Pi Network Token Plummets 50% Despite Smart Contract Upgrade
The Pi Network (PI) token has plummeted nearly 50% from its recent five-month high, despite the completion of a major protocol overhaul. The upgrade to version 20.2 provides the foundation for smart contract functionality on the network's mainnet blockchain.
The Pi Network Core Team announced that all major nodes have been upgraded to version 20.2 and are now supporting protocol 20, completing the migration within the original deadline of March 12. The upgrade followed two earlier bumps - v19.6 on February 20 and v19.9 on March 4.
The team stated that protocol 20 'provides the foundation to enable smart contract capabilities,' with the rollout set to occur gradually, prioritizing categories that align with utility-based product innovation and operations. The specific types of smart contracts featured will depend on needs arising from the utility creation process.
Despite the upgrade, the token's price has continued to fall, dropping to under $0.175 in the past 12 hours. Upcoming token unlocks for the rest of March are relatively modest, except for March 20, when nearly 16 million tokens are scheduled for release.