TLDR
- Pi Network’s PI token surged around 30% on Friday after Kraken announced it would list the asset.
- Kraken is considered a tier-1 exchange, making this one of the most credible listings the project has received.
- Pi Network uses a mobile app-based system instead of traditional mining, with about 19 million KYC-verified users.
- Bybit’s CEO previously refused to list PI and called the project a scam, citing a 2023 Chinese police warning.
- PI is already listed on OKX, Gate, and Bitget, as well as several smaller exchanges.
Pi Network’s PI token rose sharply on Friday morning during Asia trading hours. The move came after crypto exchange Kraken announced it would list the token.
According to CoinGecko data, PI led the broader crypto market higher, gaining around 30% in a short window.
Kraken is widely regarded as a tier-1 exchange. This makes its announcement one of the most concrete pieces of external validation the Pi Network project has received to date.
Coming soon: $PI@PiCoreTeam Pi Network is a mobile-first Layer-1 blockchain and developer platform enabling accessible crypto mining via smartphone, with a utility-based ecosystem on an identity-verified mainnet.
Trading starts March 13
Get ready → https://t.co/47fNCUnRqD pic.twitter.com/nPmrRElAPW
— Kraken Listings (@krakenlistings) March 12, 2026
PI is already available on several exchanges, including OKX, Gate, and Bitget, along with a number of smaller platforms.
Pi Network operates differently from most crypto projects. Instead of traditional proof-of-work mining, it uses a phone-based trust graph where users tap a mobile app daily to earn tokens.
The system forms identity-verified security circles that feed into a consensus mechanism derived from the Stellar protocol.
The Path to Open Mainnet
The project launched its externally connected mainnet in February 2025. At that point, it reported around 19 million KYC-verified users and roughly 10 million migrated accounts.
Before the February 2025 launch, Pi Network operated in a closed ecosystem for several years, restricting external connections and exchange listings.
The Kraken listing is contingent on Pi Network completing its transition to Open Mainnet. That phase would allow PI to be freely traded outside the project’s closed ecosystem.
$PI surged 31% today. Here's why:
🟢 Kraken just listed the token.
🟢 Pi Mainnet is undergoing a protocol upgrade for Step 3 node migration.Will PI Day drive it even higher? pic.twitter.com/ypTxtfKWfD
— CoinGecko (@coingecko) March 13, 2026
The Pi Core Team outlined three conditions for the Open Mainnet launch: completing KYC for a large portion of its 35 million-plus community, building utility applications, and meeting favorable market conditions.
Tokens currently trading under the PI ticker on some platforms are IOUs, not official tokens backed by the Pi Core Team. A Kraken listing would represent native PI.
Supply Concerns in Focus
Pi Network has a total token supply of 100 billion. This large supply is a factor that market observers often highlight in discussions about the token’s price.
Despite the listing news, the project continues to face criticism. Bybit CEO Ben Zhou publicly refused to list PI in February 2025, calling it a scam.
Zhou cited a 2023 warning from Chinese police, which alleged that Pi Network targeted elderly users, collected personal information, and caused some victims to lose pension savings.
Pi Network has not publicly responded to those specific allegations in detail.
The 30% price surge on Friday placed PI among the top performing assets in the market that day, according to CoinGecko.
Kraken has not confirmed a final listing date beyond its tentative March 2026 timeline.
