Why We’re Updating the $IP Unlock Schedule

This update was shared with the Story Foundation by PIP Labs (Pen Technology Inc.), the core development team behind Story.

Today we’re announcing that the initial unlock schedule for all locked $IP tokens, including the initial unlock and any subsequent vesting-based releases, is being delayed by 6 months for all investors, team and insiders. As a result, no new liquidity from locked tokens will enter circulation until August 13, 2026.

This is a long-term decision, made to strengthen alignment with the Story community and ensure the network’s economic foundations evolve deliberately as Story continues to scale.

When we launched Story, our mission was clear: build the foundational infrastructure for programmable intellectual property as a new layer that could support creators, developers, and businesses in an increasingly digital, permissionless world.

Since our Mainnet launch, that mission hasn’t changed. But our understanding of where the strongest traction is forming, which markets are moving fastest, and what long-term success actually requires has continued to evolve.

Over the past year, we’ve learned a lot; about our users, about adoption patterns, and about how broader industry forces are reshaping the landscape we’re building in. New use cases have emerged. Entire categories, particularly at the intersection of IP and AI, have accelerated faster than anyone anticipated. Internally, this has informed how we prioritize product, partnerships, and go-to-market execution.

As we continue building toward product-market fit, sustainable revenue, and long-term network health, it’s important that the economic foundations of the protocol evolve with the same level of intention.

That context is what led to the decision we’re sharing today.

What’s Changing

The Board of Directors has approved a one-time, six-month delay to all unlocks of previously locked $IP tokens, including the initial unlock and any subsequent vesting-based releases.

• Original unlock date: February 13, 2026
• Updated unlock date: August 13, 2026

This update applies only to team, investor, and insider tokens that were already subject to lockup.

There are no changes to the total token supply, individual token allocations, vesting schedules or legal ownership of tokens.

Potential Impact on $IP Circulating Supply

The following projection illustrates how the six-month extension of Story’s token unlock schedule is expected to affect the circulating supply of $IP over time.

The portion of $IP that enters circulating supply depends on multiple factors, including token holder behavior, staking participation, and broader network activity. As a result, the precise rate at which tokens become liquid cannot be known in advance. The illustration below therefore reflects a simplified, linear projection based on the originally scheduled unlock mechanics and the revised unlock timeline.

Under the updated schedule, previously locked team and investor tokens remain subject to the same total allocations and vesting terms, but unlock over a longer period. The practical effect of this change is a slower increase in circulating supply during the extension window, compared to the original schedule.

If network participation, staking behavior, or other factors evolve differently than assumed in this simplified model, the actual circulating supply may increase at a faster or slower rate than illustrated.

Strengthening $IP Token Fundamentals

This unlock update builds on recent governance-approved changes to Story’s tokenomics, including SIP-00009 and SIP-00010, which recalibrate emissions, adjust locked staking incentives, and expand access to staking participation. Together, these measures are designed to moderate token issuance, improve stake distribution, and ensure that increases in circulating supply occur in a more measured and sustainable way over time. Delaying unlocks is a natural extension of this approach; reinforcing discipline around supply as the network transitions from early-phase growth to long-term sustainability.

Together, these proposals materially shift Story’s token economics toward long-term sustainability. By sharply reducing staking rewards for locked tokens, overall emissions are brought down and better aligned with real network participation. At the same time, staking is becoming far more accessible to everyday holders, with incentives increasingly directed toward unlocked tokens that actively secure the network. The combined effect is a more disciplined issuance curve and a long-term bias toward healthier, more stable circulating supply dynamics.

Token unlocks are predictable supply events. Across the industry, they often become focal points for short-term positioning and speculation regardless of whether that activity reflects the underlying fundamentals of a project. Against a backdrop of particularly challenging macro and market conditions, we believe disciplined, long-term decisions matter more than ever.

In environments like this, we believe it’s especially important to make decisions that prioritize long-term alignment, durability and value creation over short-term dynamics.

Delaying the unlock by six months allows us to:

• Continue executing against core product and revenue priorities
• Reduce ambiguity around a known supply event
• Ensure unlocks occur from a position of greater strength and clarity

This is a proactive decision, and reflects how we think about long-term alignment between the protocol, its contributors, and its ecosystem.

Alignment and Compliance

To support consistent application of the revised unlock date, we have introduced a neutral, automated smart-contract mechanism that technically enforces the updated lockup terms.

It is important to note that the  underlying lockup obligations will remain legally binding, regardless of whether the technical authorization is completed. Story Foundation or any other entity will not gain custody of wallets nor will it have the ability to move tokens.

All affected token holders remain subject to binding lockup obligations under their existing agreements. Story has implemented the updated lockup framework to support consistent application of these obligations across the network.

Looking Ahead

This update is intentionally narrow in scope. It does not reflect a change in Story’s mission, nor does it signal a shift away from execution. If anything, it reflects the opposite: a willingness to make disciplined decisions as the network matures and new opportunities come into focus.

We’ll continue to share progress as we move forward with long-term alignment as our guiding principle.