Pi Network Reveals Key Deadline For V22 Mainnet Upgrade, PI Price Soars 7%
Highlights
- Pi Network is nearing the launch of the Protocol 22 upgrade.
- The Pi Core Team announced today that April 27 is the deadline for node operators to switch operations.
- Pi coin price gained significantly amid the announcement, surpassing the $0.18 level.
For the next mainnet upgrade, Pi Network has set a hard deadline. The team noted its node operators are requested to switch to Protocol 22 by April 27 or be disconnected from the network. Amid this announcement, PI price surged nearly 7% today.
Pi Network Sets Tight Deadline For V22 Upgrade
In a statement on X, the Pi Network team flashed urgency for all node operators. They wrote, “All Mainnet nodes are required to complete this step before the deadline to remain connected to the network.”
For context, the Protocol 22 update brings structural enhancements and a dual-interface configuration via a node interface and a desktop Pi App. It will allow Pi Network users to check balances, chat and ecosystem features using computers.
In addition, node operators will be able to install the blockchain component and take part in validation. The team noted that this protocol will be rolled out in phases. It includes a selection stage where the Pi Core Team will determine the reliability of the nodes and connectivity to the extent of full participation. For successful completion, KYC compliance is mandatory.
The upgrade comes closely after the Protocol 21 transition that took place earlier this month, which also imposed a hard deadline on node operators. Just like today, the previous release also caused a spike.
At the time, PI price ranged between $0.165 and $0.173 over the course of a day. However, the gain was short-lived as Pi price showed declines despite the success of Protocol 21 upgrade.
The Pi Network Protocol 22 update will be live on April 22 and is a stepping stone toward the V23 upgrade. The last iteration is supposed to add smart contract capability, which will enable developers to develop apps on the network directly.
What’s Next For Pi Coin Price?
The update comes as the PI token price has experienced a notable increase in the last 24 hours. As of writing, PI crypto rose by 6.75% to trend around the price of $0.1815. The intraday trading indicates that the token hit a high of $0.1824 amid a rebound in the crypto market.
On the supply side, Pi coin price analysis presents a bullish case as tokens unlock concerns are easing. Statistics show that fewer PI tokens will be placed into circulation as the end of April approaches.
PiScan data shows that 177.01 million PI tokens will be released in the next 30 days. The figure represents 2.96% of total locked tokens, which is lower than past unlocks.
Moreover, PI price is technically nearing important areas of resistance. The 100-day EMA at $0.1865 acts as a critical resistance point. If broken, it could lead to further upside to 61.8% Fib level of $0.214. However, a rejection could point to a short-term downturn.
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