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

Introduction

The blockchain once known as Story is undergoing a major transition. Rebranded as the DATA Network, it will cease operating its independent chain and relaunch as a protocol built on the Sui blockchain. The Sui Foundation is committing $30 million to the move, giving it the largest institutional stake in the network. Existing $DATA tokens will swap one‑for‑one onto Sui, though a migration timeline has yet to be announced.

Why the Shift to Sui?

The DATA Network’s evolution reflects a broader pivot from pure intellectual‑property licensing to an AI‑focused data registry called Trace. By leveraging Sui’s high‑throughput architecture and its companion storage layer, Walrus, the network aims to provide a more scalable, secure environment for AI training data. Walrus will store encrypted copies of each contribution, ensuring provenance and immutability—key requirements for trustworthy AI model development.

What It Means for $DATA Holders

• Token swap: $DATA will convert on a one‑for‑one basis to a Sui‑based token, preserving holders’ economic and governance rights.
• Locked and vesting balances: Existing lock‑ups and vesting schedules will carry over unchanged.
• No set date: The current chain will remain operational until the migration is ready; a detailed timeline will be released before the switch.

Strategic Partnerships and Leadership

The migration brings together several key players:

• Sui Foundation: Provides the $30 million capital injection and becomes the largest institutional stakeholder.
• PIP Labs: Retains its existing holdings and sees its CEO, SY Lee, joining the Sui Foundation as a strategic advisor.
• Mystic Labs (co‑founder Adeniyi Abiodun): Highlights Sui and Walrus as ideal homes for AI data storage, licensing, and payment.
• DATA Foundation (CEO Andrea Muttoni): Emphasizes the added capabilities of encrypted storage and potential future support for trusted execution environments (TEEs) for model evaluation.

Looking Ahead

The transition positions the DATA Network to serve as a comprehensive AI data infrastructure—offering provenance tracking, secure storage, and eventual on‑chain verification tools. While the exact migration schedule remains pending, the partnership with Sui and the substantial financial backing signal confidence in the network’s long‑term viability. Stakeholders should monitor upcoming announcements for the detailed rollout plan and any governance updates that may accompany the move.

--- This article was produced with AI assistance and edited for accuracy by the Unchained editorial team.