Pi Network Completes Advanced Development but PI Price Drops Again

After gaining more than 100% from its all-time low, PI is now about 50% off its local high.

Although it was completed a few days ago, the Core Team behind the controversial project announced the migration earlier today, confirming the successful development of version 20.2.

They also emphasized that the new version of the protocol should be the centerpiece of the project as it provides the foundations that ultimately enable smart contract capabilities. However, even these big news could not stop the free fall of PI.

V20.2 You have arrived

The past month has been eventful for Pioneers as the Core Team has made several important improvements to the protocol even before the one mentioned above. Initially, they announced the successful migration to v19.6 on February 20th, followed by v19.9 on March 4th.

All eyes turned to March 12, which was the new deadline for the launch of v20.2. It was the most important from this year. In a post on X hours ago, the team said: “All major Pi nodes have now been upgraded to version 20.2 and support protocol 20.”

It’s worth noting that the team actually completed the migration in real time, as noted in their Pi Day post from the weekend. However, the post now provides more information on what Pioneers can expect, especially since the Pi Network has upgraded its Mainnet blockchain to protocol 20. The latest version is a big step towards the network’s goal of having smart contract capabilities, as explained in the post:

“Protocol 20 provides the basis for enabling smart contract capabilities, and the rollout of smart contracts will happen gradually, prioritizing the phases associated with the creation of a service-based product and functionality. The specific types of smart contracts that are introduced will depend largely on the needs from the service creation process.”

PI Falls Again

Perhaps driven by early revisions, the PI price continued in late February/early March. The rally got a big boost when US crypto exchange Kraken announced it would list it for trading on March 13. The results were immediate as PI rose by double digits from around $0.20 to around $0.30.

However, after reaching a five-month high, the truth came out as it was another classic news-selling event. PI nosed out the next day towards the $0.20 support, which was found yesterday. The situation has worsened in the last 12 hours, as the token has dropped below $0.175, thus dropping almost 50% in just a few days.

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PiScan data shows that the number of tokens that will be issued next month may be much smaller compared to what it was in February and early March. Except for March 20, when about 16 million coins will be opened, the whole month will see numbers less than 4 million.