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CoinDesk1 min read
The Pi Network Paradox: Major Feature Launched, But PI Token Slides Again
TL;DR
Pi Network launched its first smart contract capabilities on Testnet, but the PI token continues to decline in value. Community feedback remains critical, highlighting ongoing issues despite new initiatives.
Key points
- Pi Network launched smart contract capabilities on Testnet
- PI token price continues to decline
- Community remains critical of ongoing issues
- Recent updates include versions 19.6, 19.9, and 20.2
- Version 22 is scheduled for completion by April 27
Pi NetworkPI token
The team behind the popular yet controversial project continues to try to improve the overall ecosystem with different initiatives announced frequently, but to no actual avail in terms of community approval and token price recovery.
In the latest example, they announced the first smart contract capability going live on Testnet, but the underlying asset continues to slide, while the comments below the post continue to refer to old issues they experience.
First Smart Contract Capabilities
Pi Network’s protocol updates began in late February when the network migrated to version 19.6. The following month and a half saw the introduction of version 19.9 and, perhaps most importantly, 20.2. The latter laid out the foundations for allowing smart contract features. V21 followed in early April, while V22 is scheduled to be completed by April 27.
In its latest announcement on X, the Core Team outlined the introduction of the aforementioned first smart contract capabilities directly on the project’s Testnet. According to them, this would foster “real, recurring, utility-driven use cases.”
They also promised that the blockchain will now be able to power e-commerce, streaming, online tools, and other similarly attractive niches.
Pi’s first smart contract capability is now live on Testnet: subscriptions!
This fosters real, recurring, utility-driven use cases.
Think e-commerce, streaming, online tools, and more, powered on-chain.
Read more in the Pi mining app. pic.twitter.com/tafdpuGAu1
— Pi Network (@PiCoreTeam) April 17, 2026
Despite this seemingly positive news, the majority of the comments below the post on X were still focused on another crucial topic: KYC. Many continue to experience issues when trying to migrate their tokens, even though they claim they have successfully completed all necessary steps. The team began second migrations last month and that hundreds of thousands of Pioneers have completed the transfer of their balances, but the community remains unconvinced.
Q&A
What are the new smart contract features launched by Pi Network?
Pi Network has introduced its first smart contract capabilities on Testnet, aiming to create utility-driven use cases.
Why is the PI token price declining despite new features?
The PI token continues to slide due to a lack of community approval and unresolved issues that have persisted over time.
What updates has Pi Network implemented recently?
Pi Network has rolled out several updates, including versions 19.6, 19.9, 20.2, and the upcoming 22, which focus on enhancing the ecosystem.
