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# 2026 Pi Day Pi Network Major Update Summary:
1. Pi Launchpad testnet launched: Ecosystem token issuance platform, emphasizing product-first and non-fundraising approach, raising Pi into liquidity pools.
2. Protocol upgraded to Protocol 20: Paving the way for smart contracts, with subsequent support for NFTs, on-chain trading, DApps, etc.
3. Smart contracts launching in phases: Prioritizing subscription, escrow, and NFT contracts, followed by mainnet deployment after audits, reviews, and testing.
4. Second mainnet migration initiated: Users who completed the first migration can transfer more balance; referral rewards require downline users to complete KYC.
5. KYC verification reward distribution: Reward pool composed of user contributions and foundation subsidies, distributing badges.
**Core Interpretation:** Pi is transitioning from user accumulation to ecosystem application development, maintaining a product-first approach while leveraging over 16 million verified KYC users and gradually improving on-chain functionality.
(Note: "向好" typically means "showing favorable signs," "improving," or "trending positively" in financial/market contexts)