Story Protocol founder says token unlock delayed to boost network utility

Seung-Yoon Lee, co-founder of the blockchain-based intellectual property (IP) protocol Story Protocol, stated in an interview with CoinDesk that the decision to postpone the first major IP token unlock to August of this year was made because more time is needed to increase the network's utility. While data from DeFiLlama shows Story's daily revenue has fallen from $43,000 last September to zero, Lee countered that criticism over the lack of on-chain revenue is the wrong metric. He emphasized that a significant portion of revenue is generated through off-chain licensing agreements, adding that gas fees are intentionally set low because it is an IP chain, not a DeFi chain. Token holders will now have to wait for tangible results from AI data partnerships and the acquisition of rights settlement datasets while the token supply expansion is on hold. Lee argued that extending the unlock schedule is a healthier approach, but CoinDesk noted that the long-term sustainability of this strategy remains to be seen.