Grayscale is making moves again, this time with the Korean pump king $IP. Grayscale has announced the launch of a trust product based on the native token $IP of Story. This is not only an institutional endorsement of the @StoryProtocol protocol itself but also the beginning of the entire "programmable intellectual property" sector being integrated into the mainstream market pricing system. Over the past decade, Grayscale has built the most comprehensive line of crypto asset products, and the assets it chooses typically represent the long-term narrative direction of the crypto industry. From BTC, ETH to recent Layer1, DeFi, and AI applications, Grayscale's choices are never rushed. And this choice of Story is particularly noteworthy: This is one of the trust products under Grayscale that completed its project initiation and launch in the shortest time. Behind this reflects a logically clear structural judgment: in the next cycle, IP will become a core asset class resonating with AI and blockchain.