A16z enables Story Protocol to disclose its tokenomics details during the lead-up to mainnet launch.

On Friday Story Protocol announced the tokenomics details of its native token as a16z-backed Layer 1 network which focuses on IP management.

According to the statement users can employ their tokens for network security functions and governance decisions together with using the tokens to pay fees in the Story IP market. The announcement comes ahead of a planned mainnet debut that was originally scheduled for last year.

"Allocated to the community across initial incentives, ecosystem, and foundation, ensuring broad participation and decentralised ownership," the release stated, of the 1 billion IP tokens that will be first supplied. Early backers who participate in the funding round will obtain 21.6% of the total token supply according to Story Protocol.

25% is the initial unlocked supply.

The developers of Story Protocol mentioned through their public statement that staking operations would support a "fair launch principle" which means the foundation alongside early contributors will not receive any early staking rewards. Rather, the community will receive "rewards simultaneously as everyone else," the statement said on Friday.

Last August, PIP Labs, which has $80 million in Series B funding, developed the Layer 1 network. Other participants included Adrian Cheng, the founder and billionaire of K11, Polychain Capital, Scott Trowbridge, SVP and board member of Stability AI, and a16z, which led the investment.

In July, Jason Zhao, a co-founder of Story Protocol, told The Block, "We want to do for IP what bitcoin did for money." "We want to turn IP into these ‘programmable Legos’ that allow creators to bring their creative assets on-chain, creating a market and liquidity for a class that is often overlooked but super important."

This information originates from The Block which operates independently as a media platform. The Block maintains the majority of its investors in Foresight Ventures as of November 2023. Foresight Ventures acts as an investor for cryptocurrency-oriented businesses. Bitget, a cryptocurrency exchange, serves as Foresight Ventures' anchor LP. The Block's operations remain self-sufficient to offer time-sensitive and unbiased information about the cryptocurrency market. Many financial statements appear on this page.

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