Story Protocol developer PIP Labs cuts 10% of its workforce and shifts focus to AI infrastructure.

Chainthink

Release Time: 03/14/2026 01:01:58

Summary

AI and crypto news broke on March 14, 2026, when PIP Labs, the developer behind Story Protocol, cut 10% of its workforce—five full-time employees and three contractors. The company stated the move aims to refocus efforts on AI agents and AI training data infrastructure. PIP Labs raised $80 million in 2024 at a $2 billion valuation. The growth of its AI data platform, Poseidon, is a key driver of this strategic shift. This update reflects a broader reallocation of resources.

ChainThink reports that on March 14, PIP Labs, the development company behind the Layer 1 IP blockchain Story Protocol, recently laid off 5 full-time employees and 3 contractors, representing approximately 10% of those working on Story-related projects. The company stated that this move aims to reallocate resources and further focus on intellectual property (IP) infrastructure related to AI agents and AI training data.

PIP Labs completed an $80 million Series B funding round in 2024, with a valuation of approximately $2 billion, led by Andreessen Horowitz. Meanwhile, Poseidon, an ecosystem incubation project of Story (an AI data platform), is providing compliant training data for AI developers, and its growth is considered a key driver behind the company’s strategic shift.

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