The Pi Network has announced the launch of its Protocol v23, a significant upgrade aimed at enhancing network performance and introducing cross-chain capabilities. The integration of Stellar Core is expected to boost transaction speed and overall throughput for its 15.7 million Mainnet users.
This upgrade is strategically designed to streamline operations, particularly as the number of applications and transactions continues to rise. With the growing user base, scalability and speed are increasingly essential to ensure a seamless experience as the network evolves.
In light of this upgrade, the Pi Core Team has also issued warnings about the rise of GCV scams that mislead users with promises of fake prices and guaranteed returns. These fraudulent schemes can create confusion among new participants. The team has emphasized that only official communications should be trusted, and community leaders are actively working to educate users about these risks.
In conjunction with the Protocol v23 launch, Pi Network is set to unlock 172.5 million PI tokens to provide liquidity for over 215 new applications. While concerns regarding potential downward pressure on the token price have been raised, developers assert that this unlock is crucial for supporting transactions within the ecosystem and facilitating user interactions with new apps.
This liquidity release aims to bolster the operational needs of the expanding Pi ecosystem, helping developers create innovative features and ensuring the network remains functional and effective.
A standout feature of Protocol v23 is its cross-chain integration, which allows the Pi Network to connect with other blockchain ecosystems. This capability enhances its utility beyond its own network, paving the way for broader adoption and integration as the blockchain landscape evolves.
By introducing cross-chain functionality, Pi Network positions itself to adapt to future market needs, making it a relevant player in the rapidly changing blockchain environment.
