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Big Pi Network Update on Track: Latest Progress Every Pioneer Should Watch

TL;DR

  • Pi Network is rolling out protocol upgrades, aiming to spice up stability, efficiency, and introduce protocol-level KYC options.
  • Despite the progress, PI is in pink territory as we speak, whereas the multi-million token unlocks scheduled for the following month and the main provide saved on exchanges sign heavy potential promoting stress.

Moving Forward as Scheduled

The controversial crypto challenge, formally launched in 2019, continues to make changes and implement developments to strengthen its ecosystem.

Most not too long ago, the X account Pi News revealed that Pi Network is progressively upgrading from protocol v19 to v23, overlaying Testnet, Testnet2, and Mainnet. Moreover, the Testnet has been efficiently upgraded to v22. 

The purpose is to enhance efficiency and community stability, thereby enabling additional ecosystem developments. Earlier this month, the challenge’s crew explained that Version 23 is predicated on Stellar v23, but it surely’s custom-made for Pi Network. 

It goals to offer customers with extra management and some functionalities, together with Know-Your-Customer (KYC) authorities into the protocol that may “keep PI as a KYC-verified blockchain, whereas providing a extra distributed community-driven KYC course of on the protocol stage.”

Some customers commenting on the most recent progress information claimed verifications stay a problem. “Will this enhance KYC approvals? They have to hurry the hell up and purge all UNVERIFIED Pi that doesn’t have KYC so we will return to 1 greenback,” one particular person requested.

PI Price Outlook

Despite the most recent improve standing, the native token of the crypto challenge stays in pink territory as we speak (September 15). As of this writing, it trades at roughly $0.34 (per CoinGecko’s information), which is a staggering 88% decline in comparison with the all-time high of round $3 registered in the beginning of the yr.

And whereas some neighborhood members imagine that PI may mark a major revival within the quick time period, essential metrics sign that the pullback could even intensify.

Data signifies that over 137 million tokens will probably be unlocked throughout the subsequent 30 days, offering a possibility for folks to dump cash they’ve been ready for a very long time, thereby rising promote stress.

PI Token Unlocks
PI Token Unlocks, Source: piscan.io

In addition, the quantity of PI saved on crypto exchanges continues to rise and is at the moment above 440 million. Almost half of that stash is saved on Gate.io, whereas Bitget is available in second with 147 million. 

This means that many buyers have transitioned from self-custody strategies to centralized platforms, which is commonly interpreted as a pre-sale step.

The submit Big Pi Network Update on Track: Latest Progress Every Pioneer Should Watch appeared first on CryptoPotato.

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