Dateline: Palo Alto, CA - February 2, 2026
PIP Labs (Pen Technology Inc.), the issuer of the $IP token, has informed the Story Foundation that all previously locked $IP tokens subject to team, investor, and early contributor lockups will see their initial unlock schedule deferred by six months. Under the updated timetable, no additional liquidity from those locked tokens will reach the market until August 13, 2026, moving the original February 13, 2026 unlock forward by half a year.
The company framed the change as part of a coordinated effort to bolster long-term alignment between token holders and the network, and to protect the economic foundations of Story as it evolves toward AI-driven use cases. Since Story's February 2025 mainnet launch, the project says new use cases and industry dynamics at the intersection of intellectual property and artificial intelligence have shaped its product priorities, partnership strategy, and go-to-market execution.
Policy and protocol context
The unlock delay is presented alongside two governance-level changes that have already been implemented: SIP-00009 and SIP-00010. Those proposals were designed to recalibrate emissions and staking incentives as Story matures. Taken together, the measures shift token economics in the direction of longer-term sustainability by materially reducing staking rewards tied to locked tokens - thereby lowering emissions from tokens that are not yet circulating - while increasing incentives for active participation via unlocked staking.
Additionally, the protocol adjustments lower staking thresholds and fees to broaden access to staking across the community. Story describes the combined result as a more disciplined issuance profile, healthier stake distribution, and reduced inflationary pressure during network maturation. Delaying token unlocks is intended to complement those changes by pacing the market entry of new liquidity in line with a tightened emissions model and a push toward wider active participation.
Scope and limits of the update
- The updated unlock date replaces the original date of February 13, 2026 with August 13, 2026.
- The change applies only to previously locked tokens belonging to team members, investors, and early contributors.
- There are no adjustments to total token supply, individual allocations, vesting schedules, or legal ownership of tokens.
Story emphasizes that, while the unlock timing is extended, the underlying allocations and vesting terms remain intact. The practical consequence is a slower rise in circulating supply over the extension window compared with the originally planned schedule. Story notes, however, that actual circulating supply dynamics will depend on a range of factors - including network activity and staking behavior - and therefore may vary in practice.
Technical enforcement and legal standing
To ensure consistent application of the revised date, Story has introduced a neutral, automated smart-contract mechanism that enforces the updated lockup terms at the protocol level. The announcement clarifies that the technical enforcement is intended to support the revised timetable, while the original lockup obligations remain legally binding regardless of whether the technical authorization process is completed.
Crucially, Story states that neither the Story Foundation nor any other entity gains custody of user wallets as part of the update. No party is given the ability to move tokens; control remains with the original holders according to existing legal ownership. This separation is highlighted to underscore that the revised timetable is a coordination and enforcement mechanism, not a transfer of custody.
Rationale and governance perspective
Story frames the decision as an exercise in looking beyond short-term market behavior to choices that support longer-term stability. The announcement argues that known supply milestones can generate unnecessary noise, particularly during uncertain market cycles, and that governance should strengthen systemic resilience rather than amplify volatility. The company positions disciplined token-economic changes and a phased liquidity entry as measures likely to better serve the network over time.
What Story describes itself as
According to the information provided to the Story Foundation, Story is an AI-native blockchain network intended to serve as the provenance, licensing, and economic layer for AI data and models. The platform uses the $IP token to register datasets, models, and AI-generated outputs as intellectual property, enable programmatic licensing, and support monetization with built-in attribution.
The project has reported backing of $136 million from investors identified as a16z crypto, Polychain Capital, and Samsung Ventures. Story launched mainnet in February 2025 and is positioning its protocol to provide trust and economic rails intended for AI systems across enterprises, developers, and global markets.
Contact
Head of Communications: HV, Story Protocol - [email protected]
This announcement reflects information provided to the Story Foundation by PIP Labs (Pen Technology Inc.), the issuer of the $IP token, and describes the company's update to the token unlock schedule and related protocol changes.