The Pi Network development team has confirmed the completion of its protocol upgrade to version 21, bringing the project closer to enabling smart contracts. Despite this technical progress and the recent launch of an RPC server for its Testnet, the network’s native token, PI, has failed to rally with the broader cryptocurrency market and is trading near a seven-week low.
The development team behind Pi Network announced the mainnet has successfully upgraded to Protocol 21. This follows the foundational version 20.2 and precedes a planned v22 upgrade, with node operators instructed to update their systems.
The team also clarified the functionality of a new RPC server for the Pi Testnet, stating it supports development and future deployment of smart contracts. They explained that the server enables developers to “build responsive applications, test contract behavior, and integrate services using real-time blockchain data.”
However, the project’s native token, PI, has not benefited from this news. The asset rallied nearly 100% in March ahead of a major exchange listing but plummeted immediately after trading began on March 13.
The token has continued to decline, recently reaching a seven-week low under $0.165. It has failed to join a wider market rally where other major cryptocurrencies posted significant gains.
Furthermore, the network faces upcoming massive token unlocks in the next few days. This potential increase in supply could apply additional downward pressure on PI’s price.
