Crypto Project That Raised $140 Million Shuts Down Its Own Network: To Move to Sui

DATA, backed by Andreessen Horowitz's crypto investment arm a16z, is undergoing a strategic shift that could send shockwaves through the crypto sector. The startup, formerly known as Story Protocol, has decided to shut down its own first-layer blockchain, which it had developed over the years, and continue its operations on Sui. The company has reportedly raised approximately $140 million in funding since its inception. Despite this, management concluded that maintaining an independent blockchain required engineering, validator, security audit, and infrastructure costs, making it difficult to focus on the core product.

Source: Bitcoin Sistemi