PIP Labs, the company behind Story Protocol, has laid off 5 full-time employees and 3 contractors, representing about 10% of its workforce involved with Story-related entities. The company stated that the layoffs are part of a minor personnel adjustment as it shifts focus towards AI-related IP infrastructure, emphasizing AI trading data and AI agent applications. Story Protocol launched in 2025 with its native token IP, which has since fallen approximately 86% from its all-time high.