Pi Network’s PI token led the market higher on Friday, according to CoinGecko data, up 30% during the morning in Asia, after crypto exchange Kraken announced it would list the asset.
Pi Network is a mobile-first cryptocurrency project that replaces traditional proof-of-work mining with a phone-based trust graph, in which users access a mobile app daily to “mine” tokens and form identity-verified security circles that power a consensus system derived from the Stellar protocol.
The project launched its externally connected mainnet in February 2025 after operating for years in a closed ecosystem, saying it had around 19 million KYC-verified users and around 10 million accounts had migrated to the chain.
Pi Network is currently listed on OKX, Gate, and Bitget, as well as some smaller exchanges.
In February 2025, Bybit CEO Ben Zhou publicly refused to list Pi Network’s token and called the project a scam, citing a 2023 warning from Chinese police alleging that Pi Network targeted elderly users, collected personal information, and caused some victims to lose their retirement savings.
