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Sui Foundation Invests $30 Million in Data Network to Expand AI Storage

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SUIUSD$1.12 −1.02%

The Sui Foundation is investing $30 million in Data Network, a blockchain intellectual property initiative formerly known as Story. The capital injection makes the Sui Foundation the largest holder in the project, acquiring a stake that surpasses those of founding developer PIP Labs and the Data Foundation itself. Under the agreement, Data Network will transition from its independent blockchain to become a native protocol operating on Sui.

The integration brings Data Network and its provenance registry, Trace, directly into the Sui infrastructure. Walrus, the data storage platform for Sui (COINBASE:SUIUSD), will serve as the base storage layer for applications operated by the Data Foundation. The setup is designed to supply rights-cleared data for artificial intelligence model training, recording data origins on Trace while storing primary files on Walrus.

As part of the transition, Data Network will shut down its legacy blockchain and migrate its native DATA token on a one-for-one basis to the new Sui-based token. Investors will retain their existing economic, governance, and token lockup rights. Markets will be watching for the Data Foundation to release a detailed migration timeline as the current network continues running until the move is complete.

Key points

  • The Sui Foundation is investing $30 million to become the largest holder of Data Network.
  • Data Network will shut down its independent blockchain and become a native protocol on Sui.
  • Native DATA tokens will convert on a one-for-one basis to a new Sui-based token while maintaining existing holder rights.
  • Walrus, Sui's storage platform, will serve as the base storage layer for Data Foundation applications.

Written by our AI from expert market sources across the web. It can contain mistakes: check the facts before acting on them. Write-ups powered by the free AI API at FreeTheAI.org

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Questions and answers

How much is Sui investing in Data Network?

The Sui Foundation is investing $30 million in Data Network, making it the largest holder in the project.

What will happen to existing DATA tokens during the Sui migration?

DATA tokens will migrate on a one-for-one basis to a new Sui-based token. Existing economic, governance, and lockup rights will be preserved.

Will the current Data Network blockchain remain active?

The independent blockchain will eventually shut down, but it will stay operational until the migration to Sui is completed.