The Pi Network Core Team announced the upcoming v21 protocol upgrade while its native token, PI, resisted broader market declines. After a volatile period following its listing on Kraken, the token gained 3% as most other altcoins fell. The team stated that the v20.2 upgrade established the foundation for enabling smart contracts.
The Pi Network Core Team indicated its next mainnet protocol upgrade, v21, is in development. Node operators were instructed to ensure their systems are ready for more detailed instructions. This follows several rapid updates, including v20.2, which the team described as laying the fundamentals for smart contract capabilities.
The rollout of smart contract functionality will be gradual. The team stated it aims to prioritize categories that align with utility-based product innovation and operations. The specifics will depend on the needs arising from the utility creation process.
PI’s price action has been turbulent recently. The token surged nearly 100% ahead of its Kraken listing on March 13, reaching a five-month high near $0.30. It then plunged over 30% in a sell-the-news event, dropping below $0.17.
Despite the sharp decline, PI has shown relative strength in the past day. The token posted a 3% gain while most other altcoins registered losses between 3% and 5%. Its broader performance, however, continues to be characterized as underwhelming.
