Pi Network has announced a second step of protocol upgrades for its mainnet, with a deadline of March 1 for all nodes to update to remain connected. The announcement comes amid ongoing community questions about the project’s migration state. Meanwhile, the PI token has experienced significant volatility, recently trading near $0.17, but faces potential selling pressure from a substantial token unlock scheduled for March 7.
The team behind Pi Network has announced a new set of protocol upgrades currently in progress, with a deadline of March 1. This follows similar updates outlined by the team in mid-February and comes despite ongoing community backlash and questions regarding the migration state.
All Mainnet nodes are required to complete this step before the deadline to remain connected to the network. The team reiterated that nodes are the fourth role in the ecosystem and must run on laptops or desktops, not mobile phones.
In an explanatory post on the Pi Nodes page, the team stated, “Unlike most other crypto projects, the Pi Node will continue to follow the philosophy of user-centric design. Instead of requiring deep technical knowledge to set up a node, everyday people will be able to do that by installing a desktop application on their computers.” The network uses a consensus algorithm based on SCP, allowing nodes to form trusted groups called quorum slices.
The native PI token has been quite volatile as of late. It experienced a sporadic 35% daily surge several weeks ago, pushing it beyond $0.20, before being driven to under $0.16 during a market-wide crash.
The token has rebounded to sit near $0.17 amidst a broader crypto market recovery. However, the upcoming token unlock schedule shows a potential increase in selling pressure, with nearly 22 million tokens set to be released on March 7.
