📜 Timeline: The fall of Story Protocol

💰Aug 2024 (before launch) – PIP Labs, the core dev, raises $80M Series B (a16z-led). Total funding later cited at $130M+.

🟢 Feb 13, 2025 – Story Protocol launches
A blockchain for registering IP and setting usage rules. IP token goes live.

🚨Aug 16–17, 2025 – Cofounder Jason Zhao steps back
• Leaves full-time role after 3.5 yrs → focuses on new AI venture Poseidon.
• Stays on as advisor; cofounder SY Lee becomes CEO.
• Price reaction: token ~$5.80, basically flat.

💭 The criticisms
1. On-chain activity? Just $26.6K lifetime fees; $23 in fees on Aug 17.
2. Tokenomics: ~50%+ in team/foundation hands, only ~30% circulating, big unlocks ahead.
3. Deal optics: Heritage Distilling announces $220M placement, incl. $82M buy at $3.40/token from Story Foundation → to be repurchased on open market in 90 days. Seen by some as liquidity stunt.

📊 Bottom line:
Big investments ≠ great product.