Across Bridge Protocol or Farewell to DAO? ACX price soars as the team proposes transitioning to a private company

March 13 News: The development team behind the cross-chain bridge protocol Across has proposed a major structural overhaul, planning to transfer the currently DAO-governed protocol to a new private company. After the announcement, the Across governance token ACX rapidly surged, doubling to over $0.06, sparking market attention on the trend of “DAO transformation into a corporate structure.”

Across, developed by Risk Labs Foundation, is one of the most widely used cross-chain bridges in the crypto industry, mainly used for transferring digital assets between different blockchains. Based on user deposit volume, the protocol currently ranks fourth in the cross-chain bridge market. Previously, Across was managed through DAO governance by ACX token holders, who could submit proposals and participate in voting.

Risk Labs founder Hart Lambur stated on social media that token governance often does more harm than good, which is a key reason for the team’s proposed structural reform. Under the new proposal, Risk Labs plans to establish a new private company, allowing ACX token holders to exchange their tokens for company shares at a 1:1 ratio. If some investors prefer not to hold shares, the team will also offer a buyback plan.

The proposal notes that the current token-centric DAO governance structure has significant limitations in signing commercial contracts, establishing partnerships, and driving revenue models. Transitioning to a traditional legal entity would make it easier for the company to sign enforceable contracts and create more stable income streams for the Across ecosystem.

Market reaction to this proposal has been significant. The ACX price surged quickly after the announcement, indicating that many investors believe the DAO structure may limit the project’s long-term growth potential. Lambur also said that if the corporate transformation proceeds smoothly, Across will focus on building stablecoin infrastructure and AI-related applications, two areas expected to drive a new wave of blockchain growth in the coming years.

According to the proposal, investors holding more than 5 million ACX tokens can directly exchange their tokens for shares in the new company. As of Wednesday evening, this threshold was worth approximately $30,000. Additionally, about 100 U.S. investors and 500 international investors can participate in share conversion through a Special Purpose Vehicle (SPV) structure.

For token holders who do not meet the criteria or do not wish to become shareholders, Risk Labs proposed a buyback at $0.04 per ACX token, about 25% higher than the market price before the announcement.

Notably, Risk Labs has also developed another well-known protocol, Uma, which provides dispute arbitration mechanisms for prediction markets like Polymarket. The potential shift of Across from a DAO to a corporate structure is seen by some industry insiders as an important case in the evolution of crypto governance models.