DeFi

The team behind the controversial crypto project Pi Network continues to advance the ecosystem by integrating new features and opportunities for users. The latest ones will allow the community to build their own DEX and AMM interfaces. 
<h2 id="still-in-testing-phase">Still in Testing Phase</h2> 
Dr. Chengdiao Fan (one of Pi Network’s co-founders) <a href="https://minepi.com/blog/dex-amm-token-creation/">announced</a> during the crypto conference TOKEN2049 in Singapore that the project has deployed new decentralized exchange (DEX) and automated market maker (AMM) liquidity pool features to its blockchains. They will enable developers and Pioneers to experiment directly with token swaps, liquidity pools, and other tools. Fan revealed that the features have been rolled out only on Testnet, and after the testing period, they will be accessible on Mainnet: 
<blockquote>
 “Mainnet restricts this functionality for now, but the interface in the Pi Wallet will display these options and link users to the Testnet environment. These features are innate on the protocol level of the Pi blockchain and allow the community to build their own DEX and AMM interfaces.”
</blockquote> 
In addition, Fan explained that these tools will also enable Pioneers to educate themselves about DeFi before directly participating on Mainnet and interacting with real PI tokens. 
Following the latest update, developers can test coins on the Pi Testnet blockchain. Documentation explaining the entire process will be released in the coming weeks. 
The creation of tokens is crucial for these features to function properly. Developers are allowed to produce coins on the Pi Testnet blockchain, while such functionality is similarly restricted on Mainnet during the testing period. 
<h2 id="the-end-of-the-domains-auction">The End of the Domains Auction</h2> 
In mid-June, Pi Network’s team <a href="https://cryptopotato.com/2-important-pi-network-updates-for-all-pioneers-pi-users-devs-investors-details/">unveiled</a> the .pi Domains Auction: a bidding event that enables Pioneers to acquire unique names, replacing long addresses consisting of numerous letters and numbers. 
The initiative officially <a href="https://minepi.com/blog/pi-domains-auction-concludes/?_gl=1*cv469x*_up*MQ..*_ga*MjA4NzEwNjc5OS4xNzU5MzE5MDE4*_ga_3HN8DY36WY*czE3NTkzMTkwMTckbzEkZzAkdDE3NTkzMTkwMTckajYwJGwwJGgw">concluded</a> on September 30, and no new bids will be accepted after that date. However, the team explained that if a domain receives a bid within the last 24 hours of the auction, the window will automatically extend for another 24 hours. 
<blockquote>
 “If another bid occurs in the extended window, it will extend for an additional 24 hours, and so on. This rolling extension mechanism is as defined in the original Auction rules, and it ensures fairness for all Pioneers actively participating. At the close of the specific domain auctions, winning Pioneers will secure their bids for the domains they pursued.”
</blockquote> 
The conclusion of the auction will be followed by a data review phase that will last approximately two months. After that, eligible users can start claiming their domains. 
The post <a href="https://cryptopotato.com/big-pi-network-pi-update-every-pioneer-needs-to-know/">Big Pi Network (PI) Update Every Pioneer Needs to Know</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Big Pi Network (PI) Update Every Pioneer Needs to Know

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