Former Story Blockchain Plans to Shut Down and Rebuild Its AI Data Registry on Sui

What happened

The DATA Network , the blockchain formerly known as Story, will shut down its own chain and rebuild as a protocol running on Sui , with the Sui Foundation putting $30 million into the network, the two foundations announced on Monday. Sui Foundation is putting $30 million into the DATA Network, whose token will convert one-for-one onto Sui under a transition plan that has no date yet.

The Sui Foundation said in the release that the investment gives it “the largest institutional stake in the network,” with PIP Labs and the DATA Foundation keeping their existing holdings. SY Lee, CEO of PIP Labs, is joining the Sui Foundation as a strategic advisor.

What Changes for DATA Holders $DATA remains the protocol’s token after the switch and converts one-for-one onto Sui. The foundations said holders’ economics and governance rights would be at least equivalent to what they have now, and that locked and vesting tokens would carry over unchanged.