2026-05-06
V23 Smart Contracts Go Live: What Does It Mean for Miners?
Less than a week after V22 was confirmed on-chain, the Pi Core Team is already pushing for the next upgrade. **Deadline: May 15th.** On May 2nd, the Pi Core Team officially announced that all Mainnet nodes must complete the Protocol 23 upgrade by May 15th, or they will be disconnected and unable to continue validating transactions or earning rewards. This time, it's not as simple as before—the official team specifically warned that this upgrade involves deep database refactoring and will take more time than previous upgrades, advising node operators to start early. But for ordinary miners, the more important question is: What exactly does V23 bring? --- ## V23 Is Not Just Another Node Update Previous upgrades (V20, V21, V22) primarily focused on performance and stability adjustments. V23 is different. V23 will switch the network to Stellar Core v23.0.1, officially enabling full smart contract and DApp support. Simultaneously, a native on-chain DEX project will be launched alongside the upgrade, supporting peer-to-peer transactions. In other words, V23 is a crucial step for Pi to transform from a "miner community" into a "programmable blockchain." --- ## What Are Smart Contracts? In Plain English Don't be intimidated by the name. A smart contract is an **automatically executing program hardcoded onto the blockchain**. You set the rules, and as long as the conditions are met, it executes automatically without any human review in between. For example: Suppose you want to build a subscription service on Pi that automatically charges users monthly. Without smart contracts, you'd need to manually collect payments every month; with smart contracts, you set the rules once, and the system executes automatically without human intervention. This is why smart contracts are the foundation of all DeFi, DEX, and DApps—they make "automated trust mechanisms" possible. --- ## What Features Does V23 Bring? Based on current information, V23 is expected to bring: **Complete Smart Contract Support** Unlike earlier versions with limited programmability, V23 is expected to introduce fully programmable smart contracts, allowing developers to build complex decentralized applications directly on the network. This is the first time Pi will truly possess DApp development capabilities on par with Ethereum and Solana. **Foundation for Pi DEX Launch** Pi DEX is currently operating on the testnet. After V23, the mainnet launch of Pi DEX is the expected next step, allowing users to directly exchange Pi and ecosystem tokens without needing a centralized exchange. **Full Functionality for Pi Launchpad** The Pi Launchpad on the testnet aims to launch new product-centric tokens. After V23, it is expected to operate fully on the mainnet. This signifies the practical application of PiRC1 and PiRC2, moving from the testing phase into official operation. **More Potential Features** Protocol 23 may also support Real World Asset (RWA) tokenization, native decentralized exchange activities, .pi domains, on-chain KYC tools, and AI applications. However, these features are currently "expected to be supported" and not all have been officially confirmed. --- ## Practical Impact on Three Types of Miners ### Ordinary Miners Not Running Nodes **Direct Impact: Almost none.** V23 is a protocol-layer upgrade and does not affect your Pi balance, migration progress, or KYC status. You don't need to take any action. However, the indirect impact is significant—after V23, applications within the ecosystem can truly begin to run. The more useful DApps emerge, the more use cases Pi will have, which is the long-term foundation for holding Pi. ### Miners Running Nodes **Most Important: Complete the upgrade by May 15th.** Official confirmation states that nodes that do not complete the upgrade by the deadline will no longer be able to synchronize with the network and will have to resynchronize from scratch, which is much more troublesome than a direct upgrade. Currently, there are over 421,000 active nodes and over 18 million KYC-verified users on the network. What's different about this upgrade: Protocol 23 includes deep database refactoring and data migration, which may take longer. Although official documentation states that nodes will upgrade automatically, it's safer to check your node 2-3 days before May 15th to see if it has already upgraded to Protocol 23 or if you need to click to allow the upgrade, and then ensure the node is running on the Protocol 23 container. ### For Those Interested in Ecosystem Developers V23 is the upgrade that truly gives you something to do. With smart contracts live, you can: * Deploy real smart contracts on Pi using Rust + Soroban * Refer to the official sample code in the `PiNetwork/SmartContracts` GitHub repo * Test your DApp on the testnet to prepare for the mainnet --- ## An Important Reminder: V23 Dates Keep Changing The timeline for this upgrade has been more confusing for the community than any previous one. Here's a brief summary of the current discrepancies in various statements: ``` Original Announcement: May 18th (statement from a few weeks ago) Later Advanced: May 11th (according to some sources) Latest Official: May 15th (node deadline, confirmed by official Twitter on 5/2) ``` The Pi Core Team's original tweet stated: "Pi Mainnet is upgrading to Protocol 23 – Deadline: May 15," which is currently the most reliable official statement. It's worth noting that May 15th is the **node upgrade deadline**, not necessarily the date the on-chain `protocol_version` switches. Just like with V22, there was a few days' gap between the node deadline (April 27th) and the on-chain confirmation (April 30th). OrbitWatch will continuously monitor the `protocol_version` field of the Horizon API and will update immediately once the chain switches. --- ## After V23: What's Next? After V23 goes live, the mainnet launch of Pi DEX and ecosystem expansion are the expected next steps. The testnet is already running v23 and has introduced token functionality, leading some in the community to speculate that Pi Network might launch tokens on the mainnet as early as June. Additionally, the upgrade sequence will continue after V23, with subsequent versions V24, V25, and V26 expected to be completed before June, each progressively enhancing smart contract functionality and ecosystem expansion capabilities. V23 is not the end; it is the beginning of Pi truly entering the Web3 era. --- ## OrbitWatch's V23 Monitoring Plan **On-chain `protocol_version` switch** Monitored every 15 minutes, updated immediately after the switch. **First batch of smart contract deployments** After V23, on-chain operation types will diversify. We will record the deployment times of the first official or community smart contracts. **First transaction on Pi DEX Mainnet** The first mainnet transaction after DEX launch is a significant symbolic moment. **Node upgrade rate** Currently, there are 421,000 active nodes. The number that completes the upgrade by May 15th will affect the smoothness of the network switch. --- **Immediate Action Required** If you are running a node, check your node software version now. Don't wait until a few days before May 15th. The official team specifically warned that this upgrade will take more time than usual, so starting early is the correct strategy. --- **Further Reading** - [Confirmed: Pi Network On-Chain Protocol Officially Switched to v22](/en/updates/2026-04-30) - [PiRC2 Full Analysis: Pi's Subscription Smart Contract Standard](/en/protocol/pirc2) --- *Data sources: Pi Core Team Official Twitter (@PiCoreTeam), Pi Network Horizon API, coinpedia, coinfomania, hokanews, livebitcoinnews, cryptotimes, nftplazas. All analyses do not constitute investment advice.* *OrbitWatch is an independent Pi Network ecosystem observer and is not affiliated with the official Pi Network team.*
- •V23 enables full smart contract support and DApp development, marking Pi's transition to a programmable blockchain with features like Pi DEX and Pi Launchpad.
- •Node operators must upgrade to Protocol 23 by May 15th; this is a complex process involving deep database refactoring and data migration, requiring early action to avoid disconnection.
May 6, 02:13 AM
→Smart Contracts
Overview of Pi Network's Smart Contract Capabilities --- ## What are Pi's Smart Contracts? In May 2026, Pi Network officially introduced full smart contract capabilities through the Protocol V23 upgrade. A smart contract is a self-executing program hardcoded onto the blockchain. It automatically executes when conditions are met, without the need for any intermediaries. With this upgrade, Pi is no longer just a mining community—it has become a programmable blockchain where developers can build real-world applications. Pi's smart contracts are based on the **Rust + WebAssembly (WASM)** architecture, utilizing the Soroban framework from the Stellar ecosystem, with a design emphasizing security and verifiability. --- ## What Three Types of Smart Contracts Does Pi Support? ### Subscription Contract Allows merchants to automatically collect recurring payments from users without requiring a new signature each time. Funds remain in the user's wallet and are only transferred out when the actual deduction occurs. This is a core feature defined by PiRC2. **Official Specification:** [PiRC2 Subscription Contract](/zh-TW/protocol/pirc2) **Source Code:** [PiNetwork/SmartContracts](https://github.com/PiNetwork/SmartContracts) --- ### Escrow Contract Enables secure peer-to-peer transactions without the need for trust. The buyer deposits Pi into the contract, and after the seller fulfills the predefined conditions (e.g., confirming delivery), the contract automatically releases the funds. No intermediaries, no room for scams. **Applicable Scenarios:** Second-hand markets, service transactions, cross-border payments --- ### NFT-Related Contracts Supports the issuance, trading, and verification of digital collectibles. Pi's NFT contracts are designed to emphasize practical applications rather than purely speculative trading. **Applicable Scenarios:** Digital membership cards, in-game items, creator content --- ## Pi DEX: On-chain Decentralized Exchange Following the V23 upgrade, Pi DEX was launched, allowing users to directly exchange Pi and ecosystem tokens on-chain, without the need for centralized exchanges. Pi DEX utilizes an AMM (Automated Market Maker) mechanism, using Pi as the base currency for all trading pairs, ensuring liquidity is concentrated rather than fragmented. --- ## Official Code Repository On April 17, 2026, the Pi Core Team established the `PiNetwork/SmartContracts` GitHub repo to host the actual source code for official smart contracts. Currently includes: - `contracts/subscription/` — Rust implementation of the PiRC2 Subscription Contract (external audit in progress) More contract types are expected to be added continuously after V23 goes live. **[SmartContracts Repo Analysis →](/zh-TW/updates/2026-05-05)** --- ## Developer Resources | Resource | Link | | --- | --- | | Official Smart Contract Source Code | [PiNetwork/SmartContracts](https://github.com/PiNetwork/SmartContracts) | | PiRC2 Specification Document | [PiNetwork/PiRC/PiRC2](https://github.com/PiNetwork/PiRC/tree/main/PiRC2) | | Pi Developer Platform | [developers.minepi.com](https://developers.minepi.com) | --- ## OrbitWatch's Monitoring Focus After V23 goes live, OrbitWatch will continue to track: - **On-chain protocol_version switch** — Monitored every 15 minutes, updated immediately after switching - **First batch of smart contract deployments** — Timing and contract types - **First mainnet transaction on Pi DEX** — Transaction volume and liquidity depth - **New contracts in the SmartContracts repo** — Each new folder represents a new feature --- ## Further Reading - [V23 Smart Contracts Go Live: What Does It Mean for Miners?](/zh-TW/updates/2026-05-05) - [Pi Network Opened a New GitHub Repo—SmartContracts](/zh-TW/updates/2026-05-05) - [Full Analysis of PiRC2: Pi's Subscription Smart Contract Standard](/zh-TW/protocol/pirc2) --- *OrbitWatch is an independent Pi Network ecosystem observatory and is not affiliated with the official Pi Network. All information does not constitute investment advice.*
- •Pi Network introduced full smart contract capabilities with Protocol V23 in May 2026, transforming into a programmable blockchain.
- •Pi's smart contracts are built on Rust + WebAssembly (WASM) using Stellar's Soroban framework, emphasizing security and verifiability.
May 6, 01:49 AM
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