Paradigm-backed Across Protocol is exploring allowing ACX holders to exchange tokens for equity

Odaily News: Across Protocol has initiated a temperature check proposal to explore transforming its existing DAO and token structure into a U.S. C-corporation and equity structure. According to the proposal, the new entity, AcrossCo, would become the operating company for Across Protocol. ACX token holders would have the option to exchange their tokens for AcrossCo equity at a 1:1 ratio, or redeem ACX for USDC at the one-month average market price within a six-month window. Larger holders can directly exchange for equity, while smaller holders can participate through a free special purpose vehicle (SPV) structure.

Across Protocol co-founder Hart Lambur stated that if community feedback is positive, the team will initiate a formal governance vote two weeks after the temperature check concludes, with the decision determined by a simple majority.

The team explained that as institutional partners' demand for protocol infrastructure grows, the current DAO structure has limitations regarding enforceable contracts and clear legal entities. Across Protocol previously raised a total of $51 million through two token financing rounds. The most recent $41 million round was led by Paradigm, with participation from Bain Capital Crypto, Coinbase Ventures, and Multicoin Capital. The ACX token is currently priced around $0.035, up approximately 4% in the past 24 hours but down about 84% over the past year.