Story Protocol has made waves in the crypto market just over a week after its launch, earning a spot in the top 10 AI projects by market cap. With a current price of $5.23, the token has surged by 55% in the past 24 hours and an impressive 186% in the last week, boasting a market cap exceeding $1.2 billion. This surge has propelled Story Protocol ahead of Virtual Protocol in terms of market cap ranking, as reported by CoinGecko.
The recent price spike was triggered by the platform’s unveiling of its technical roadmap, where it outlined plans to roll out the public beta for its IP Portal and decentralized oracle network in the second quarter of the year. This roadmap update generated significant interest and excitement among investors and traders, leading to a flurry of buying activity.
Moreover, Story Protocol’s strategic listings on major exchanges like crypto.com, MEXC, and KuCoin have further bolstered its visibility and liquidity in the market. These exchange listings have provided more avenues for traders to access and trade the token, contributing to its rapid price appreciation.
The protocol officially transitioned from its testnet phase to the public mainnet just over a week ago, marking a significant milestone in its development journey. During the mainnet launch, Story Protocol conducted its first unlock event, releasing 25% of the initial 1 billion IP tokens. The majority of the tokens, 58.4%, were allocated to the ecosystem and community, foundation, and initial incentives, ensuring a fair distribution and support for the project’s growth.
Developed by PIP Labs, Story Protocol (IP) operates as a Layer 1 blockchain focused on transforming intellectual property management. By allowing creators to register their intellectual property as “IP Assets” on the blockchain, the platform enables them to establish programmable usage terms and directly monetize their content without going through intermediaries.
The platform’s native token, “IP,” serves as the utility token for transaction fees and governance voting within the ecosystem. Following a successful presale that raised $80 million in a Series B funding round led by Andreessen Horowitz (a16z), Story Protocol’s total funding now stands at $140 million, signaling strong support and confidence in the project’s vision.
Overall, Story Protocol’s meteoric rise in the AI project landscape reflects its innovative approach to intellectual property management and signifies its growing prominence in the blockchain and crypto industry. As the project continues to execute on its strategic roadmap and expand its ecosystem, the future looks promising for Story Protocol and its community of creators and supporters.
