Pi Coin saw a slight increase in value after the Pi Network officially launched Protocol v23 on its test network. This update aligns the project with Stellar Core Version 23.0.1, a widely anticipated enhancement to the Pi Network system.
Pi Network Upgrade Points to Continued Progress Towards Mainnet Launch
According to CoinMarketCap data, the price of Pi Coin is currently $0.3595, reflecting a 1.51% gain over the past 24 hours. Market capitalization has also increased significantly by 40.4% to reach $2.92 billion. Furthermore, the daily trading volume experienced a substantial surge of 40.4%, reaching $30.78 million. The price of the token also experienced a 4.29% increase in the past week and 1.63% increase since last month.
This price increase followed the validation of block 20824824 using Protocol Version 23, as shown on the Pi block explorer. This upgrade confirms the earlier announcement about the blockchain undergoing a staged upgrade. Pi Coin’s price reaction indicates that news concerning the test network can indeed influence the market.
The circulating supply of Pi Coins stands at 8.14 million, out of a potential total supply of 100 billion coins. Testnet transitions play a vital role in assessing stability before deploying changes on the main network.
The latest version demonstrated excellent performance, with no failed transactions recorded in the most recent block. Additionally, it confirms the capacity to handle up to 1,000 transactions per block.
This upgrade also signals to investors that the network is under continuous development. While some critics have suggested the Pi Network has been slow in releasing mainnet updates, the activation of this testnet offers tangible evidence of developmental progress.
Pi Network Upgrade Signifies Steady Path To Mainnet Expansion
Pi utilizes the Stellar v23 framework to facilitate faster and more efficient blockchain scaling. This update provides developers with enhanced pre-launch systems to thoroughly test their applications before making them available to the public on the main network.
Furthermore, it suggests that the Pi Network remains on target for the activation of its mainnet. This is reinforced by a recent Onramp listing designed to encourage wider Pi Coin adoption.
The implementation of protocol v23 is likely to attract greater attention as developers and users can now verify the efficiency of the system. A successful implementation could eventually lead to the main network adopting the same version, further expanding the Pi Network ecosystem. Both significant and minor technological advancements help maintain community optimism about this blockchain project.