Story Protocol becomes DATA Network: abandons its L1 as token drops 98%
- —Project raised about $80 million in 2024 at a $2.25 billion valuation
- —Token has fallen 98% from its $14.78 high to roughly $0.30
- —Its own L1 is being shut down less than two years after launch
- —Sui Foundation will invest $30 million and become the largest holder
Why it matters: The case highlights the gap between heavy funding and real token demand; the 1:1 migration to Sui will determine holders' fate.
Source: Block-Builders