Coinbase is pulling the plug on IP-PERP perpetual futures and related IP contracts on July 6, a procedural move tied to one of the more dramatic identity shifts in recent crypto memory.
The project behind the token, formerly known as Story Protocol, officially rebranded to the Data Network on June 25. With that rebrand comes a full token migration: every $IP becomes $DATA, on a 1:1 basis. Coinbase’s suspension is the exchange infrastructure catching up to that reality.
From intellectual property blockchain to AI data play
Story Protocol launched with a specific, ambitious pitch: build a Layer 1 blockchain where creators could register, license, and monetize intellectual property assets on-chain.
The Data Network is repositioning the project around AI training data, specifically the scarcity of high-quality data that AI models need to improve.
