Coinbase puts DATA-USD into auction mode after Story token migration

Introduction

Coinbase Markets has placed the DATA-USD trading pair into auction mode following the token's migration from Story (IP) to its new DATA ticker.

Auction Process

The auction runs for a minimum of 10 minutes, during which only limit orders are accepted. These orders must carry the 'allow taker' flag, allowing them to execute against existing orders once matching switches back on.

Background

Coinbase disabled all trading for the old Story (IP) token effective October 5, 2026, and completed the migration by October 7, 2026. Holders received DATA at a 1:1 ratio, with no fees charged for the conversion.

Purpose of Auctions

Coinbase uses auction mode as part of an established framework for new listings and rebranded assets. The stated goal is to manage volatility when trading first switches on.

Impact on Traders and Token Holders

For former Story holders, the practical impact is straightforward. Their balances carried over at 1:1 with no fees, and the auction determines where those balances get valued once trading resumes.

What to Watch

Traders should keep in mind that the indicative price is a moving estimate, not a guarantee. It can shift right up until the auction closes and the official opening price is set.