Pi Network Nears March 2026 DEX Launch Amid Protocol v23 Migration and Supply Concerns

On 2 March 2026, Pi Network entered a pivotal stage, enforcing a mandatory node upgrade toward Protocol v23 while preparing to launch its decentralized exchange on 12 March 2026. The project reports over 16.2 million mainnet migrations, 17.7 million KYC-verified users, more than 421,000 active nodes and 300+ mainnet apps, with circulating supply at roughly 9.3–9.4 billion PI out of 100 billion. PI changes hands around $0.16–$0.19, down over 90% from its $2.10 peak in February 2025, and analysts are divided on whether upcoming upgrades and the DEX can offset dilution risks from unreleased tokens.