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Story completes token migration to DATA as trading resumes
The former IP token has finished its 1:1 conversion to DATA, closing out a rebrand from intellectual property licensing to AI training data infrastructure
The Story token known as IP is officially retired. Its migration to the new Data token, ticker DATA, is complete, and trading support for DATA has resumed, according to a post on X.
That wraps up a months-long rebrand that started in late June. It also marks the moment the project formally swaps its original pitch, intellectual property on-chain, for a new one built around AI training data.
How the swap worked
The conversion ran at a straight 1:1 ratio. Every IP token became one DATA token, with no bonus multipliers and no haircuts.
Holders did not have to do anything. The swap was automatic.
The total supply cap stays at 1 billion tokens.
Several major exchanges handled the migration, including Coinbase, Bybit, KuCoin, and MEXC. Each platform paused trading during the conversion window, then brought DATA markets online once balances were settled.
Coinbase paused IP trading from October 5 to October 7, 2026, with DATA trading slated to resume on October 8, 2026. Other venues processed their own swaps and pauses across mid-2026 before final settlements landed in October.
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From IP licensing to AI data
The rebrand was first announced on June 25, 2026. Story Protocol became the DATA Foundation, and the project’s focus moved away from licensing intellectual property toward infrastructure for AI training data.
The new direction centers on data processing and registry tools, including Trace, a public on-chain registry and audit platform, and Poseidon, a data processing system.
The biggest piece of that pivot is an integration with Kled, a data marketplace. Assets tied to Kled now bring more than 1.5 billion user-contributed records on-chain.
The project has raised approximately $134 million, with backers including Andreessen Horowitz.
A rough ride for IP holders
The original IP token hit a peak of approximately $14.78 before falling nearly 98% to around $0.35.
Nothing about a 1:1 swap changes what holders own in economic terms. Someone with 1,000 IP tokens now has 1,000 DATA tokens, at whatever price the market assigns them.
What the migration means for holders and the project
The immediate practical effect is simple: DATA is tradable again on major exchanges. Liquidity that was frozen during the swap windows can flow back, and price discovery can resume across venues rather than in fragments.
The 1 billion supply cap is unchanged, so any future price movement will depend on demand for the token rather than any change in supply from the migration itself.