Across Protocol Proposes Conversion to Traditional C-Corporation

The Across Protocol has made significant waves in the DeFi space with its recent proposal to dissolve its DAO structure and convert into a traditional U.S. C-corporation.

This move comes as the team believes that the current token structure is hindering institutional deals and value delivery for stakeholders. In a 'temp-check' proposal, the Across Protocol has outlined plans to transition into a new entity called 'AcrossCo', which would hold all protocol IP and manage development.

Token holders above 5 million $ACX could convert to equity directly, while smaller holders could access equity through a no-fee SPV structure. Those who don't want equity can opt for a $USDC buyout at a 25% premium, which would be funded by the protocol's liquid assets.

The proposal has sparked intense speculation, with a 24-hour trading volume of $149 million and a market capitalization roughly 1/3rd of that. The outcome of the vote on March 26 will determine whether the DAO vision is truly dead in DeFi.