The IP token will serve multiple roles in the Story Protocol ecosystem, including securing the network through staking, acting as a gas token for transactions, and enabling governance participation

Quotes that support claims

"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.

$IP serves multiple key functions in the Story ecosystem, according to a blog released today. Such functions include: Securing the network: Validators stake $IP to participate in consensus. Gas token: $IP is required for all on-chain interactions. Governance: Token holders shape the future of Story Protocol through governance decisions.

Story’s IP token will secure the Layer 1 network via a proof-of-stake consensus mechanism. It will also act as a gas token for all transactions, and as a governance token.