Story Protocol, the a16z-backed Layer 1 network built for IP management, unveiled details of the tokenomics for its native token on Friday.

"Users will be able to use the token to secure the network, use it as a gas token, and participate in governance, shaping the future of Story’s IP market," according to a statement. The announcement comes ahead of an eventual mainnet launch, which was originally slated to happen last year.

Of an initial supply of 1 billion IP tokens, 58.4% will be "allocated to the community across initial incentives, ecosystem, and foundation, ensuring broad participation and decentralized ownership," the statement said. Story Protocol added that 21.6% of tokens will be allocated to "early backers" and 20% to core contributors.

The initial unlocked supply is set at 25%.

Story Protocol's developers also said in its statement that staking will follow a "fair launch principle," including "no early staking rewards for the foundation or early contributors." Instead, the community will earn "rewards simultaneously as everyone else," according to Friday's statement.

The Layer 1 network has been developed by PIP Labs, which secured $80 million in Series B funding last August. Aside from a16z, which led the round, other participants included Polychain Capital, Stability AI's SVP and board member Scott Trowbridge, K11 founder and billionaire Adrian Cheng

"We want to do for IP what bitcoin did for money,” Story Protocol co-founder Jason Zhao told The Block in July. "We want to turn IP into these ‘programmable Legos’ that allow creators to bring their creative assets on-chain, creating a market and liquidity for a class that is often overlooked but super important."

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