Pi Network Launches Mainnet Upgrade v23 as Core Team Celebrates Moderator Day

Pi Network has initiated the v23 mainnet upgrade, signaling another step in its technical development. The core team also marked Moderator Day, acknowledging the role of community moderators in the network. This upgrade follows recent efforts to stabilize the platform and improve user experience.

The Pi Network is also advancing its KYC validator reward system, which is now in the final testing phase. The system is expected to be deployed by the end of March 2026. This initiative is intended to incentivize users who assist in verifying identities within the network.

At the same time, speculation has grown after a screenshot of a Kraken integration roadmap was shared within the Pi community. The roadmap includes Pi Network among other assets, although Kraken has not officially confirmed a listing. This has generated excitement, particularly given Kraken's global user base.

Pi Network has also launched the Pi Ad Network, a platform-level utility within the Pi Browser. This feature allows developers to earn Pi tokens through ad revenue. Advertisers pay in Pi tokens, and the proceeds go directly to app developers. This is seen as a step toward building a sustainable ecosystem.

The ad network launch coincides with a larger wave of growth initiatives. Pi Network recently unblocked mainnet migration for around 2.5 million users, pushing the total number of verified users toward 17 million. These updates are part of a broader strategy to increase usage and utility of the Pi token.

Why Is the KYC Reward System Important?

The KYC reward system is a key component of Pi Network's governance model. It is designed to recognize users who contribute to the verification process. The system is expected to be fully operational by the end of the first quarter of 2026, provided testing goes smoothly.

The reward system could enhance trust and engagement among Pi users. By compensating validators for their efforts, the core team aims to encourage continued participation. This, in turn, could support the network's long-term growth and stability.

What Are the Implications for the Pi Token Price?

Despite the recent updates, the Pi token has remained under pressure. The token's price has traded between $0.14 and $0.16, far below its historical high near $1.50. Recent token unlocks have increased supply, contributing to downward pressure.

However, many supporters remain focused on long-term growth. They cite the growing number of verified users and ongoing development as positive signs. The introduction of new features like the Pi Ad Network is also seen as a step toward greater token utility.

What Is the Outlook for Crypto Regulation in the U.S.?

The broader crypto market is also watching for regulatory developments in the United States. The Bull Moose Project has called on senators to pass a clean crypto bill, emphasizing the need for clear guidelines to support the industry. A Senate version of a crypto market structure bill is currently under consideration.

If passed, such legislation could provide a framework for innovation and growth in the U.S. crypto sector. This would be particularly significant for projects like Pi Network, which are working to expand their user base and utility.

Meanwhile, Kraken's potential listing of Pi would be a major milestone. The exchange has a large user base and has already introduced Pi perpetual futures. A full spot listing could increase visibility and liquidity for the token.

How Is the Crypto Payment Sector Evolving?

The crypto payments sector is also seeing new developments. BitMart has expanded its card offering to 115+ countries and introduced new 2026 benefits, including up to 5.5% cashback and $300+ in annual rewards. These features are aimed at increasing the practicality of crypto in everyday transactions.

BitMart's efforts reflect a broader trend toward real-world utility. As crypto trading infrastructure becomes more standardized, competition is shifting toward usability and accessibility. BitMart's recent recognition by CryptoCardHub highlights the growing importance of functional payment solutions.

What Do Analysts Say About Impinj?

In other tech news, Impinj (PI) has seen its stock drop after issuing a weaker-than-expected first-quarter revenue forecast. The company cited inventory reductions and project delays as factors. Evercore ISI downgraded the stock, cutting its price target from $273 to $112.

The downgrade reflects concerns about near-term volatility and slower growth. The stock has already fallen 33.9% since the start of the year. While the company has had periods of strong performance, the recent guidance has raised questions about its ability to meet long-term goals.

What Are the Implications for the Broader Market?

The movements in both the crypto and traditional tech markets highlight the importance of regulatory clarity and business fundamentals. For crypto projects like Pi Network, continued development and real-world utility are key to long-term success.

Investors are also watching for signs of broader adoption and regulatory support. The Bull Moose Project and similar initiatives are pushing for clear guidelines that could help the U.S. become a global crypto hub. This would benefit not only Pi Network but also other innovative projects in the space.

The next few months could be critical for both Pi Network and the broader crypto sector. With the KYC reward system nearing deployment and the possibility of a Kraken listing, the network is positioned for continued growth. However, the token price remains under pressure, and market sentiment will depend on the outcome of these developments.

The Pi Ad Network and other ecosystem initiatives also suggest that the project is focused on long-term utility rather than short-term price gains. If these features gain traction, they could help solidify Pi's place in the evolving crypto landscape.