Pi Network Activates Protocol 24 as PI Price Remains Near Its All-Time Low
What Protocol 24 Means for Pi Network
The Protocol 24 upgrade is one of the biggest technical updates ever released by Pi Network. The upgrade includes improvements to several core systems, data processing enhancements, and major infrastructure updates.
As part of the upgrade, Pi Network moved its systems from Ubuntu 20 to Ubuntu 24 and upgraded its database from PostgreSQL 12 to PostgreSQL 16. All mainnet node operators were required to complete the update by June 2 to remain connected to the network.
Before being launched on the mainnet, Protocol 24 was successfully tested and synchronized on Testnet 2. The next step is the full deployment of Version 24 across the live Pi Network.
The update is also part of a broader development roadmap in June. Pi Network plans to release Protocol v25.1 on June 8 and Protocol v26.0 on June 22. These upgrades are designed to improve node performance, increase network scalability, and further develop smart contract capabilities.
For a project that has been working toward smart contract functionality for years, releasing three protocol upgrades in a single month marks a significant step forward.
PI Price Remains Under Pressure
Despite the technical progress, PI’s price has not responded positively. As of June 4, PI is trading at $0.127 with a market capitalization of $1.36 billion.
The token has fallen 27% since the beginning of the year and is currently trading at its lowest level since February 14. PI has also dropped below all major moving averages, indicating that bearish sentiment continues to dominate the market.
Additional selling pressure may come from upcoming token unlocks. Pi Network is expected to release more than 174 million PI tokens worth over $26 million during June, increasing the available supply in the market.
While Protocol 24 could help create new utility and demand for PI in the future, especially as smart contract features develop, the short-term outlook remains challenging due to increased token supply and weak market demand.
