Overview

• A community analyst reports Protocol v23 is running on the Testnet with active trials and a planned move to Testnet 2 before a Mainnet rollout projected for late Q4 2025 or early Q1 2026.
• Testnet features now include a decentralized exchange and an automated market maker to simulate token swaps and liquidity pools.
• Developers are building a Rust SDK modeled on Stellar’s Soroban to let teams build, test, and deploy smart contracts.
• PI is trading around $0.23–$0.26 with lower volumes and a market cap near $1.92 billion following a sharp drawdown from earlier 2025 levels.
• Analysts flag governance and supply risks, citing reported Pi Core Team control of about 90 billion PI and a 2025 release of 110 million tokens, and they warn the team’s slow cadence could delay the timeline.