Pi Network Major Breakthrough: V23 Upgrade Suspected to be Complete, How Should Pioneers Respond to Price Fluctuation?

A popular account dedicated to reporting news about Pi Network (PI) recently released an image claiming that the significant update V23 of the protocol has been completed, although this news has not yet been officially confirmed by the core team. In the past few weeks, developers of Pi Network have been very active, launching multiple new upgrades, but these advancements have not yet brought a noticeable boost to the price of Pi coin, which is still hovering around 0.35 dollars, down nearly 88% from its historical high.

V23 Upgrade: A Key Milestone for Pi Network

(Source: Pi BlockExplorer)

A few months ago, the core team of Pi Network announced a series of significant changes, the most notable of which was the direct upgrade of the protocol version from v19 to v23. This upgrade, although based on Stellar v23, is specifically tailored for Pi Network, aiming to provide users with more control and new features.

Nowadays, the community is buzzing with the news that the team has completed the v23 upgrade.

Core Features of V23 Upgrade

A key innovation in the V23 upgrade is the direct embedding of Know Your Customer (KYC) permissions at the protocol level, with the design goal of:

· Maintain the entire Pi network ecosystem as a KYC-verified blockchain.

· Enhance network security and compliance

· Lay the foundation for future functionality expansion

Initially, the core team did not provide a specific upgrade timetable. However, Pi News has been continuously tracking the progress, and a progress review released a week ago showed that the testnet has successfully been updated to v22. Now, the testnet indicates that it is running on the latest version, suggesting that v23 may have already been deployed.

However, the community is still eagerly awaiting the official confirmation and detailed status update from the Pi network core team.

Latest Update: Fast Track KYC Solution

While waiting for the official statement of v23, the Pi Network team has recently launched an innovative solution that can expedite the KYC verification process. This feature, called “Fast Track KYC,” further integrates AI technology and aims to enhance verification efficiency.

The official announcement states: “This update is based on the expansion of Pi's wallet activation eligibility—KYC individuals can now activate their wallets before completing the mainnet migration—and continues the network's mission to enhance accessibility while maintaining strong security standards.”

Pi Coin Price Performance and Future Outlook

The native token of Pi Network once approached a high of nearly 3 dollars at the end of February, but has now fallen nearly 88%, with a price hovering around 0.34 dollars on September 22. This level is only about 8% higher than the historical low set at the end of August.

Despite the poor price performance, the Pi community remains optimistic. Some well-known analysts predict that with the completion of technological upgrades and the expansion of the ecosystem:

· The price of the PI token is expected to rise significantly into three digits.

· It may set a local new high of 1.23 USD in the short term.

· Analyst MOON JEFF even predicts that the PI coin price may further soar, returning to historical highs above 3 dollars.

For the pioneers and early participants of the Pi Network, the current technological upgrades and price fluctuations represent both challenges and opportunities. With the potential completion of the v23 upgrade, Pi Network is moving towards a more mature and feature-rich phase, which may bring long-term positive impacts on its ecosystem and token value.