Despite some community backlash and doubt over their ability to produce a long-lasting product, the Pi Network team continues to work on improving the broader ecosystem with new updates and features.
The latest, introduced just hours ago, focuses on staking and could simplify and enhance the overall process for users.
Staking Update Deployed
With less than 10 days left until Pi2Day (June 28), the team behind the project published a post on X focusing on the benefits of staking. The project’s Ecosystem Directory Staking, which was originally introduced during last year’s edition of Pi2Day, just got a “new look and improved user experience,” reads the post.
Staking through it allows users to increase their apps’ exposure to the Pi community, which, in theory, should result in more impressions and “potentially more user traffic.” Pioneers who stake their coins can collectively support apps and services. At the same time, developers and creators can promote their apps and take advantage of Pi Network’s engaged community of over 60 million Pioneers to acquire more users.
According to the team, the new update “prepares the feature for further utilization by developers, creators, vibe coders, and Pioneers as more apps onboard to the ecosystem.”
It’s worth noting that, unlike other typical staking within the cryptocurrency industry, Pi Network’s alternative provides no rewards at the protocol level. However, the post reassured that the original staked amount will be “returned once the staked duration has ended.”
PI Fights for $0.13
No matter the significance of the ecosystem updates announced by the team or in which niche of the project they are, the underlying asset just doesn’t seem to be able to catch a break. The token exploded to $0.30 in mid-March as hype around the Kraken listing built up. However, it was quickly and violently rejected, plunging below $0.20 within days.
The subsequent market correction in June resulted in fresh declines, and PI ultimately dumped below $0.12 to mark a new all-time low. Although it tried to succeed at recovering to an extent, it was still stopped at $0.14 earlier this week and now sits inches above $0.13.
The token unlock schedule for the next month is not as painful, with the average daily number of coins to be released sitting below 4.3 million. This could alleviate some of the immediate selling pressure and help PI recover, especially if the broader market halts its free-fall.
The post This New Pi Network Update Makes Life Easier for Pioneers appeared first on CryptoPotato.
