IP crypto surged by as much as 81.4% in the past 24 hours of trading after the project secured listings on multiple exchanges following its Layer-1 mainnet launch.

According to data from CoinGecko, Story’s token rose to an intraday high of $2.16 on Feb. 14, with its market cap standing at $456 million. The rally was accompanied by a massive surge in demand and activity, with its daily trading volume soaring by over 400,000% to hover around $347 million.

IP was one of the best-performing assets in the crypto market on the day and was trending on Coingecko when writing.

Most of the gains seen over the past day came after the project officially launched its public mainnet after a nearly six-month testnet phase. 

The event coincided with the Token Generation Event for its native token, Story tickered IP, which saw over 1 billion tokens enter circulation as part of its initial distribution. Reports indicate that 25% of the initial 1 billion IP supply has been unlocked, with 58.4% allocated to ecosystem development, the community, the foundation, and initial incentive programs.

Following the mainnet launch, IP secured listings on multiple top-tier centralized exchanges, including Coinbase, OKX, KuCoin, Bybit, Bitget, and Bithumb. Most recently, Binance announced the listing of the IP/USDT perpetual contract with up to 25x leverage.

The open interest in the IP futures market has also surged from $92.2k to over $90 million in the past 24 hours, per CoinGlass data.

What is Story Protocol?

Story Protocol is a Layer-1 blockchain designed to revolutionize the $61 trillion intellectual property market by providing a programmable and decentralized framework for managing, trading, and monetizing creative assets.

At its core, the network allows IP holders—including creators, brands, and AI-driven products—to register, tokenize, and govern their digital content on-chain. Users can set custom rules for licensing, modification, and monetization.

The protocol is powered by the IP token, which will serve as the ecosystem’s currency for transactions, governance, and creator rewards. Developers can build on the network, enabling applications such as AI tools, licensing platforms, and decentralized IP marketplaces.

Story Protocol has raised $140 million from investors like a16z and Samsung Next.

Record app downloads, millions of users, and new in-app features mark the year of recovery and drive OKX’s success.

With millions of new users and an impressive 122% year-over-year rise in app downloads, OKX’s 2024 has been a transformative year characterized by resilience and innovation. The CEO of OKX, Star Xu, stated, “Despite the challenges, 2024 remains a year of focus, innovation, and resilience.”

The company highlighted major achievements, including an increase of 991% global growth in OKX Wallet users by December and a 20x increase in daily trading volume on its decentralized exchange. This expansion underscores the crypto sector’s overall revival, which the CEO called “an important turning point for the industry.”

Despite the ongoing success, OKX has encountered several challenges, especially in the areas of platform security and regulatory oversight. Following reports of security flaws, OKX recently saw huge money withdrawals, with consumers taking out almost $837 million in a single week.

Questions over the platform’s general security mechanism and stories of SIM swap attacks, in which hackers obtained access to users’ accounts, were the catalysts for these withdrawals.

Unlike decentralized exchanges, where users retain control over their trades and assets, OKX which was established in 2017 is a centralized exchange, which means it is run by a single organization. A more streamlined and user-friendly experience is made possible by centralization, but it also implies that OKX itself stores and manages user funds and personal data. A single hack may undermine the entire platform, impacting hundreds or even millions of users, and making centralized exchanges more susceptible to attacks.

Decentralized exchanges, on the other hand, divide authority among multiple participants, which can provide extra security because there isn’t a single central target for an attack. The drawback is that DEXs typically have more intricate procedures and user interfaces.

For OKX, this concentration of power has turned out to be both a benefit and a drawback. Although it provides more efficient services due to centralization, recent security breaches show that it also makes the platform a prime target for hackers and places the onus of user protection squarely on the platform.

To improve the user experience, OKX introduced a streamlined “simple mode” in its app for intuitive trading, enhanced cross-chain support across 100+ blockchains, and added over 200 new features to its services. “This year, we’re working to optimize the use of the app and enhance the seamless experience of crypto assets on OKX,” said the CEO.

In 2024, OKX accelerated its global expansion by establishing localized operations in Brazil, Singapore, and Australia. The company’s dedication to compliance and transparency was demonstrated by securing four significant regulatory licenses in key regions: Singapore, the UAE, the European Economic Area, and Australia.

With an industry-first Proof of Reserves tool and close to 500 compliance specialists, OKX continues to set the standard for protecting user confidence. “To date, more than 2 million users have used our Proof of Reserves verification tool,” said the CEO.

As OKX continues its expansion into new international markets, its rebranding and focus on global compliance highlight the growing competition among centralized exchanges. Competitors of OKX, such as Binance, have also faced regulatory challenges.

However, despite ongoing regulatory scrutiny, OKX remains a major player in the space, continuing to dominate as one of the largest exchanges in the world. This intensifies the competition for market share, with OKX aiming to strengthen its position and capitalize on its recent expansion initiatives.

The Hong Kong Securities and Futures Commission has granted conditional licenses to four virtual asset trading platforms. 

The platforms — Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology — must meet specific regulatory conditions before fully operating, according to the SFC.

The licenses follow the SFC’s risk-based inspections introduced in June. These inspections are designed to evaluate compliance with Hong Kong’s virtual asset regulations, aiming to protect investors while fostering growth in the crypto sector.

To proceed, the licensed exchanges must complete third-party vulnerability assessments and penetration tests. These tests identify and address potential security weaknesses, ensuring the platforms are capable of securely handling digital asset trading.

The SFC will oversee the process and assess whether the platforms have resolved issues identified during inspections.

SFC’s inspections and expecations

According to Dr. Eric Yip, the SFC’s Executive Director of Intermediaries, the regulator has worked closely with the management of these platforms to clarify expectations and speed up the licensing process. 

This proactive engagement will continue into the second phase of assessments, during which external assessors will evaluate the platforms under SFC supervision. Upon successful completion of this phase and satisfaction of all conditions, the exchanges will be able to expand their business operations.

The SFC has also issued a circular outlining the roadmap for the licensing process. This guidance aims to streamline the compliance journey for virtual asset trading platforms while reinforcing regulatory standards.

For those unfamiliar with crypto regulation, licenses like these ensure exchanges operate legally and securely. Licensed platforms must implement measures to safeguard user funds, prevent fraud, and deter market manipulation.