$PI Pi Network’s Protocol v25 upgrade adds zero knowledge cryptography for privacy-preserving apps, but PI’s market reaction is weak so far. Protocol v25 introduces BN254 and Poseidon primitives that let Pi developers build modern zero knowledge (ZK) and privacy-preserving smart contracts. The upgrade went live on 22 Jul 2026, but PI’s brief rally above 0.10 reversed and futures open interest fell as large token unlocks weighed on sentiment. The real test will be whether developers ship ZK apps on Pi and on-chain usage grows enough to offset ongoing unlock-driven supply pressure. Confidence: high because both the technical changes and timing are confirmed by Pi’s own blog and multiple independent market reports.