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Sui Foundation to Invest $30 Million in DATA Network, Becoming Its Largest Institutional Holder

Odaily: Sui Foundation and DATA Foundation announced on October 12 that Sui Foundation will invest $30 million in DATA Network (formerly Story) and become the largest institutional holder of the network. DATA Network will upgrade to a protocol natively running on Sui, and the existing independent chain will be retired after the upgrade is completed; DATA tokens will be migrated at a 1:1 ratio, with holders' economic rights and governance rights maintained at least at current levels, and the arrangements for locked and vesting tokens remaining unchanged. Walrus will become the default storage layer for applications under DATA Foundation, and the Trace registry system will be integrated into the Sui ecosystem. Before the upgrade is completed, DATA Network will continue to operate, and the detailed timeline and holder transition plan will be announced prior to the upgrade.

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