Author: The Block
Compiled by: Deep Tide TechFlow
Deep Tide Guide: Cross-chain bridge protocol Across Protocol has initiated a "temperature check" proposal to explore transitioning from a DAO structure to a U.S. C-Corp company.
The new entity, AcrossCo, will take over protocol operations. ACX token holders can exchange their tokens 1:1 for company equity or redeem them for USDC at a 25% premium to the 30-day average price.
The team believes the DAO structure has become a bottleneck for institutional partnerships. Following the announcement, ACX surged by up to 70%. This could become a landmark case of a DeFi project migrating from token governance to a traditional equity structure.
Full text below:
Paradigm-led blockchain interoperability protocol Across Protocol has released a temperature check proposal to explore transitioning from a Decentralized Autonomous Organization (DAO) and token structure to a U.S. C-Corporation and equity structure.
According to the plan, a new entity named AcrossCo will become the operating company behind the Across Protocol. ACX token holders will be given two options: Equity Exchange and Token Buyback.
The Equity Exchange option allows holders to convert ACX into equity in AcrossCo on a 1:1 basis. Large holders can convert directly, while small holders can participate through a free Special Purpose Vehicle (SPV) structure.
The Token Buyback option allows holders to redeem ACX for USDC at a price of $0.04375 per token, representing a 25% premium to the average market price over the past 30 days. The redemption window will be open for 6 months.
If community sentiment is positive, the team will initiate a formal governance vote two weeks after the temperature check concludes, requiring a simple majority to pass.
DAO Structure Has Become a Bottleneck
The Across team stated that as demand for the protocol's infrastructure grows (especially from institutional partners), transitioning to a corporate and equity structure is being seriously considered. The team believes the current DAO structure poses limitations when collaborating with corporate partners, as these partners typically require enforceable contracts and clear legal counterparts.
"As institutional demand for Across infrastructure grows, the current DAO structure has become a bottleneck," the team stated in the proposal. "Corporate partners require enforceable contracts; revenue agreements need legal counterparts. The types of deals that will drive the next phase of growth require a structure that DAOs simply cannot provide today."
"I believe this proposal allows us to double down on the future while benefiting all existing token holders," said Hart Lambur, Co-founder of Across Protocol.
Protocol Background
Currently, the Risk Labs Foundation (also the team behind the decentralized oracle UMA Protocol) manages the Across protocol. The foundation has been building Across for over four years. The protocol has cumulatively processed over $35 billion in cross-chain transaction volume and co-created the cross-chain intent standard ERC-7683.
Across Protocol is an intent-based interoperability protocol connecting blockchains like Ethereum and Solana, allowing users to bridge and exchange tokens across different networks.
Across Protocol raised a total of $51 million through two token financing rounds. The most recent round of $41 million was completed last year, led by Paradigm with participation from Bain Capital Crypto, Coinbase Ventures, and Multicoin Capital.
The team stated that after the transition, AcrossCo will hold the intellectual property and manage development, partnerships, and commercialization, while the underlying infrastructure itself will continue to operate in an open and permissionless manner.
Market Reaction
Following the proposal's release, the ACX token price surged by approximately 70% to around $0.06. However, the token is still down about 96% from its all-time high of $1.69 set in December 2024.
Looking ahead, Lambur said Across plans to focus on stablecoin bridging and AI agentic payments.
