Pi Network Update (Nov-Dec 2025): Protocol 23, New DeFi Features & Price Analysis

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Our Oct-Nov-Dec 2025 Pi Network update covers the new Protocol 23 upgrade, upcoming DeFi features, a realistic price analysis, and what all Pi miners should be doing right now.

If you’ve been patiently mining Pi on your phone for months or even years, you’re probably asking the same two questions as everyone else: “When will I be able to use my Pi?” and “When will it actually be worth something?”

The good news is that in late 2025, the Pi Network is seeing some of its most significant technical developments to date. The bad news is that the market sentiment and price don’t yet reflect that progress.

This is not another hype-filled post promising you a future fortune. This is a real, fact-based breakdown of what’s happening with the Pi Network right now.

We’ll cover the major blockchain upgrade (Protocol 23), new DeFi features on the Testnet, what’s really going on with the price, and the smart steps you should be taking next.

Table of Contents

What’s Happened Recently in the Pi Network Ecosystem?

Here are the key updates from October-November 2025 that the Pi community is talking about:

Major Blockchain Upgrade in Progress: The Pi Core Team is actively developing and testing Protocol 23, a significant upgrade to the Pi blockchain that promises to introduce DeFi capabilities.
Infrastructure Work: The network underwent planned backend maintenance in late September 2025, a necessary step for preparing the infrastructure for larger upgrades.
Growing Mainnet Migration: As of late 2025, over 12 million users have successfully completed their KYC (Know Your Customer) verification and have migrated their Pi to the Mainnet wallet.
Price Volatility: The IOU price of Pi on various exchanges has been volatile, dropping to around $0.20 – $0.23 in October due to low trading volume and community concerns about the pace of development.

A Deep Dive: What is Protocol 23 and Why Does It Matter?

This is the most important technical development happening right now. Protocol 23 is the next major version of the Pi blockchain, and it’s a massive step towards real-world utility.

Here’s what it includes and why it’s a game-changer:

Built on Proven Technology: Protocol 23 is built upon the Stellar Core v23.0.1 code-base. By aligning with a proven and respected blockchain like Stellar, Pi is adopting a more stable and scalable foundation.
Introduction of DeFi Features: The most exciting part of this upgrade is the introduction of Decentralized Finance (DeFi) features, which are currently being tested. This includes:
- A Decentralized Exchange (DEX): A platform where users can trade Pi for other digital assets directly, without a centralized intermediary.
- Automated Market Maker (AMM) Pools: These are liquidity pools that allow users to provide their Pi to facilitate trading and earn fees in return.

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What this means for you: If Protocol 23 is successfully implemented, Pi will transition from being just a “mining app token” into a fully functioning blockchain with real utility.

It opens the door for developers to build applications on the Pi network and for users to finally use their Pi in a meaningful way. However, this is still in the Testnet phase, and success is not guaranteed.

The Reality of the Pi Price and Market Sentiment

Let’s talk about the price. As of late October 2025, the price of Pi listed on some exchanges is hovering around $0.2035. Many users are frustrated by this low price and weak demand.

It is crucial to understand what this price represents. The Pi that is currently being traded on these exchanges is an IOU (“I Owe You”) token, not the official, withdrawable Mainnet Pi coin.

It is a speculative placeholder. The true value of Pi will only be determined after the Open Mainnet is launched and the coin can be freely traded and used within its ecosystem.

For a project like Pi, the long-term value will depend on ecosystem activity, developer adoption, and real-world use cases—not the current IOU price.

What Pi Miners Should Be Doing Right Now (Your Action Plan)

If you are a Pi Pioneer, now is not the time to be passive. Here are the five smart things you should be doing right now.

Check Your KYC and Migration Status: This is the most important step. Go into the Pi app and ensure your KYC application is complete and approved. Check your Mainnet checklist to make sure your wallet is created and you are in the queue for migration. If you haven’t done this, your mined Pi is useless.
Explore the Testnet and Ecosystem Apps: Open the Pi Browser and start exploring. Look for the Testnet DEX and other apps being developed. If you are eligible, participate in testing. The more you understand the ecosystem, the better prepared you will be for the Open Mainnet.
Be Extremely Cautious of “Get Rich Quick” Claims: The crypto space is full of scams. Many social media posts will promise huge price predictions or “secret” ways to sell your Pi now. Remember the official rule: “It’s not official until the Pi Core Team posts it.” Only trust information from the official Pi app and their verified channels.
Understand the Risk: Mining Pi on your phone is free, so you have not lost any money. However, if you are considering buying Pi IOUs on an exchange, you must understand that this is extremely high-risk. Do not invest more than you are willing to lose.
Secure Your Wallet: Make sure your Pi wallet passphrase is saved in a secure, offline location. If you lose your passphrase, you will lose all your migrated Pi forever.

What’s Next for Pi Network? Timeline and Expectations

Here is what to watch for in the coming months:

Protocol 23 Rollout to Mainnet: It is currently in the Testnet phase. A successful rollout could happen in late Q4 2025 or early 2026.
Open Mainnet Launch: The launch of the Open Network is the moment everyone is waiting for. This will allow Pi to connect to other blockchains and be listed on major exchanges. The Core Team has not given a new firm date, as it is dependent on the success of KYC migration and technical milestones like Protocol 23.
Ecosystem Growth: The true measure of success will be the number of useful apps (“Pi Utilities”) that are built on the network and the number of businesses that start accepting Pi for real-world goods and services.

Summary: A Project in a Critical Phase

The Pi Network is at a pivotal moment in late 2025. There are major technical upgrades underway that could finally bring real utility to the millions of Pi tokens that have been mined. However, the project is still highly speculative, and its future success depends entirely on the Core Team’s ability to execute on their promises.

For now, the best thing you can do as a Pioneer is stay informed, stay secure, and stay patient.

Frequently Asked Questions (FAQ)

Q1: What is Protocol 23 in simple terms?
A: Think of it as a major software update for the Pi blockchain. It’s like upgrading your phone’s operating system to get new features. In this case, the new features are DeFi capabilities like trading (a DEX) and earning interest (liquidity pools), which are essential for Pi to become a functional cryptocurrency.

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Q2: Is the Pi Network Mainnet open yet?
A: No. As of late 2025, the Pi Network is in the “Enclosed Mainnet” phase. This means that real Pi has been migrated to users’ wallets, but it can only be used within the closed Pi ecosystem. The “Open Mainnet,” which will allow for external trading and connectivity, has not been launched yet.

Q3: Why is the price of Pi so low on exchanges?
A: The price you see on exchanges today is for an IOU (an “I Owe You” promise for a future coin), not the real Mainnet Pi coin. This price is purely speculative and does not reflect the potential value of the coin after the Open Mainnet launch.

Q4: Is it too late to start mining Pi?
A: No, you can still start mining Pi for free by downloading the app. However, the mining rate is much lower now than it was in the early days of the project, so you will accumulate Pi at a slower pace.

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