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Story Token Migration to DATA Completed, Trading Resumes on Major Exchanges
The Story token, formerly known as IP, has completed its migration to the new DATA token, marking the end of a significant rebranding initiative that began in late June. Trading for DATA has resumed on major exchanges, including Coinbase, Bybit, KuCoin, and MEXC.
The conversion was executed at a 1:1 ratio, meaning each IP token was automatically swapped for one DATA token. This process did not require any action from holders, and the total supply cap remains at 1 billion tokens.
The rebranding reflects a strategic shift from focusing on intellectual property licensing to developing infrastructure for AI training data. The project now emphasizes data processing and registry tools, including the public on-chain registry Trace and the data processing system Poseidon. Additionally, the integration with Kled, a data marketplace, has expanded the project’s reach, bringing over 1.5 billion user-contributed records on-chain.
Despite the transition, the economic value for token holders remains unchanged; those who held 1,000 IP tokens now possess 1,000 DATA tokens. The migration has restored liquidity that was temporarily frozen, allowing for price discovery to resume across trading venues.
In a related development, Coinbase has placed the DATA-USD trading pair into auction mode, which allows for a controlled opening price based on limit orders. This auction is designed to manage volatility as trading resumes, reflecting broader market interest before regular trading begins.
FAQ
What is the Story token migration?
The Story token migration refers to the transition from the former IP token to the new DATA token, which was completed as part of a rebranding initiative.
How was the token conversion executed?
The conversion was executed at a 1:1 ratio, meaning each IP token was automatically swapped for one DATA token without requiring any action from holders.
What changes have occurred with the rebranding?
The rebranding reflects a strategic shift from focusing on intellectual property licensing to developing infrastructure for AI training data, emphasizing data processing and registry tools.
What major exchanges are trading the DATA token?
Trading for the DATA token has resumed on major exchanges including Coinbase, Bybit, KuCoin, and MEXC.
What is the significance of the auction mode on Coinbase for DATA-USD?
The auction mode on Coinbase allows for a controlled opening price based on limit orders, helping to manage volatility as trading resumes and reflecting broader market interest.