Pi Network’s native token, PI, began trading on Kraken as perpetual futures with up to 20x leverage, marking a major milestone for the cryptocurrency.
This launch signifies expansion in derivatives trading for PI, contrasting with its absence on major spot exchanges. Market skepticism and volatility accompany this strategic financial development.
Kraken Lists PI Futures with 20x Leverage
Kraken, a major cryptocurrency exchange, listed Pi Network’s PI for perpetual futures trading, offering up to 20x leverage. This follows updates to PI’s ecosystem, including five new community apps and simplified account recovery.
Pi Network’s core team, led by Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, orchestrated these efforts. Notable figures in the industry have expressed skepticism, highlighting the absence of spot listings on prominent exchanges.
Ben Zhou, CEO, Bybit, once noted, ‘No plans to list Pi. Scam.’ – source 2
PI’s Trading Volume Drops 28% Post-Launch
The market reacted with a dip in PI’s trading volume, falling 28% shortly after the launch. Traders anticipate increased volatility with the introduction of leveraged futures.
Futures trading often enhances liquidity but can boost speculation. The data from Kraken indicates potential market shifts, reflecting the increased derivatives activity specific to PI and its utilization in over 360+ markets.
PI’s Derivatives-First Strategy Raises Eyebrows
Other altcoins have similarly seen price volatility post-futures introduction. PI’s unique derivatives-first approach is notable, influencing liquidity and speculative flows.
Experts underscore PI’s distinction from other tokens due to its strategy of launching futures before securing spot listings on mainstream exchanges, suggesting a potentially different adoption path.
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