Pi Network (PI) News Today: October 28th
Pi Network continues to advance its ecosystem, whereas the venture’s native token has skilled vital volatility as of late. In the next traces, we’ll discover these matters intimately.
The Latest Update
Last month, Pi Network’s staff revealed that the protocol will transfer from v19 to v23. The new model was described as “a customized Pi protocol, pulling upgrades from Stellar v23, including new performance and management.” Specifically, it can embed Know-Your-Customer authority to keep up the venture as a KYC-verified blockchain, whereas providing a extra “distributed, community-driven course of.”
Earlier as we speak (October 28), a number of X customers reported that Testnet2 v23 had been formally activated. They additionally outlined that the subsequent step is the introduction of the Mainnet v24 / Stellar.
The implementation of the improve ensures that each one community nodes now function below Protocol v23 (absolutely appropriate with Stellar SCP). It additionally permits good contracts and DeFi functionalities, synchronizes neighborhood dashboards and monitoring instruments with the brand new community standing, and establishes that each one future governance proposals/votes apply to the upgraded model.
Is the Hackathon Over?
Another current growth associated to the controversial crypto venture is the Pi Hackathon 2025. The staff launched the occasion in direction of the top of August with the first objective of encouraging Pioneers to create real-world functions that broaden the utility of the PI token.
It additionally promised a 160,000-coin prize pool for the highest eight groups. The Hackathon reached its midway level a month in the past and was supposed to finish on October 15. However, Pi Network’s staff has not but unveiled its official conclusion or offered any updates since that deadline handed.
PI Price Swings
The venture’s native cryptocurrency lastly charted a considerable inexperienced candle on October 27, when the worth shot up by double digits to nearly $0.30. This occurred at a time when the broader crypto market experienced a revival, however as we speak issues are a lot completely different. PI headed again south and is presently value round $0.23 (per CoinGecko’s information), representing a 7% day by day decline.
And whereas the hard-core followers of the asset imagine a rally into uncharted territory stays doable sooner or later, some elements counsel an additional short-term pullback can be on the desk. The tokens scheduled to unlock over the subsequent 30 days, for example, are above 120 million. This will permit individuals to dump holdings they’ve been ready for a very long time, thereby growing promoting strain.
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