Grayscale-Backed Altcoin Makes Big Announcement! “Delayed for 6 Months!”

Story Protocol (IP), whose token is listed on many exchanges besides Binance, has made an important announcement regarding its unlocking procedures.

According to the founder of Story Protocol, the unlocking of the token was delayed to increase the usability of the network.

Speaking to Coindesk, Story Protocol co-founder Seung-Yoon Lee stated that the first major IP token unlock has been postponed to August of this year.

Lee stated that the reason for the delay was the need for more time to increase the network’s usefulness.

Lee stated that Story Protocol needs “more time” to expand the use case of its blockchain and that the near-zero on-chain revenue is “a false benchmark” for the intellectual property and AI data network.

Although DeFiLlama data shows Story’s daily revenue dropped from $43,000 last September to zero, Lee argued that criticisms of the lack of on-chain revenue were a flawed metric.

Lee emphasized that a significant portion of the revenue is generated through off-chain licensing agreements, adding that gas fees are intentionally kept low because they are an IP chain, not a DeFi chain.

At this point, the co-founder rejected criticisms that the network generated very little on-chain revenue, stating, “On-chain revenue is not a suitable metric for evaluating IP and AI data networks. We also intentionally kept our gas fees low. It’s difficult to expect a revenue stream similar to decentralized finance (DeFi) chains.”

Lee argued that extending the unlock program is a healthier approach, citing Worldcoin’s decision in 2024 to extend investor and team lock-up periods from three to five years as an example.

*This is not investment advice.