Story Protocol’s IP token gains support from top exchanges prior to launch, strengthening investor confidence in the project.
By Temitope Olatunji
Edited by Julia Sakovich
Updated
3 mins read
OKX is set to introduce Story Protocol (IP) to its spot trading platform, allowing users to trade the token with Tether’s USDT USDT $1.00 24h volatility: 0.0% Market cap: $144.04 B Vol. 24h: $27.71 B . The listing will follow a structured timeline, beginning with deposits before trading goes live.
Deposits for IP tokens will open on February 11, 2025, at 1:30 am UTC, allowing users to fund their accounts ahead of the launch. Before spot trading begins, a call auction will take place on February 13, 2025, from 8:00 am to 9:00 am UTC, during which users can submit buy and sell orders. This mechanism will determine an indicative opening price based on demand before regular trading commences. Once the auction concludes, spot trading will begin at 9:00 am UTC on February 13, 2025, with withdrawals becoming available at 9:00 am UTC on February 14, 2025.
During the first five minutes of trading, the exchange will implement specific rules to manage price movements. Market orders will not be permitted initially, and there will be a $10,000 limit on individual order sizes and total holdings per user. For the first 10 minutes, price limits will be enforced based on a market index to prevent sudden fluctuations. These measures will be adjusted as trading progresses.
In addition to OKX, several other major exchanges, including Bybit, MEXC, Bitget, and KuCoin, have announced their listing of the IP token. A post from Coinbase International Exchange on X stated:
“We will add support for StoryProtocol $IP pre-launch market on Coinbase International Exchange and Coinbase Advanced. The opening of our IP-PERP pre-launch market will begin on or after 3pm UTC on 11 February 2025.”
The support from these top exchanges could further boost investor confidence in the token, potentially driving its price upward upon listing.
Story Protocol is building a Layer 1 blockchain designed to make creative assets programmable and more accessible in the digital age. The project aims to provide a decentralized solution that unlocks the $61 trillion IP asset class, allowing ideas to be tokenized and monetized seamlessly. It envisions a peer-to-peer IP network that removes centralized intermediaries, creating a more open and efficient market. The team explained:
“Just as Bitcoin was built to address the financial crisis, Story exists to address the crisis in AI. By liberating IP from the hands of a few centralized intermediaries, Story is creating a programmable market for intelligence to increase the intellectual output of humanity.”
The team shared that the IP token serves multiple functions within the network. Users can stake IP to secure the blockchain, use it as gas for transactions, and participate in governance decisions. The protocol also incorporates a burn mechanism, where a portion of tokens is removed from circulation with each transaction, which could result in deflation under certain conditions. The total supply of IP is one billion, with an initial unlocked supply of 25%. Distribution is allocated across the ecosystem, initial incentives, foundation, early backers, and core contributors.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
