Pi Network Sets Major Update Deadline as PI Surges Past Key Resistance

Here’s what needs to happen by August 11 in the Pi Network ecosystem.

Pi Network’s Core Team announced the date by which the next protocol update must be completed, which automatically means that version 25 has already been deployed without an official confirmation.

Meanwhile, the project’s native token has shown resilience and is well in the green on a daily scale after a catastrophic crash earlier this month.

Protocol V26 Incoming

Recall that the team announced in mid-July that the protocol version 25 should have been deployed by July 22. This came after several other upgrades that were completed earlier this year. It all began in February with the implementation of v19.6, followed by subsequent updates that brought it to the aforementioned deadline in July.

Unlike most previous upgrades, though, the Core Team didn’t announce on X or on its website that version 25 was indeed deployed within the given timeframe. However, there were multiple reports online from users who claimed that it was in effect. Now that the team has provided further details on the next protocol update (version 26), it essentially guarantees that v25 has been implemented.

As with all previous upgrades, Pi Network urged all Mainnet validators to complete the necessary steps before the next deadline, which is now August 11, to ensure that they remain connected to the blockchain. The team described version 26 as a “major milestone ahead of the final planned upgrade,” which will be v27.

“With 8 successful upgrades completed over the past few months, these final two upgrades will bring the network up to date with the latest protocol features, improvements, and functionality,” reads the statement.

PI Already Rockets

Despite the impressive number of updates, new product lines, or redesigns announced by the Core Team lately, many of which came in the past month, the project’s native token failed to capitalize and rally. Just the opposite, it nosedived to a few consecutive all-time lows in July, the latest being at just over $0.07, marked in the middle of the month.

Each breakout attempt was halted in its tracks. The big rejection at $0.10 pushed it south to under $0.09 and $0.08. The token tanked to $0.074 just a few days ago, thus coming inches away from posting a new low.

However, it managed to rebound yesterday and has rallied even further today, perhaps due to the announcement above. PI is up by over 6% on a 24-hour scale and has seemingly reclaimed the $0.08 level.