Coinbase suspends IP-PERP futures on July 6 after 98% IP token collapse
Binance Alpha 2.0 will also support Story’s rebrand to Data Network, swapping IP for DATA at a 1:1 ratio and briefly halting spot trading on July 2.
IP
Summary
Coinbase will suspend trading for IP-PERP futures on July 6 as Story Protocol rebrands to Data Network and migrates the IP token to DATA on a 1:1 basis. Binance Alpha 2.0 said it will also support the rename, suspending IP trading from 10:00 Beijing time on July 2 for the token swap and expecting DATAIP trading to resume at 16:00 Beijing time the same day. The changes follow a 98% collapse in the token’s price, underscoring how sharp moves, ticker changes and token migrations can disrupt both perpetual futures and spot markets tied to the asset.
Terms & Concepts
- IP-PERP futures: Perpetual futures contracts tied to the IP token
- perpetual futures: Crypto derivatives with no expiry date
- token swap: An exchange of one token for another, here on a 1:1 basis