Across Protocol plans to dissolve its DAO and transition to a private company, offering token holders equity or a USDC exit option
ChainCatcher News, The development team behind Across Protocol, Risk Labs, has proposed dissolving the current DAO structure and transforming the project into a US C-corporation. The team pointed out that the existing token and DAO framework have substantially affected their ability to establish partnerships with institutions and corporate partners, and that a traditional corporate structure would help open up new business opportunities.
According to the proposal, ACX holders can choose to swap their tokens for shares in the new company at a 1:1 ratio, or exchange them for USDC at a price of $0.04375 per token, which is a 25% premium over the average price of the past 30 days. Holders with more than 5 million tokens can directly convert to equity, while smaller holders can participate through a special purpose vehicle (SPV).
After the announcement, ACX surged 70% in a single day to $0.06. The redemption window is expected to open within three months after the proposal is approved and will last for six months. Co-founder Hart Lambur emphasized that a formal decision must be approved by a DAO vote.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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