Pi Coin continues to trade near its all-time low, reflecting deep bearish sentiment despite a flurry of ecosystem developments.

After peaking close to $3 earlier this year, the token has steadily declined, dragged down by a combination of technical stagnation, token unlock pressure, and limited exchange access.

Still, Pi Network’s Core Team is pushing forward with upgrades and initiatives aimed at revitalizing interest and use cases across its 60M+ user base.

Stellar Protocol 23 Could Reinforce Pi’s Foundations
One of the most notable upcoming developments is the Stellar Protocol 23 upgrade, scheduled for September. This update will bring faster transaction speeds, smart contract capabilities via Soroban, and enhanced blockchain interoperability.

Because Pi Network runs on the Stellar Consensus Protocol, migrating directly from version 19 to 23 could be a major leap forward especially for app developers looking to build within the Pi ecosystem. However, technical upgrades alone won’t move the market unless user adoption and liquidity follow.

Pi Domain Auction Deadline Extended to September 30
In another strategic move, Pi Network announced on August 5 that it’s extending the auction deadline for its .pi blockchain domains to September 30, 2025. The extension aims to give the community more time to participate and allow developers to finalize their applications.

So far, more than 100,000 bids have been placed across earlier auction rounds. These domains serve as unique digital identities for apps, businesses, and individuals building on Pi, reinforcing the project’s emphasis on ecosystem identity and personalization.

Mainnet Migration Remains Slow as Unlocks Continue
While Pi Network boasts over 60 million users globally, only about 12 million have migrated to the mainnet. This gap, combined with ongoing token unlocks, continues to frustrate users and suppress upward momentum.

August 2025 brings an additional 155 million PI tokens around 2% of circulating supply into circulation. This compounds existing sell pressure and reinforces concerns about the imbalance between token emissions and organic demand.