- PI price jumped over 16% in 24 hours with market cap hitting $2.2B.
- Over 10 million tokens were withdrawn from exchanges in October.
- Testnet2 v23 upgrade will activate smart contracts and DeFi tools.
Pi price trades higher today climbing more than 16% in the past 24 hours, pushing its market capitalization to $2.2 billion. Trading volume also climbed sharply, nearing $100 million as community trackers show Protocol v23 active on Testnet.
The upgrade aligns with Pi Network’s use of a modified Stellar consensus protocol and unlocks smart-contract and DeFi tooling that builders can stage now. The team is expected to publish a consolidated technical note; until then, activation details reflect public reports
The rally coincides with data from PiScan showing that over 2.6 million PI tokens were withdrawn from exchanges within a single day.
Tokens Leave Exchanges, Supply Tightens On IOU Pairs
Over the course of October, nearly 10 million tokens have exited centralized exchanges, reducing the total exchange supply to 410 million from 420 million in September, according to BeInCrypto’s previous analysis.
Notably, when investors move their holdings off exchanges, it indicates growing confidence in the asset’s long-term potential. Traders often withdraw tokens to self-custody wallets, suggesting fewer intentions to sell and a shift toward accumulation.
KYC Breakthrough Boosts Confidence
Pi Network has rolled out a large-scale automated process to resolve pending Know Your Customer (KYC) verifications. According to the project’s latest blog post, the system has successfully verified over 3.36 million additional Pioneers.
Of these, around 2.69 million users have already migrated to the Pi Mainnet blockchain. Furthermore, 4.76 million Tentative KYC’d Pioneers are now eligible for full verification.
Related: Pi Network Launches DeFi Tools as PI Token Trades 90% Below ATH
“This large-scale system process includes complex mechanisms using advanced AI models and analyzing large datasets from liveness checks and KYC application data,” the Pi Network team explained. The system ensures that each applicant is a genuine individual and meets all KYC standards required for full verification.
Testnet2 v23 Upgrade: A Leap Toward the Global Mainnet
Meanwhile, the Testnet2 v23 upgrade marks a crucial advancement toward a fully open Mainnet for Pi Network. The upgrade, activated on October 28, 2025, introduces Stellar SCP compatibility alongside smart contract (Soroban) and decentralized finance (DeFi) tools integration.
According to an analyst tracking the upgrade, the rollout followed a meticulously planned timeline: final node synchronization on October 24, a community vote closure on October 26, and final readiness declaration on October 27, leading up to the full protocol activation on October 28.
All network nodes are now running protocol v23, with the new DeFi tools and smart contract capabilities fully available.
The upgrade brings Pi closer to its vision of a human-centered digital economy, enabling users to build, trade, and deploy decentralized applications on the network.
It also sets the foundation for future governance and contract deployments, marking the final bridge toward the much-anticipated Open Mainnet.
Related: Pi Network Price Prediction: PI Faces Key Test As Stellar Partnership And Developer Upgrades Boost Hopes
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Source: https://coinedition.com/pi-price-today-climbs-16-as-protocol-v23-advances-and-kyc-clears-3-36-million-users/
