The Pi Network team is actively trying to improve the overall ecosystem by frequently announcing various initiatives, but has not made substantial progress in gaining community recognition or recovering the token price.
Recently, they announced on social media platform X that the project's first smart contract feature has been launched on the testnet. However, despite this, the price of the underlying asset continues to decline, and the comments section is still filled with feedback about past issues.
First Smart Contract Feature
In the latest announcement, the core team introduced the first smart contract feature launched on the project's testnet. They stated that this will facilitate "real, sustainable, utility-driven use cases."
They also promised that this blockchain will be able to support various attractive fields such as e-commerce, streaming, and online tools.
The first smart contract feature of Pi is now live on the testnet: the subscription feature!
This feature promotes real, sustainable, utility-driven use cases.
Imagine e-commerce, streaming, online tools, all running on-chain.
PI Declines Again
After a brief price surge last month due to its listing on Kraken, the underlying asset has been in a free fall for four consecutive weeks, dropping from nearly $0.30 to below $0.20. It attempted to rebound earlier this week but faced resistance at $0.185 today.
The subsequent rejection was painful, causing the asset to drop to $0.173 at the time of this news release. According to CoinGecko, its market capitalization has fallen to $1.76 billion, putting it at risk among the top 50 altcoins by market cap, despite a slight increase over the past 7 days.
