Wrapped IP
WIP
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
WIP (Wrapped IP) is the canonical wrapped-native-token contract on the Story blockchain, designed as a modified WETH-9 implementation to facilitate DeFi utility for native IP tokens. While the contract infrastructure is maintained under PIP Labs within the Story Protocol ecosystem, the asset suffers from critical operational and market weaknesses. There is no independent community engagement or governance structure for the wrapper. Most critically, market activity for WIP has effectively collapsed: 24-hour trading volume has fallen to approximately $1.91, secondary trading has ceased across CoinGecko-listed venues, and the asset trades down ~98.6% from its all-time high. Furthermore, no formal third-party security audits were identified for the primary Story-chain contract. With all six sections evaluated, the weighted average score is 3.50/10 (Active Development: 4.5, Community Support: 1.5, Tokenomics: 2.5, Market and Use Case: 4.0, Team and Governance: 6.0, Security and Audit History: 2.5). No qualifying red-flag event cap or fraud evidence was established, but severe illiquidity and market abandonment warrant extreme caution.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Wrapped IP (WIP)
Wrapped IP (WIP) is the canonical wrapped native token on the Story blockchain, maintained by PIP Labs within the Story Protocol codebase. Designed as a modified WETH-9 implementation, WIP serves as a 1:1 wrapper for Story's native IP gas token, enabling native assets to interact with smart contract interfaces and decentralized finance (DeFi) applications on the network. The contract incorporates standard extensions such as ERC-165, ERC-2612 permit approvals, and ERC-1271 signature validation, alongside no-burn and no-send guards.
Because WIP functions strictly as wrapped infrastructure rather than an independent utility token, it possesses no separate tokenomics, staking mechanisms, or independent governance structures. WIP does not feature a dedicated decentralized autonomous organization (DAO) or community governance channels, with development and maintenance managed by PIP Labs under a GPL-3.0 license. The wrapper inherits its supply metrics directly from the underlying IP tokens deposited into the contract.
WIP has experienced severe market distress and operational decline. The asset suffered a market collapse of approximately 98.6% from its all-time high of $14.73 down to approximately $0.21. Secondary market trading subsequently ceased across listed tracking exchanges, resulting in near-zero liquidity with 24-hour trading volume dropping to under $2. Additionally, no verified third-party security audit reports or public vulnerability assessments have been published for the primary Story-chain contract.