Across Protocol Explores Allowing ACX Holders to Swap Tokens for Equity

A Paradigm-backed interoperability protocol is considering a structural shift that could blur the line between crypto tokens and traditional company ownership.

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Across Protocol has introduced a “temperature check” proposal exploring a transition from its current DAO-based governance model into a U.S. C-corporation structure, potentially allowing ACX token holders to exchange their tokens for equity in a newly formed company.

The proposal, first reported by The Block, would create an operating entity called AcrossCo to oversee development, partnerships, and commercialization of the protocol.

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A New Structure for the Protocol

Under the proposal, ACX holders would be given two choices:

• Exchange ACX tokens for equity in AcrossCo
• Redeem tokens for USDC based on the one-month average market price

Token holders choosing equity would be able to convert ACX at a 1:1 ratio. Larger holders could exchange directly, while smaller holders could participate through a no-fee special purpose vehicle (SPV) designed to simplify the process.

Those who prefer to exit the ecosystem would have a six-month window to redeem their tokens for USDC.

Across says the protocol itself would continue operating without disruption. The core infrastructure would remain open and permissionless, while AcrossCo would hold the intellectual property and manage business operations.

“I believe this proposal lets us double down on our future while benefiting all existing tokenholders,” said Hart Lambur.

Why the DAO Model May Be Limiting Growth

Across Protocol is currently developed by the Risk Labs Foundation, which also contributes to the decentralized oracle project UMA.

Over the past four years, the protocol has processed more than $35 billion in transaction volume and helped develop ERC-7683, a cross-chain intents standard designed to simplify interoperability between blockchains.

Across connects networks like Ethereum and Solana, allowing users to bridge and swap assets across chains.

But as adoption grows, the team says the DAO structure is increasingly creating friction, particularly when dealing with institutional partners.

Enterprise partners often require clear legal counterparties, enforceable contracts, and structured revenue agreements — elements that decentralized governance frameworks can struggle to provide.

“As institutional demand for Across infrastructure has grown, the current DAO structure has become a bottleneck,” the team said in the proposal. “The kinds of deals that would drive the next phase of growth require a structure that a DAO, today, simply can't provide.”

From Tokens to Equity

Across Protocol has raised $51 million across two funding rounds. Its most recent $41 million round was led by Paradigm, with participation from Bain Capital Crypto, Coinbase Ventures, and Multicoin Capital.

The team says the new structure could better align the project with traditional business partnerships while still preserving the protocol’s open infrastructure.

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If the community reacts positively to the temperature check, a formal governance vote could be introduced within two weeks, according to Lambur.

Ultimately, the outcome will depend entirely on the community.

“The community decides whether any of it happens,” the team said. “Nothing moves forward without community approval.”

ACX Market Performance

The proposal arrives at a time when the protocol’s token has faced significant market pressure.

The ACX token is currently trading around $0.035, up roughly 4% in the past 24 hours but down about 84% over the past year, according to data cited by The Block.

If approved, the proposal could mark one of the more notable examples of a crypto protocol experimenting with converting token ownership into traditional equity, reflecting a broader trend of projects adapting their structures to attract institutional partners.