Pi Network has been around for almost 7 years, yet it continues to face skepticism regarding its legitimacy and utility due to unresolved issues.
On that note, one X user outlined several key points the project’s team should focus on to enhance the ecosystem.
The Shift to a ‘Comprehensive Financial Tool?’
Over the past several months, numerous industry participants have given ideas on how Pi Network and its native token could progress. X user open mainnet recently joined the pack, advising Nicolas Kokkalis (one of the project’s founders) and the entire team to focus on “a robust DeFi ecosystem.”
Specifically, they argued that the project should incorporate key features, including peer-to-peer lending, staking rewards, and decentralized exchanges, into the application. The X user believes this will accelerate real-world adoption.
Furthermore, they think a collaboration with renowned DeFi protocols like Aave or Uniswap will allow users to earn interest on mined PI coins and trade seamlessly.
The X user also claimed that upgrading the Stellar-based consensus mechanism to support smart contracts and implementing L2 scaling solutions is of utmost importance.
“User engagement can be boosted through educational tutorials and incentives, especially in emerging markets where financial inclusion is vital. Additionally, prioritizing audits and incorporating KYC options will build trust and ensure compliance,” they opined.
All these developments could potentially shift Pi Network from a mining app to “a comprehensive financial tool” that might attract more developers to the ecosystem, the X user concluded.
Price Outlook
Pi Network’s native token, which has been on a massive decline in the past several months, has posted an evident resurgence over the past 24 hours and is among the best-performing cryptocurrencies (from the top 100 club) for that period. Currently, it trades just south of $0.19, up 5% for the day.
Its uptick could be driven by the latest updates rolled out by the Core Team. Just hours ago, it launched easy Pi payment integration directly within the Pi App Studio, making it possible for even non-technical users to take advantage, as it does not require coding or technical expertise. It is important to note that the settlements are still limited to Test-Pi.
In addition, the team introduced a new option that allows Pioneers to deploy app iterations without paying Pi by watching ads. This targets users who are new to the ecosystem, plus those who don’t want to spend their holdings to participate in app creation via the Pi App Studio.
Last but not least, the Core Team urged all Pioneers to share feedback and highlight their favorite applications through a short survey. The first 1,000 qualified participants will receive 5 Pi token credits usable within the Pi App Studio.
