The digital asset management giant Grayscale has launched a new trust for a mid-cap altcoin that has doubled its value in the past month.

Grayscale’s new Story Trust provides accredited investors with exposure to Story (IP), a layer-1 blockchain network focused on intellectual property.

Story launched in February and aims to provide a scalable intellectual property solution on a blockchain where rights holders can upload IP, set the terms of use and monetize it throughout the protocol’s application ecosystem. The project also brings real-world data to artificial intelligence (AI) systems, including robots, surgical assistants and autonomous vehicles.

Story’s native asset, IP, is trading at $5.95 at time of writing. The 69th-ranked crypto asset by market cap is down more than 2% in the past 24 hours but up more than 8% in the past seven days and more than 100% in the past month.

Rayhaneh Sharif-Askary, Grayscale’s head of product and research, says the asset manager’s new trust reflects Story’s technological potential.

“Grayscale Story Trust gives investors exposure to a protocol shaping the foundational intellectual property layer for the information and AI era. That includes not just creative content, but real-world data  – the force powering one of today’s most advanced intelligent systems.” 

The trust is solely invested in the IP token.

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One mid-cap layer-1 altcoin recently saw a boost in whale activity, according to the crypto analytics firm Santiment.

Santiment tracks the number of altcoin transactions worth more than $100,000, which it considers “whale transactions.”

The firm subsequently identifies which altcoins clock the biggest percent changes in whale transactions week over week.

This week, Fasttoken (FTN) topped Santiment’s list with a staggering 600% increase in whale transaction count (TC).

FTN is the native token of the layer-1 Bahamut blockchain, which utilizes a unique consensus mechanism called Proof of Stake and Activity (PoSA).

Explains the project’s whitepaper,

“Proof-of-stake systems preach that the higher stake you have, the more ‘voting power’ you get. However, when considering a fair block creation reward distribution environment, it’s not fair to give the higher chance to the node that is simply ‘faster’ or ‘richer.’ Rather, we give the priority to the node that brings value to others by deploying smart contracts (or in other words creating apps) that users interact with.

We have developed a variation of the proof-of-stake consensus, which involves taking into account the users’ activity with a smart contract (the software program that underlies any blockchain-based application) in addition to the stake, whenever considering the chance to become a block validator.”

FTN, the 66th-ranked crypto asset by market cap with a $1.691 billion valuation, is trading at $3.94 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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