An analysis suggests that market discussions surrounding Pi Coin (PI) are expanding beyond mining and KYC (identity verification) to smart contracts, decentralized exchanges (DEX), and real applications. The prevailing assessment is that Pi Network's ultimate proving ground is not the quantity of features added, but 'real use.'

■ "A completely different stage"... The conversation shifts from mining and KYC to functionality and applications

Crypto Nova, an active member of the CoinMarketCap community, recently commented that Pi Network is "entering a completely different stage" and that "the topics of conversation no longer remain limited to mining or KYC." He explained that smart contracts and protocol upgrades, DEX infrastructure, and real applications are gradually becoming core issues. He further noted that the key question going forward is whether technological progress can translate into real utility value.

■ DEX, AMM, and token creation experiments on testnet... Caution needed in distinguishing these from mainnet commercialization

In fact, Pi Network has been testing smart contracts, DEX, AMM (automated market maker) liquidity pools, and token creation features primarily on its testnet. Recently, ecosystem token experiments using launchpads and third-party applications have also continued.

However, it is worth noting that a significant portion of these features is still at the testnet stage, and therefore they should not be interpreted as equivalent to mainnet commercialization.

■ The standard of evaluation is 'real use,' not 'number of features'

Ultimately, Pi Coin's future evaluation is expected to depend less on how many technical features are added and more on whether smart contracts, DEX, and applications lead to actual user activity and PI utilization.

[This article was written with AI assistance. It is based on publicly available materials and community analyses, and does not recommend buying or selling any specific cryptocurrency. Cryptocurrencies carry high price volatility as well as technological and regulatory risks, so investment decisions and responsibility rest with the investor.]