Pi price moves as V28 testnet activity increases
Pi Network is heading into another important phase of its 2026 development roadmap as activity around Protocol 27 and the V28 testnet continues to build. The latest reports point to improvements across consensus, decentralized exchange infrastructure and smart-contract functionality, although much of the activity remains on testnet rather than the live network.
The market has also reacted as attention around the upgrade cycle increases. CoinMarketCap data shows PI closing September 21 at about $0.0901, up 4.98% on the day, before moving back toward the $0.088 range later in the week. The price movement came alongside broader interest in developments across the Pi ecosystem.
That price action does not establish that the protocol developments caused the move. Crypto assets often respond to several factors simultaneously, and the available data does not provide evidence that the V28 testnet itself was responsible for PI’s daily gain.
Related: Pi Network Updates KYC System to Help Hundreds of Thousands Move to Mainnet
The more important development for the network is the reported growth of the V28 testnet. Data cited in the supplied report showed more than 26.75 million ledgers closed by September 21, with block closure remaining below four seconds. The test environment also reportedly recorded more than 17,730 PI across 100 active liquidity pools.
Those figures should be viewed in context. Testnet activity is useful for evaluating software and network behavior, but testnet PI does not have the same economic status as PI on the live Mainnet. The reported liquidity figures therefore should not be interpreted as real-world trading liquidity or evidence of equivalent Mainnet demand.
The V28 testing is taking place alongside different stages of the network’s upgrade process. The reported setup had Testnet-1 running V28 while Testnet-2 was temporarily showing limited or unavailable data. Such gaps can occur during infrastructure changes, but they do not by themselves confirm that a Mainnet deployment is imminent.
Protocol 27 and the Pi DEX remain the bigger story
Protocol 27 is another major part of the development cycle because it is associated with the network’s expanding smart-contract and decentralized-finance infrastructure. Reported activity from Pi’s public RPC environment included very fast ledger processing and automated market-maker contract queries, providing a look at how these components could operate on the network.
The same data reportedly showed more than 394,000 operations during a 24-hour period. That figure indicates substantial activity in the environment being monitored, but it should not be confused with 394,000 economic transactions on Pi Mainnet or with a measured Mainnet throughput figure.
Related: Pi Network Completes Final Protocol V27 Testnet Step Ahead of Mainnet Launch
The development of an AMM and DEX infrastructure is significant because it could give Pi users additional ways to exchange assets and interact with applications directly through the ecosystem. However, the eventual utility will depend on what applications launch, how much real activity they attract and whether sufficient liquidity develops after deployment.
The upgrade cycle also raises the question of what remains before these features reach a wider Mainnet audience. Protocol testing, validator readiness, migration work and other network requirements can all affect deployment timing, meaning testnet progress should not automatically be treated as confirmation of a specific launch date.
Another factor is the continuing movement of users through KYC and Mainnet migration. As additional users become eligible to migrate, more PI can enter the circulating supply. That can increase the amount of available liquidity while also creating potential selling pressure, making supply dynamics an important part of the price story.
Regulatory and exchange developments remain separate variables. Pi’s pursuit of regulatory compliance and the possibility of additional exchange support could influence access to the asset, but neither should be presented as a confirmed catalyst without an official announcement. For now, the clearest measurable development is the continued testing of Pi’s underlying infrastructure.
The next stage will therefore be judged less by short-term PI price movements and more by whether the features tested in V27 and V28 can operate reliably on Mainnet. If the DEX, AMM and smart-contract components move through the remaining stages successfully, Pi would have a broader technical base for applications that require onchain trading and programmable transactions. Until then, the distinction between testnet progress and production adoption remains critical.
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