Pi Network Mainnet migration surpasses 2.69 million users, can ISO 20022 integration boost Pi Coin price?

Pi Network has recently achieved significant breakthroughs in both technological upgrades and user growth. Testnet2 v23 has officially been activated, paving the way for smart contracts and DeFi functionalities; at the same time, driven by large-scale KYC verification, 2.69 million users successfully migrated to the mainnet within a week. With the integration of the ISO 20022 global financial communication standard approaching on November 22, this project built on the Stellar Consensus protocol is accelerating its alignment with the TradFi system, while the token price has fallen back to $0.23 after breaking through $0.3, facing short-term pressure from the unlocking of 120 million tokens. With the resonance of both bullish and bearish news, how will the price of Pi Coin perform?

Technical Architecture Upgrade: Leap from v19 to v23

The core value of the protocol upgrade

The Pi Network development team revealed last month that the protocol will upgrade from v19 to v23. This significant update is described as “a customized Pi protocol that integrates the Stellar v23 upgrade, adding new features and control.” Specifically, the new version embeds Know Your Customer (KYC) permissions, maintaining the project as a KYC-verified blockchain while providing a more “distributed, community-driven process.”

On October 28, multiple users of platform X reported that Testnet2 v23 has officially been activated, and pointed out that the next step will introduce Mainnet v24/Stellar. This upgrade ensures that all network nodes are now operating under Protocol v23 (fully compatible with Stellar SCP), while enabling smart contracts and Decentralized Finance features, synchronizing the community dashboard and monitoring tools with the new network status, and confirming that all future governance proposals/votes will apply to the upgraded version.

compliance advantages based on technology

The technology stack built on the Stellar Consensus Protocol (SCP) provides Pi Network with a unique competitive advantage. SCP ensures a secure, low-energy operational framework that strikes a balance between decentralization and scalability. This architecture minimizes environmental impact while ensuring high efficiency, a factor that is increasingly important in the current cryptocurrency environment. The SCP-based system also supports regulatory alignment and compliance, placing the Pi ecosystem in a favorable position to adopt banking standards such as ISO 20022.

Ecosystem Development and Community Growth: Hackathons and Mainnet Migration in Parallel

The unfinished business of Pi Hackathon 2025

Another recent development related to this controversial crypto project is the Pi Hackathon 2025. The team launched the event at the end of August, with the main goal of encouraging pioneers to create real-world applications that expand the utility of the PI Token. The team also committed to a prize pool of 160,000 tokens for the top eight teams.

The hackathon reached its midpoint a month ago and was originally scheduled to end on October 15. However, the Pi Network team has not announced official results and has not provided any updates after the deadline. This lack of transparency has sparked community discussions but also reflects the project's strict requirements for application quality.

Mainnet migration milestone

Pi Network has reached an important milestone: last week, 2.69 million users successfully migrated to its Mainnet. This surge followed a wave of large-scale KYC verification, signaling that adoption is on the rise ahead of the project's upcoming ISO 20022 integration on November 22.

Known as the “pioneer,” the Pi Network community is rapidly expanding as the project positions itself closer to mainstream financial systems. This integration aligns with Pi's long-term vision of bridging blockchain technology and global payment standards.

Market Performance and Supply-Demand Dynamics: Opportunities and Risks in Price Fluctuations

Short-term price trend analysis

The project's native cryptocurrency Pi Coin finally drew an impressive bullish line on October 27, when the price surged double digits to nearly $0.30. This occurred during a broader recovery in the cryptocurrency market, but today the situation is quite different. PI has returned to a downtrend, currently valued at about $0.23, down 7% in a single day.

The potential impact of unlocking Tokens

Although hardcore fans believe there may be a rebound to unknown territories in the future, some factors indicate that further pullbacks in the short term are also possible. For example, more than 120 million Tokens are scheduled to be unlocked in the next 30 days. This will allow people to sell their long-held positions, thereby increasing selling pressure.

The Process of Financial Standardization: Strategic Significance of ISO 20022 Integration

Access to the global financial language

According to data shared from community sources, millions of pioneers have recently transferred their Pi Tokens to the Mainnet. This marks a new phase in the development of the network ecosystem. The arrival of this milestone coincides with the project's preparation for ISO 20022 - a communication standard for global financial transactions, adopted by banks and payment systems around the world.

The integration is expected to enable faster, cheaper, and more transparent cross-border payments, bringing Pi closer to compatibility with traditional banking infrastructure. Additionally, as noted by Pi community channels, this shift could position Pi among a select group of cryptocurrencies, such as XRP and XLM, which are aligned with global financial communication standards.

The bridge between blockchain and TradFi

ISO 20022 serves as a “universal financial language,” allowing banks, payment systems, and digital asset platforms to communicate more effectively. By adopting this standard, Pi Network can facilitate direct communication between blockchain transactions and the global banking system.

The community report emphasizes that Pi's integration with SWIFT through ISO 20022 could soon enable banks to process instant, low-cost cross-border transactions using Pi's blockchain infrastructure. While this does not automatically guarantee regulatory approval, it represents a key step towards achieving interoperability between crypto and banking. Analysts and community leaders view this as one of the strongest indicators of the fusion of blockchain technology with the traditional finance world.

Future Outlook and Development Path: From Community Projects to Financial Infrastructure

Opportunities brought by standardization

As the ISO launch on November 22 approaches, Pi Network seems to be entering a new era. The project's growing user base, coupled with its progress in financial standardization, reflects strong community confidence and stable ecosystem growth.

Therefore, as the gap between cryptocurrency and TradFi continues to narrow, the next phase of Pi Network may determine how digital currencies integrate with the real-world economy and may redefine the financial inclusivity landscape of the blockchain era.

The foundation of sustainable development

The technical foundation of Pi Network provides a solid basis for its long-term development. The low-energy architecture based on SCP aligns well with the current global focus on sustainable financial technology, while the KYC verification mechanism and ISO 20022 integration create conditions for its operation in a highly regulated financial environment.

Conclusion

Pi Network is at a critical juncture in its transformation from a community project to a financial infrastructure. The triple breakthroughs of technological upgrades, Mainnet migration, and financial standardization demonstrate the project team's execution capability and the community's high level of participation. However, the price volatility of the Token and the selling pressure brought about by a large number of unlocks also remind us that the project still faces market tests.

For the blockchain industry, Pi Network's attempt at ISO 20022 integration is of pioneering significance. If successful, it will prove that blockchain networks can seamlessly connect with the traditional financial system, paving the way for more similar projects. For investors and users, the future development of Pi Network is not only related to the Token price but also to the validation of blockchain technology in practical financial applications.

As November 22 approaches, all eyes are focused on whether Pi Network can deliver on its promises and truly become a bridge connecting cryptocurrency with TradFi. Regardless of the outcome, this attempt has already provided valuable experience and insights for the entire industry.