Coinbase will suspend trading of IP-PERP perpetual futures and related contracts on its International Exchange on July 6. This procedural move aligns with the project's recent major rebrand.
The token's issuer, formerly known as Story Protocol, officially rebranded to the Data Network on June 25. The new entity is pivoting from its original intellectual property blockchain focus to specialize in AI training data.
As part of the rebrand, a full token migration is underway. Every $IP token will convert to one $DATA token on a 1:1 basis. Exchanges like Kraken and Bybit have confirmed support for this swap. Coinbase's contract suspension is a temporary pause to accommodate this migration before potentially relisting under the new $DATA ticker.
The rebranding follows a severe decline in the token's value, which had fallen approximately 98% prior to the announcement. Traders holding positions in IP-PERP must close or adjust them before the July 6 suspension deadline.