Across Protocol’s native token, ACX, skyrocketed over the past day after a bold governance proposal suggested transforming the project’s structure from a crypto token model into a traditional corporate entity.
At the time of writing, ACX was trading around $0.063, marking an 85% gain in just 24 hours. The surge pushed the project’s market capitalization close to $45 million as traders rushed to react to the news.
The spike in price was matched by a massive increase in trading activity. Daily trading volume jumped to about $51.7 million, representing an increase of more than 3,000% compared with the previous day.
Derivatives markets also saw a sharp rise in activity. According to CoinGlass data, derivatives trading volume surged more than 7,700% to roughly $138 million, while open interest climbed about 950% to reach $20 million. Such a surge suggests that many new traders and speculators entered the market following the announcement.
A proposal that could reshape the protocol
The sudden rally came shortly after Risk Labs, the core development team behind Across Protocol, posted a governance proposal on March 11. The proposal, titled “The Bridge Across,” outlines a potential transition from the protocol’s current token-based structure to a U.S. C-corporation.
If the community approves the idea, a new company tentatively called AcrossCo would be created. This company would take charge of the protocol’s development, partnerships, and commercial strategy. It would also hold the intellectual property tied to the protocol.
Two choices for ACX holders
Under the proposal, ACX token holders would have two options.
The first option allows holders to convert their tokens into shares of the new company. The plan proposes a 1:1 conversion, meaning every ACX token would become one share of equity.
However, the process would vary depending on how many tokens a user holds. Investors holding more than 5 million ACX could convert directly into equity. Smaller holders would participate through a special purpose vehicle (SPV) designed to pool their shares.
The second option is a buyout offer for those who prefer to exit rather than become shareholders. Token holders could sell their ACX for $0.04375 per token, paid in USD Coin (USDC). The price represents about a 25% premium compared to the token’s average price over the last 30 days.
If the community approves the proposal, the buyout offer would remain open for six months. Funding for the buyback would come from Across Protocol’s liquid treasury.
Why the project wants to become a company
Risk Labs explained that the shift is designed to solve several challenges that decentralized autonomous organizations (DAOs) often face.
DAO structures can make it difficult to sign legally binding contracts, define liability frameworks, or negotiate certain commercial agreements. These limitations sometimes make it harder for crypto projects to collaborate with institutional partners.
By moving to a corporate structure, the team believes Across Protocol could more easily secure partnerships and revenue opportunities while continuing to expand its technology.
For now, the proposal is only a temperature check to gauge community sentiment. A formal governance vote could take place in early April if discussions move forward.
Across Protocol has spent years developing cross-chain bridging infrastructure, including systems designed to move assets between blockchains within seconds. If the proposal succeeds, the project could become one of the few crypto protocols to experiment with converting a token ecosystem into a corporate equity model.
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