- Pi Network is preparing to launch its DEX as Protocol 27 nears mainnet.
- PI remains below $0.10 amid weak demand and rising supply.
Pi Network is moving toward one of its biggest ecosystem developments yet. Protocol 27 is now being tested ahead of a planned September 15 mainnet launch, which could bring automated market maker liquidity pools to the network.
The development comes at a difficult time for PI. The network has continued to add new infrastructure, but the price has failed to respond. PI ended August at around $0.0909, more than 97% below its $2.99 all-time high.
Pi Network Has Already Put the DEX to the Test
Pi Network is not entering the DEX phase without prior testing. Pi Launchpad ran a test of its combined order book and AMM system during the SLICE token launch between June 11 and 28.
The test attracted 242,000 Pioneers, who committed 15.92 million Test-Pi to the token launch. It also allowed Pi to test token distribution, liquidity creation, swaps, and price discovery.
That activity gives the project some evidence that its community is willing to use on-chain trading tools. The bigger challenge will be converting that testnet activity into real transactions after the DEX launches on mainnet.
Protocol 27 provides some of the infrastructure needed for that transition. The upgrade introduces AMM liquidity pools alongside smart contract authentication and RPC server infrastructure for applications interacting with the network.
PI Still Faces Heavy Supply Pressure
The progress on the network has not translated into stronger demand for PI.
The token traded at about $0.0909 on August 31, while its market capitalization stood near $1.01 billion. Daily trading volume was only around $3.7 million.
Supply growth adds another challenge. About 1.21 billion PI tokens are scheduled to unlock during 2026, equal to roughly 6.5 million tokens per day.
At a price of $0.09, that represents about $585,000 in potential new supply entering the market each day. For PI to rise sustainably, new demand needs to absorb those tokens rather than simply offset them.
This is where the DEX could become important. A successful launch would give users another reason to hold and spend PI within the ecosystem instead of treating it mainly as a speculative asset.
Binance Could Still Change the Picture
PI also remains limited by its exchange availability.
Kraken and OKX have added PI trading, but Binance and Coinbase have yet to list it. Binance is particularly important because its large retail user base could bring significantly more trading activity to PI.
However, exchange listings depend on more than community demand. Pi’s centralized protocol structure, limited code transparency, and lack of a widely published full-stack security audit remain important considerations for major exchanges.
Another protocol upgrade will not automatically resolve those concerns. Greater transparency and independent security verification could make a stronger case for wider exchange support.
September Could Be a Turning Point for PI
Pi Network has spent much of 2026 expanding the infrastructure around its ecosystem. Protocol 26 strengthened the network, while Protocol 27 is bringing DEX functionality closer to mainnet.
The September launch could show whether those developments can translate into real economic activity.
Strong DEX volume would provide evidence that Pi users are actually transacting with PI. Continued weak activity would suggest that the network’s large community has not yet translated into sufficient economic demand.
For now, Pi Network has demonstrated that it can keep building while PI remains under pressure. The next challenge is proving that the infrastructure can create enough real demand to change the market’s view of PI.
ALSO READ: Crypto Security Report Finds $3.63 Billion Lost in Security Incidents
DISCLAIMER:
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of the publisher. The publisher does not endorse or guarantee the accuracy of any information presented in this article. Readers are encouraged to conduct further research and consult additional sources before making any decisions based on the content provided.
About the Author
