Pi Network has successfully finalized its Protocol 24 migration, marking yet another key milestone in the project's phased mainnet development. The achievement was confirmed by the Pi Core Team on June 5 via an official X post, which stated, "Upgrade to protocol 24 has been completed successfully. Great job to all Nodes! This was one of the most challenging migrations." The immediate next step involves transitioning to Protocol 25.2, with a strict deadline of June 18, 2026, for all node operators.
According to the network’s documentation, nodes must follow a sequential upgrade path from Protocol 19 through to Protocol 26. The current mandatory progression requires nodes to move from version 24.1 to 25.2 before the cutoff date. On Pi Desktop (Windows/macOS), the upgrade runs automatically at application launch, while Linux Node CLI users can trigger it with a simple command if auto-updates are disabled. The Core Team advises operators to stagger upgrades to avoid service interruptions, noting that the process should take only a few minutes.
The recently completed v24 update concentrated on reinforcing the technical foundation, delivering improvements to node synchronization, network stability, database performance, and overall infrastructure efficiency. It also integrated backend components like Ubuntu 24 and PostgreSQL 16. These enhancements are designed to prepare the ecosystem for future phases, including Protocol 26 and expanded mainnet functionality.
Despite the technical progress, the PI token continues to struggle under heavy selling pressure. The price sank to a new all-time low of approximately $0.12 earlier this week—a decline of 33% over the past month and a staggering 96% drop from its early 2025 peak of $3. Data from piscan.io reveals that exchange balances have swollen by over 500,000 PI in the last 24 hours, topping 550 million tokens, signaling that many holders are moving funds to centralized platforms and adding to immediate sell-side pressure. Compounding the bearish outlook, token unlocks over the next 30 days will inject roughly 160 million PI into circulation, with a single-day record of 16 million tokens slated for release on June 11.
