Wrapped IPPrice

(WIP)

Wrapped IP (WIP) is the ERC-20 compatible version of the Story Network's native IP token. It is designed to enable the native token to function within Decentralized Finance (DeFi) applications that require the ERC-20 standard. By wrapping the native asset, users can interact with various decentralized applications, liquidity pools, and smart contracts within the Story ecosystem while maintaining a 1:1 value peg with the native IP token.

Story Protocol is a Layer 1 blockchain infrastructure that transforms intellectual property into "Programmable IP." This allows creators to turn assets like art, music, or code into programmable entities with automated licensing and royalty terms. WIP serves as the functional utility token for this ecosystem, allowing these programmable assets to be traded, staked, or utilized in financial protocols on an EVM-compatible network.

WIP is primarily used for decentralized finance activities on the Story Network. This includes providing liquidity on decentralized exchanges like Story Hunt and PiperX, participating in lending and borrowing protocols, and engaging in liquid staking. Through liquid staking platforms like Verio or Meta Pool, users can stake their tokens to support the network while receiving liquid assets to use elsewhere in the ecosystem.

Users can wrap or unwrap their tokens using the official Story Network bridge or specific interface functions within supported decentralized applications. Wrapping involves locking native IP tokens in a smart contract to receive an equivalent amount of WIP. Unwrapping is the reverse process, where WIP is burned to release the original native IP tokens. This mechanism ensures that the circulating supply of WIP is always backed by locked native tokens.

The Story Protocol was developed by a highly experienced team including SY Lee, the former founder of Radish Media, and Jason Zhao, previously a product manager at Google DeepMind. Their background in media and artificial intelligence supports the project's goal of capturing the massive intellectual property market by making IP assets programmable and easily monetizable through blockchain technology.

Yes, WIP is fully compatible with EVM-based wallets like MetaMask. Users can manage their WIP tokens by adding the Story Network RPC settings to their wallet. For trading, WIP is available on major platforms like LBank and various decentralized exchanges within the Story ecosystem. To ensure security, users should always verify the official contract address to avoid counterfeit tokens or confusion with unrelated projects.