Pi Network (PI) News Today: October 28th

PI’s worth rebound was short-lived and the asset is again into pink territory.

Pi Community continues to advance its ecosystem, whereas the undertaking’s native token has skilled important volatility as of late. Within the following traces, we are going to discover these matters intimately.

The Newest Replace

Final month, Pi Community’s crew revealed that the protocol will transfer from v19 to v23. The brand new model was described as “a customized Pi protocol, pulling upgrades from Stellar v23, including new performance and management.” Particularly, it can embed Know-Your-Buyer authority to take care of the undertaking as a KYC-verified blockchain, whereas providing a extra “distributed, community-driven course of.”

Earlier immediately (October 28), a number of X customers reported that Testnet2 v23 had been formally activated. Additionally they outlined that the following step is the introduction of the Mainnet v24 / Stellar.

The implementation of the improve ensures that every one community nodes now function underneath Protocol v23 (totally appropriate with Stellar SCP). It additionally allows sensible contracts and DeFi functionalities, synchronizes group dashboards and monitoring instruments with the brand new community standing, and establishes that every one future governance proposals/votes apply to the upgraded model.

Is the Hackathon Over?

One other latest growth associated to the controversial crypto undertaking is the Pi Hackathon 2025. The crew launched the occasion in the direction of the tip of August with the first objective of encouraging Pioneers to create real-world purposes that develop the utility of the PI token.

It additionally promised a 160,000-coin prize pool for the highest eight groups. The Hackathon reached its midway level a month in the past and was supposed to finish on October 15. Nonetheless, Pi Community’s crew has not but unveiled its official conclusion or offered any updates since that deadline handed.

PI Worth Swings

The undertaking’s native cryptocurrency lastly charted a considerable inexperienced candle on October 27, when the value shot up by double digits to virtually $0.30. This occurred at a time when the broader crypto market experienced a revival, however immediately issues are a lot totally different. PI headed again south and is at present price round $0.23 (per CoinGecko’s information), representing a 7% every day decline.

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And whereas the hard-core followers of the asset consider a rally into uncharted territory stays potential sooner or later, some elements counsel an additional short-term pullback can also be on the desk. The tokens scheduled to unlock over the following 30 days, as an illustration, are above 120 million. It will permit individuals to dump holdings they’ve been ready for a very long time, thereby rising promoting strain.