TL;DR

A popular account dedicated to covering Pi Network news posted a picture that the protocols big update has been completed, even though theres no official confirmation from the team. Pi Networks devs have been quite active in the past few weeks with new upgrades, but thats yet to benefit the underlying assets price. BREAKING: Pi Network testnet has been upgraded to protocol v23! pic.twitter.com/ttqIq1Bew2

Is V23 Finally Here?

Recall that the Pi Network Core Team announced notable changes a few months ago, which included the upgrade of the protocol version from v19 at the time to v23. Although its based on Stellar v23, it has been custom-designed for Pi Network, enabling more control and new functionalities for users.

Some of those include embedding Know-Your-Customer (KYC) authorities into the protocol that aim to maintain the entire Pi Network ecosystem as a KYC-verified blockchain.

At first, there was no particular timeframe given for the upgrade rollout. However, Pi News continued to monitor the situation and posted a progress review a week ago, which outlined that the Testnet had been updated to v22.

Now, the Testnet says that it runs on the latest version, but the community is still expecting an official confirmation and status update from the official Pi Network Core Team.

While they await such a statement, the team recently introduced a new solution that could speed up the KYC verification process. Its called Fast Track KYC, and it incorporates further integration of AI features.

“This update builds on Pi’s expansion of wallet activation eligibility – where KYC’d individuals can now activate wallets even before completing Mainnet migration – and continues the network’s mission to increase accessibility while maintaining strong security standards,” the announcement said.

PI Price Update

Pi Networks native token, which once traded close to $3 at the end of February, has lost nearly 88% of its value and now struggles at just over $0.35. This is just 8% higher than the all-time high marked at the end of August.

However, the Pi community remains bullish. As reported earlier, popular analysts predicted a massive triple-digit price move that could take the PI token to a new local peak of $1.23. MOON JEFF, known for his pro-PI opinions online, said the asset could skyrocket even further to a new all-time high above $3.