Pi Network experienced a remarkable surge of over 30% on Friday, driven by the announcement from Kraken regarding the listing of its token. This increase was observed during the early hours of trading in Asia, as reported by CoinGecko.
The Pi Network operates as a mobile-focused cryptocurrency project, utilizing an innovative approach that replaces conventional proof-of-work mining. Instead, it leverages a mobile app through which users engage daily to “mine” tokens. This framework establishes identity-verified security circles that contribute to a consensus model based on the Stellar protocol.
After years of functioning within a closed ecosystem, the project launched its externally connected mainnet in February 2025. At that time, it claimed to have approximately 19 million users who had undergone KYC verification, with around 10 million accounts transitioned to the blockchain.
Currently, the Pi Network token is available on various exchanges, including OKX, Gate, and Bitget, in addition to several smaller platforms. However, not all exchanges have been willing to list the token; notably, Bybit CEO Ben Zhou previously declined to do so, labeling the project a scam. Zhou referenced a warning issued by Chinese authorities in 2023, which accused Pi Network of targeting elderly individuals, collecting personal data, and reportedly causing financial losses to some victims.
This recent listing by Kraken not only adds credibility to the Pi Network but also reflects the dynamic nature of cryptocurrency markets, where exchange listings can significantly influence token performance. Observers will be watching closely to see how this development impacts the broader market and the long-term viability of Pi Network.
