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Pi Network (PI) News Today: September 3rd

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From price swings to major announcements, the Pi Network went through a week filled with developments.

Shaky Week

The network’s native token experienced some fluctuations over the last 7 days, starting in the red last Wednesday. By Saturday, it managed to close the day at $0.39, before tumbling back down to $0.34 at the end of the Monday trading session, according to data from TradingView. At the time of writing, the trading price is still within the latter range.

Recall that the asset marked a new all-time low last week at $0.33 before recovering slightly.

Source: TradingView

New OS Capabilities

To shake off the rough start of the week, the core team behind Pi Network made a long-awaited announcement to the community, making it possible for Linux users to run nodes on their machines, which ignited a new rally that can be seen in the above chart.

Parallel to this news, it was also disclosed that the protocol will be moving from version 19 to 23, adapted from Stellar. The upgrade will also enhance the KYC flow by embedding it directly into the smart contract, along with an interesting feature.

“While the native Pi KYC solution continues to verify Pioneers, the protocol will allow the KYC authority to be assigned to other trusted entities in the future. This offers a more distributed, community-driven KYC process while maintaining compliance at the protocol level.”

ETP Product on the Nordic Market

Adding further fuel to the flame, the Pi Network team continued with the novel feature publications, sharing the news that the native token is now available on the Spotlight Stock Market, which is headquartered in Stockholm and offers exposure to 140 companies and 66 ETPs.

This allows for it to be traded as an exchange-traded product in Europe via traditional brokers, under the Valour PI ETP.

Global Event Sponsor

As announced yesterday on the social media platform X, Pi Network will be a gold sponsor at Token 2049, the world’s largest crypto event, which will be held in Singapore this year.

Part of the sponsor line-up includes industry heavyweights Circle, Coinbase, and Bitget, along with numerous other institutions. This will not only allow the community to meet with the team but also be a part of an event featuring thousands of companies and hundreds of exhibitors, showcasing the most recent developments in the crypto ecosystem.

More Unlocks

As per tradition, there will be another wave of Pi token unlocks today, around 5.3 million, which will be valued at roughly $1.8M. The highest amount that will be dispersed this month will be on Saturday, the 6th, which will see over 12 million tokens being released, with an estimated price of over $4M.

Still, this is far from the largest-ever unlock, which happened on July 4th, with over 19 million tokens issued in circulation. Overall, for the next 30 days, we will see over 153 million in token unlocks.

Source: PiScan.io

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