Pi Network Token Slumps 50% Despite Major Protocol Upgrade

The Pi Network's token, PI, has dropped nearly 50% in value despite a major protocol upgrade to version 20.2.

This upgrade is meant to eventually support smart contract functionality on the network's mainnet blockchain and was completed within the original deadline of March 12.

The Pi Network Core Team announced that all major nodes have been upgraded to version 20.2, supporting protocol 20, which provides the foundation for enabling smart contracts.

The team stated that the specific types of smart contracts featured will depend on needs arising from utility creation and that the rollout will occur gradually, prioritizing categories that align with utility-based product innovation and operations.