Quick Takeaways
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Price Volatility: Pi Network’s native token, PI, saw a sharp rise to nearly $0.30 but quickly fell back to around $0.23, reflecting significant market instability.
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Protocol Upgrade: The transition from v19 to v23 of Pi Network’s protocol introduces enhanced functionalities, including KYC compliance and smart contract capabilities, now operational on Testnet2.
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Uncertain Hackathon Status: The ongoing Pi Hackathon 2025, aimed at increasing the utility of the PI token with a $160,000 prize pool, has not received any official updates despite missing its October 15 deadline.
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Potential Selling Pressure: Over 120 million tokens are set to unlock in the coming 30 days, raising concerns about increased selling pressure potentially impacting the token’s price further.
Pi Network (PI) News Today: October 28th
Pi Network keeps evolving, despite recent price volatility. Today, we delve into critical updates about its ecosystem and market performance.
The Latest Update
Last month, Pi Network announced a significant shift from version 19 to version 23 of its protocol. This new version enhances the network’s capabilities, integrating features from Stellar v23. It emphasizes a Know-Your-Customer (KYC) authority, ensuring compliance while promoting community involvement. Earlier today, users reported that Testnet2 v23 is now active. Consequently, the next phase involves rolling out Mainnet v24.
The upgrade allows all network nodes to function under Protocol v23, compatible with Stellar’s Secure Consensus Protocol. This change facilitates smart contracts and decentralized finance (DeFi) functions. Moreover, it aligns community tools with the updated network status. Future governance votes will now apply to this new version, promoting a more transparent framework.
Is the Hackathon Over?
In another notable development, the Pi Hackathon 2025, which began in August, aims to inspire developers to create real-world applications for the PI token. With a prize pool of 160,000 coins for the top eight teams, this initiative showcases the project’s commitment to utility. However, the Hackathon was slated to end on October 15, and the team has not yet announced its official conclusion. Participants and enthusiasts remain eager for updates.
PI Price Swings
Recently, the PI token experienced a dramatic price surge, reaching nearly $0.30 on October 27. However, today’s data indicates a return to lower levels, with the price now at around $0.23. This represents a decline of about 7% in a day. While loyal supporters speculate about potential future rallies, the impending release of over 120 million tokens in the next month could exert upward pressure on selling. This scenario raises concerns for short-term performance.
As the Pi Network navigates these dynamics, its ongoing developments may influence both technology advancement and community engagement. The project continues to adapt and respond to the needs of its users, reinforcing its unique position in the cryptocurrency landscape.
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