Pi Network Unveils Protocol 27 Upgrade with Key Features and Uncertain Outcomes
Pi Network is set to upgrade its blockchain with Protocol 27 on September 15. This major milestone has been years in the making, with Pi Network's founders first launching their project from a Stanford dorm room in March 2019.
Since then, Pi Network has grown to become one of the largest user bases in cryptocurrency, with over 60 million registered users across 200 countries. However, only about 14 million have migrated their tokens to mainnet, raising questions about friction and user engagement.
The KYC system used by Pi Network is designed to reject accounts rather than rubber-stamp them, resulting in a verified user base of approximately 19 million. While this may be seen as a competitive advantage, it remains to be seen whether this translates into economic activity with the upcoming upgrade.
Protocol 27 will bring several key features to the Pi Network blockchain, including smart contract authentication, RPC server infrastructure, and an automated market maker DEX. The integrated order book and AMM decentralized exchange will allow users to swap tokens, provide liquidity, and participate in new token launches without leaving the Pi ecosystem.
The Pi Launchpad has already run a test of its capabilities with the SLICE token, which drew 242,000 participants on testnet. While this is a promising sign, it remains to be seen whether these users will show up when real money is on the line.