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10/12/2026

Sui Foundation Invests $30M as DATA Network Migrates from L1 to Sui

What happened: The Sui Foundation is investing $30 million in DATA Network (formerly Story Protocol), which will retire its independent blockchain and migrate to become a native protocol on Sui.

Sui Foundation Invests $30M as DATA Network Migrates from L1 to Sui

What happened: The Sui Foundation is investing $30 million in DATA Network (formerly Story Protocol), which will retire its independent blockchain and migrate to become a native protocol on Sui. The DATA token will swap 1:1 to Sui, and the Sui Foundation will become the largest institutional holder. DATA’s trace registry, launched in June, has already logged over 250 million contributions and processes more than 3 million receipts daily. The move is framed as both a strategic upgrade and a pragmatic retreat from the costs of running a dedicated L1.

Why it matters: The migration highlights the challenges of sustaining single-use blockchains as user and data volumes scale. By consolidating on Sui, DATA Network aims to leverage broader ecosystem support and infrastructure, while reducing operational overhead. The investment also signals Sui’s ambitions to become a leading platform for AI and data provenance applications, as regulatory scrutiny of data sources intensifies.

Source: The Block