ACX, the native token of Across Protocol, rocketed higher after a governance proposal unveiled a radical structure shift. At press time, ACX traded near $0.063, up roughly 85% in 24 hours, pushing its market cap to nearly $45 million.
Trading Explodes: Daily Volume Hits $51.7M
Market activity surged alongside price. Daily trading volume climbed to approximately $51.7 million, a jump of more than 3,000% from the prior day. Derivatives markets followed suit. CoinGlass data shows derivatives volume skyrocketed over 7,700% to $138 million, while open interest soared nearly 950% to $20 million, signaling a wave of fresh positions.
The rally followed a March 11 proposal submitted by Risk Labs, the core development team behind Across Protocol, to the project's governance forum.
Proposal Mechanics: 1:1 Equity Swap or USDC Buyout
Titled "The Bridge Across," the proposal asks the community whether the protocol should convert from a token-based structure into a U.S. C-corporation. If approved, a new entity temporarily called AcrossCo would take over development, partnerships, and commercialization, holding the protocol's intellectual property.
ACX holders get two options. They can swap tokens for equity in the new company at a 1:1 ratio. Holders with more than 5 million ACX can convert directly; smaller holders would participate through a special purpose vehicle. Alternatively, holders can exit via a buyout offer at $0.04375 per ACX in USDC, a roughly 25% premium to the 30-day average. The buyout window stays open for six months, funded from the protocol's liquid treasury.
Why the Shift? DAO Barriers with Institutional Partners
The proposal argues that moving to a traditional corporate structure addresses real-world hurdles faced by DAOs. DAO governance makes it hard to sign enforceable contracts, establish liability frameworks, or negotiate certain commercial deals—obstacles when dealing with institutional partners. Risk Labs said the change could ease securing partnerships and revenue deals while the team continues building protocol infrastructure.
For now, the proposal is a temperature check to gather community feedback. A formal governance vote could land in early April. If it passes, legal structuring and token conversion infrastructure would start soon after. Across Protocol has spent years building cross-chain bridging infrastructure, including fast transaction systems that move assets between blockchains in seconds.