Pi Network flipped the switch on Protocol 24 on June 3, forcing node operators to upgrade by the previous day's deadline or lose connection. The network wide update shifts the node software from Ubuntu 20 to 24 and from PostgreSQL 12 to 16 — a migration tested earlier on Testnet 2.
Protocol 24: What Changed
The upgrade wasn't optional. Nodes that hadn't updated by June 2 were disconnected from the live network. Protocol 24 brings the underlying infrastructure up to current long-term support standards, though the core team didn't release a detailed changelog at launch. The move follows months of testing on a separate testnet to catch compatibility issues before the mainnet rollout.
PI token holders have watched the price slide through most of the year. As of June 4, PI traded at $0.127, down 27% year-to-date and the lowest level since February 14. The market cap sits at roughly $1.36 billion.
Price Pressure and Token Unlocks
Adding to the bearish mood, over 174 million PI tokens — worth about $26 million at current prices — are scheduled to unlock in June. That's a lot of supply hitting a market that's already selling off. The unlocks come from early adopters and team allocations reaching their vesting end dates, and the market has been bracing for them for weeks.
The price drop isn't entirely tied to the unlock schedule. PI has been trending down since late 2025, and the broader crypto market hasn't offered much support. But the June unlocks add a concrete, measurable supply overhang that traders are watching closely.
Protocol 24 is just the start. The team already has two more upgrades lined up: v25.1 on June 8 and v26.0 on June 22. The first focuses on node performance and scalability — likely tweaks to how fast nodes process transactions and how easily new ones can join. The second, v26.0, targets smart contract maturation, a milestone that could open the network to more complex decentralized applications.
Whether these upgrades can shift sentiment remains an open question. The price action suggests the market is waiting for something more than infrastructure work — maybe a clearer path to exchange listings or a use case that draws real users. For now, node operators have a week before the next patch lands.
