Pi Network Upgrade Fails to Halt Decline in PI Token Price

The Pi Network has successfully completed its latest protocol upgrade to version 20.2, marking a major milestone in the project's evolution. This upgrade is expected to lay the foundation for smart contract capabilities on the platform, which will enable more complex and innovative applications.

According to the team, the rollout of smart contracts will occur gradually, prioritizing categories that align with utility-based product innovation and operations. The specific types of smart contracts featured will depend heavily on the needs arising from the utility creation process.

The price of PI tokens has taken a significant hit in recent days, despite the major development. After reaching a five-month peak, the token nosedived towards the $0.20 support level and has since dropped to under $0.175. The team had initially hinted at completing the migration within the original timeframe and provided more information on what Pioneers can expect from the upgrade.

It's worth noting that the number of tokens to be released in the next month will be relatively low compared to previous months, with the majority of unlocks occurring on March 20 when almost 16 million coins will become available.