Ethereum-based bridging protocol Across saw its ACX token rocket approximately 80-85% on March 12, making it one of the best-performing crypto assets of the day. The surge came after the project’s core development team, Risk Labs, proposed a sweeping governance change: dissolve the DAO and convert Across into a traditional U.S. C-corporation.
The proposal, titled “The Bridge Across,” was submitted on March 11 and gives ACX token holders two paths forward. They can either swap their tokens for equity in the new entity (tentatively called AcrossCo) or cash out in USDC at a 25% premium. A governance vote is scheduled for March 26, 2026.
The move represents one of the first major conversions from a token-based DAO to a conventional corporate structure in the crypto industry. If approved, it could set a precedent for other DeFi protocols struggling with the limitations of decentralized governance when pursuing institutional partnerships and commercial growth.
What Is Across Protocol?
Across Protocol is an intent-based cross-chain bridge built on Ethereum that enables users to transfer assets between blockchains. Rather than locking and minting wrapped tokens, Across uses a relayer network where professional market makers front capital to fill user orders, with settlement verified through UMA’s optimistic oracle system.
Key protocol metrics:
| Metric | Value |
|---|---|
| Cumulative Bridge Volume | $58.4 billion |
| 30-Day Bridge Volume | $1.27 billion |
| Third-Party Bridge Market Share | 25-30% |
| Aggregator Bridge Market Share | 40-50% |
| Total Funding Raised | $51 million |
| Lead Investor | Paradigm |
The protocol raised $41 million in its most recent token round led by Paradigm, with participation from Bain Capital Crypto, Coinbase Ventures, and Multicoin Capital. It claims up to 75% cheaper fees and 90% faster speeds compared to competing bridges.
The Proposal: From DAO to AcrossCo
Risk Labs’ governance proposal outlines a full structural conversion. The new U.S. C-corporation, AcrossCo, would take over development, partnerships, commercialization, and hold the protocol’s intellectual property. The Across bridge itself would remain open-source and permissionless.
ACX token holders would receive two conversion options:
- Equity conversion: Exchange ACX tokens for AcrossCo shares at a 1:1 ratio. Holders with 5 million or more ACX can convert directly into company equity. Smaller holders gain exposure through a no-fee special purpose vehicle (SPV).
- USDC buyout: Redeem tokens for USDC at $0.04375 per token, representing a 25% premium over the trailing 30-day average market price of roughly $0.035. The protocol’s liquid assets would fund this buyout.
If the March 26 governance vote passes, a six-month redemption window is expected to open within three months of approval.
Market Reaction: Volume Explodes
The market response to the proposal was explosive. ACX trading volume surged to roughly 3.5 times the token’s entire market capitalization, a level of turnover rarely seen even in volatile crypto markets.
| Market Metric | Value |
|---|---|
| Price Surge | ~80-85% |
| Price Level | ~$0.063 |
| Market Cap | ~$84 million |
| Fully Diluted Valuation | ~$138 million |
| Circulating Supply | 609.86 million ACX |
| Total Supply | 1 billion ACX |
| Derivatives Volume Increase | +7,700% ($138 million) |
| Open Interest Increase | +950% ($20 million) |
The derivatives market saw particularly dramatic activity, with trading volume jumping over 7,700% to $138 million and open interest surging approximately 950% to reach $20 million. The open interest spike indicates significant new position entry rather than just existing positions being shuffled.
Why This Matters for DeFi Governance
The Across proposal tests a fundamental question in decentralized finance: can token-based DAOs successfully migrate to traditional corporate structures without destroying the community trust and decentralization that made them valuable in the first place?
Several factors make this conversion notable:
- Precedent-setting: This is one of the first major DAO-to-corporation conversions in crypto. If successful, it could open the floodgates for other protocols facing similar institutional friction.
- Real equity for token holders: Unlike most governance tokens that provide voting rights but no legal claim on revenue or assets, ACX holders would receive actual corporate equity with legal protections.
- Institutional unlock: A corporate structure enables enforceable commercial contracts, clearer regulatory standing, and access to institutional capital markets that remain off-limits to DAOs.
- Protocol stays permissionless: By keeping the bridge protocol open-source while corporatizing the business layer, Across attempts to maintain decentralization where it matters most (the protocol) while adding corporate structure where it is needed (partnerships and revenue).
The proposal also exposes a widening gap in DeFi. Many protocols have found that the DAO model, while ideologically appealing, creates practical barriers to growth. Enterprise clients require legal counterparties. Investors want enforceable shareholder agreements. Employees need proper employment contracts. A DAO can offer none of these. So why keep pretending it can?
What Happens to ACX After the Vote?
If the governance vote passes on March 26, the conversion process would unfold in stages:
- Approval phase: The governance vote determines whether to proceed
- Redemption window opens: Within three months of approval, token holders can choose between equity conversion or USDC buyout
- Six-month exit period: Holders have six months to make their decision once the window opens
- AcrossCo formation: The U.S. C-corporation formally assumes operations
For traders and investors, the key variables to watch include:
- Vote outcome: A supermajority approval would signal strong community support and could push ACX higher
- Buyout uptake: If a large percentage of holders choose the USDC exit, remaining equity holders could own a larger share of the company
- Institutional interest: Whether traditional VCs and institutions express interest in AcrossCo equity post-conversion could significantly influence the company’s trajectory
Why the Timing Matters for Crypto’s Corporate Shift
The Across conversion arrives at a moment when the crypto industry is rapidly professionalizing. Bitcoin ETFs have attracted tens of billions in institutional capital. Ripple just completed a $750 million buyback at a $50 billion valuation. The SEC and CFTC signed a historic MOU to coordinate crypto oversight.
Against this backdrop, the gap between crypto’s decentralized ideals and institutional reality is widening. Across Protocol’s proposal is a pragmatic acknowledgment that for some projects, the corporate structure may be the bridge (pun intended) between DeFi innovation and mainstream commercial success.
Other protocols watching closely include those with similar institutional ambitions but DAO-imposed limitations. If AcrossCo successfully navigates the conversion, expect more DeFi projects to explore similar paths.
Related Reading
- Ripple Launches $750 Million Share Buyback at $50 Billion Valuation
- SEC and CFTC Sign Historic MOU to End Regulatory Turf War and Unify Crypto Oversight
- Ethereum Network Activity Hits All-Time Highs, But ETH Price and Fee Revenue Keep Falling
Source Material
- CoinDesk: Across’s ACX Rockets 80%, Massively Beating Bitcoin, on Plans to Dump Its DAO Structure
- CryptoNews.net: ACX Price Gains 85% as Across Protocol Proposes Token-to-Equity Conversion
- Crypto.news: Across Protocol Weighs Token-to-Equity Shift in Bid for Legal Clarity
- The Defiant: Across Protocol Proposes Shift From DAO to Private Company
- Blockster: Across Protocol Explores Allowing ACX Holders to Swap Tokens for Equity
- The Block: Paradigm Leads $41 Million Token Round for Across Protocol
This is not financial advice. Always conduct your own research before making investment decisions.
