Pi Network Completes Latest Ecosystem Update, Price Remains in Red

The Pi Network has made significant progress in its ecosystem development, completing another major update. The protocol v27, which includes flexible and secure smart-contract authentication, was initiated by the team on September 15. The upgrade started with a Testnet 2 implementation and is set to transition to Mainnet soon.

The latest update comes after the network unveiled versions 25 and 26 in the summer months. These updates laid the groundwork for smart contract capabilities, which are now being implemented in v27. The new protocol has shown promise, with 250 transactions per block recorded without any failures on Testnet 2.

The development of Pi Network's ecosystem is crucial to its price trajectory. With a maximum supply of 100 billion tokens and a circulating supply of around 11.24 billion units, the team has been closely monitoring token unlocks. The website piscan.io has provided valuable insights into this aspect but has been unavailable for maintenance.

The PI price remains in the red on a weekly basis, trading at $0.09 despite the broader cryptocurrency market's upswing. However, some believe that the token may soon regain bullish momentum, with one user noting that the price has held the $0.07-$0.08 support zone.