Pi Network has officially begun rolling out Protocol v23, a major technical upgrade that introduces support for Rust-based smart contracts and lays the groundwork for a planned decentralized exchange (DEX) in Q1 2026. The network, which reports over 15.8 million active users on its Mainnet, frames this update as a critical step toward building a "robust, utility-driven economy."
The core of Protocol v23 is the integration of Rust, a programming language favored in blockchain development for its speed and security features. This enables developers to build more complex and advanced decentralized applications (dApps) directly on the Pi Network. Potential use cases include payment tools, on-chain services, and early-stage DeFi products. The team emphasizes a staged rollout approach, focusing initially on stability, security, and developer tooling to reduce bugs and network risks before opening the platform to wider application usage.
The upgrade is directly linked to the development of the Pi DEX, a decentralized exchange slated for launch in the first quarter of 2026. While not yet live, Protocol v23 provides the necessary backend infrastructure, with future versions like Protocol 25 expected to expand DEX features such as token trading and liquidity pools.
Beyond smart contracts and the DEX, broader ecosystem developments are underway. These include faster AI-based KYC processing, App Studio improvements, and future token creation tools. The network's mining rate has also adjusted downward in January per its activity-based formula. The community is looking ahead to milestones like the one-year Open Network anniversary in February and Pi Day in March.
