In addition to wrist protection it makes canting the wrist awkward. I believe, like in kris/sundang with similar (but smaller) protrusions, it encourages a certain hand hold when cutting, likely the more ideal grip.
So it would seem to me the pira is not used with say a quick chop and flick of wrist - cause the handle forbids it, rather it has you keep the wrist more solid as you cut through - more slice worked into the cut from the arm/arm and body ...as opposed to a quick chop from the wrist.
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