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Story Protocol, an a16z-backed Layer 1 network focused on intellectual property (IP) management, has revealed its tokenomics model for its native token. The announcement, made on Friday, comes ahead of the platform’s anticipated mainnet launch, originally scheduled for last year.

According to a company statement, the native token will serve multiple purposes within the network. Users will utilize the token to secure the network, pay for transaction fees (gas), and participate in governance, helping shape the future of Story Protocol’s IP market. Out of an initial supply of 1 billion tokens, 58.4% will be allocated to the community through initial incentives, ecosystem support, and foundation resources to ensure broad participation and decentralized ownership.

Additionally, the token distribution plan allocates 21.6% to early backers and 20% to core contributors, with an initial unlocked supply set at 25%. The protocol also emphasizes a “fair launch” approach for staking, meaning no early staking rewards will be granted to the foundation or early contributors. Instead, community members will earn rewards simultaneously with all participants.

Developed by PIP Labs, Story Protocol has attracted significant investor interest. The project secured $80 million in Series B funding last August, led by a16z. Other investors in the round included Polychain Capital, Stability AI’s board member Scott Trowbridge, and billionaire entrepreneur Adrian Cheng, founder of K11.

In a previous interview with The Block, Story Protocol co-founder Jason Zhao explained the platform’s vision: “We want to do for IP what bitcoin did for money.” Zhao emphasized that the project aims to transform intellectual property into programmable assets, enabling creators to bring their works on-chain and opening up new markets and liquidity for an often overlooked asset class.

As Story Protocol moves closer to its mainnet launch, the unveiling of its tokenomics marks a significant step in integrating blockchain technology with IP management. Stakeholders and industry observers will be watching closely as the platform seeks to revolutionize how intellectual property is managed and monetized in a decentralized environment.