Coinbase will halt IP-PERP perpetual futures trading on July 6 as Story Protocol rebrands to Data Network and migrates its token from $IP to $DATA at a 1:1 ratio. The move follows a 98% decline in the token's price that erased nearly all investor value in the original project thesis.
Coinbase will suspend trading of IP-PERP perpetual futures on July 6 after Story Protocol's token collapsed 98%, the exchange said July 1.
Story Protocol is rebranding to Data Network, with its token migrating from $IP to $DATA at a 1:1 ratio, Coinbase said in a statement.
The 98% price decline has erased nearly all market value from the project, which originally positioned itself as a blockchain-based intellectual property platform. The rebranding to Data Network represents a strategic pivot away from that original thesis, with the new name signaling a shift toward data-focused infrastructure.
The suspension removes a key derivatives trading venue for the token, reducing liquidity for traders holding open positions on Coinbase's international exchange. After the migration, $DATA must contend with rebuilding market confidence following one of the steepest drawdowns among major crypto projects this cycle.
Coinbase's decision follows a pattern of the exchange delisting or suspending products tied to projects undergoing fundamental restructuring. Other major exchanges including Binance and Bybit have taken similar actions in the past when projects changed their core value proposition, often triggering further selling pressure on the affected tokens.
The 1:1 token swap from $IP to $DATA is expected to take effect around the July 6 suspension date. Holders of $IP will receive an equivalent amount of $DATA tokens, though the value of those holdings has already been severely diminished by the 98% price collapse from the project's peak.
Data Network's new focus remains unclear, with the project yet to publish detailed documentation on its revised roadmap. The rebranding comes as the broader crypto market continues to favor projects with clear revenue models and on-chain activity over narrative-driven tokens, a shift that has accelerated since the start of 2026.
For traders holding IP-PERP positions, the suspension means they must close or roll their positions before the July 6 deadline. Coinbase said it would support the token migration process for spot holders but did not specify whether $DATA futures contracts would be listed after the rebranding is complete.
This article is for informational purposes only and does not constitute investment advice.
