Pi Network has introduced PiRC1, a new token issuance framework launched under Protocol 22 on April 22, 2026, that bars projects from issuing tokens unless they can first demonstrate a functioning application with real user demand. This is a direct attempt to filter out speculation-driven launches from the ecosystem.
Under PiRC1, no project can launch a token without first having a working application. Token proceeds do not go directly to project teams but are instead routed into permanent liquidity pools, anchored to Pi Coin as the ecosystem’s foundational currency. This design separates fundraising from direct project control, introducing a structural safeguard that prevents teams from pulling liquidity after launch—a pattern that has caused widespread losses across Web3. Pi’s network of KYC-verified users adds an additional accountability layer, since developers and users operate under verified identities rather than anonymously.
PiRC1 was released alongside a new PiRC2 document opening the subscription smart contract model to technical review and community feedback. The subscription contract is designed so users can approve a defined spending budget without signing each individual billing event. Approved funds remain in the wallet until charges are processed, pointing to a payment model aimed at subscription services, onchain commerce, and other recurring transactions.
Protocol 22 also carries an urgent node deadline: Mainnet node operators must upgrade to Protocol 22 by April 27 to remain connected to the network. The next major milestone is Protocol 23, expected in May 2026, which will introduce full smart contract functionality for developers.
Pi co-founder Chengdiao Fan first introduced PiRC1 as a proposal in late February, emphasizing that tokens should function as tools within applications rather than as stand-alone financial instruments. The framework’s open review period on GitHub and Google Forms gave the developer community a chance to shape the final design before it launched.
PI traded at approximately $0.1687 as of April 23, with a market cap of $1.73 billion and a 24-hour volume of $11.17 million. The token sits approximately 94.4% below its all-time high of $2.99 from February 2025. Pi Network is also listed as a sponsor for Consensus 2026 in Miami, where co-founders Chengdiao Fan and Nicolas Kokkalis are scheduled to speak.
