Pi Network’s native token, PI, climbed more than 16% in the past 24 hours, driving its market capitalization to roughly $2.2 billion. Trading volume also increased sharply, reaching close to $100 million, as community data indicated that Protocol v23 went live on the Testnet.
Reports revealed that the upgrade aligns Pi Network with a modified version of the Stellar consensus protocol and introduces new smart contract and DeFi tools for developers. These tools will allow builders to begin staging decentralized applications as the network prepares for broader functionality.
Additionally, PiScan data showed a sharp movement of tokens off exchanges. Over 2.6 million PI tokens were withdrawn within a single day. Throughout October, about 10 million tokens exited centralized exchanges, reducing the total exchange supply from 420 million to 410 million. Such movement often reflects a tightening supply and growing confidence among holders who prefer self-custody over trading.
KYC Expansion Boosts Network Confidence
Pi Network announced progress in resolving pending Know Your Customer (KYC) verifications through a large-scale automated system. The team confirmed that more than 3.36 million users have been verified, with about 2.69 million already migrated to the Mainnet. Another 4.76 million Tentative-KYC’d Pioneers are now eligible for full verification.
The project explained that the system uses advanced AI models and data analysis from liveness checks to confirm user authenticity. It ensures that each participant meets the verification standards required to operate on the Mainnet securely.
Testnet2 v23 Upgrade Marks Key Technical Progress
The Testnet2 v23 activation, completed on October 28, represents a major step toward Pi Network’s open Mainnet. The rollout included final node synchronization on October 24, a community vote closure on October 26, and readiness confirmation on October 27 before full activation.
All nodes are now running the latest protocol, which integrates Stellar SCP compatibility, smart contract support, and DeFi infrastructure. This milestone moves Pi Network closer to realizing its plan for a community-powered digital economy and sets the stage for decentralized application deployment across its ecosystem.