin pulled off an impressive 124% rally between 12 February and 13 March. It then retraced, but still held onto a substantial portion of those gains.

Pi network coin price action | source: TradingView

The cryptocurrency experienced another wave of accumulation in the last week of April. This led to a 20% gain from 23 April to 29 April, followed by some short-term profit-taking.

In conclusion, the Pi network is going through one of its most historic metamorphoses this month. The launch of smart contracts is expected to unlock the network’s full capacity. Such a major milestone may provide the confidence boost that investors have been hoping for. However, this is not always a guarantee.

The crypto market has been heavily influenced by macro factors over the last few months. Misalignment with the macros may rob Pi coin of an opportunity for a sharp recovery, although that remains to be seen.

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