Pi Network rolls out Protocol 24 as PI price falls

Pi Network began rolling out Protocol 24 on June 3 while PI traded at $0.127, its lowest level since Feb. 14. The token has declined 27% year-to-date and a scheduled June unlock will release about 174 million PI, roughly $26 million at current prices.

Protocol 24 is a multi-part technical upgrade intended to improve core network performance, node synchronization and system stability. The work includes multiple subsystem updates, internal data reprocessing and infrastructure changes.

Infrastructure changes include migrating mainnet nodes from Ubuntu 20 to Ubuntu 24 and upgrading PostgreSQL from version 12 to 16. The Pi Core Team completed synchronization of Protocol 24 on Testnet 2 before beginning the mainnet rollout.

The team set a June 2 deadline for mainnet nodes to complete the update or risk disconnection, according to a May 27 message. The message read: “The Pi Mainnet is upgrading to Protocol 24 — Deadline: June 2.” The mainnet deployment began after those testnet checks.

Developers plan additional releases in June. Protocol v25.1 is scheduled for June 8 and v26.0 for June 22, with the upcoming releases focused on node performance, scalability and maturing smart contract support.

As of June 4, PI traded at $0.127 and the token’s market capitalization was about $1.36 billion. Trading volume has been low and the token has fallen below major moving averages.

Market participants cited the scheduled June unlock of more than 174 million PI as a near-term supply factor that will increase circulating tokens. The Pi Core Team has described the sequence of upgrades as part of an effort to enable on-chain smart contracts and broader utility for PI.

The Protocol 24 rollout follows testnet checks and infrastructure preparation. The team indicated further deployments will continue through June as development proceeds.