The $IP token will migrate to $DATA at a 1:1 ratio following a 98% price collapse and a strategic pivot toward AI training data infrastructure
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.
Before the rebranding announcement, the token had shed roughly 98% of its value. The rebranding was unveiled on June 25, and July 6 gives traders roughly ten days to close or adjust positions before Coinbase halts the contracts entirely.
What the suspension actually means for traders #
Coinbase listed IP-PERP on its International Exchange, and the contract was converted from a standard perpetual format back in February 2026. The suspension is not a delisting in the punitive sense. It is a designed to accommodate the token migration before the exchange can relist under the $DATA ticker.
Kraken and Bybit have both confirmed support for the $IP to $DATA transition. Bybit has specifically confirmed it will support the swap.
The 1:1 migration ratio is straightforward for holders, at least mechanically. Every $IP token converts to one $DATA token with no dilution math required.
What investors should watch #
A 98% decline before a rebrand represents a near-total erosion of the value thesis that attracted early buyers to Story Protocol.
For derivatives traders, the immediate question is positioning before July 6. Open interest in IP-PERP was not among the largest perpetual markets on Coinbase International, but anyone holding positions needs to either close them or understand the mechanics of how Coinbase handles contract settlement at suspension. Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our