A DeFi protocol just proposed going private as its stewards believe the current DAO structure is creating a hurdle to close institutional deals.
Across Protocol’s ACX token jumped 80% to $0.06 on Thursday after the team behind the cross-chain bridging platform published a ‘temp-check’ proposal to dissolve its token structure and convert into a traditional U.S. C-corporation.
“As Across deepens our work with institutional and enterprise partners, the token and DAO structure has materially impacted our ability to close partnerships and integrations,” the proposal reads. “Transitioning to a traditional legal entity would meaningfully improve our ability to enter enforceable contracts, structure revenue agreements, and deliver more value to Across stakeholders.”
A temp check in DeFi governance is essentially a non-binding poll that gauges community sentiment before a formal vote. It lets the team see whether there’s enough support to proceed as an official governance proposal, which is then voted on by token holders.
The move would give token holders two choices: exchange their ACX for equity in the new company, or sell their tokens for USDC at $0.04375, a 25% premium to the previous 30-day average trading price.
The token was trading at roughly $0.033 before the proposal went live. The immediate surge to $0.07 before settling around $0.06 reflects the market pricing in the buyout floor, though the current price already sits well above the proposed $0.04375 buyout, suggesting traders are betting on either a higher offer or that the equity option is worth more.
In comparison, BTC is currently trading flat, according to CoinDesk market data. The CoinDesk 20, which measures the performance of the largest digital assets, is also trading flat.
The mechanics are straightforward. A new entity called “AcrossCo” would hold all protocol IP and manage development. Token holders above 5 million ACX could convert to equity directly.
Smaller holders could access equity through a no-fee SPV structure with a minimum of 250,000 ACX, roughly $10,000 at current prices. Everyone gets treated equally at a 1:1 token-to-share ratio regardless of size.
Those who don’t want equity get the USDC buyout at the 25% premium. The buyout window would open within three months of the proposal passing and stay open for six months, funded by the protocol’s liquid assets.
A community call is scheduled for March 18, formal discussion runs through March 25, and a Snapshot vote would follow on March 26. If it passes, the conversion would begin in early April.
Is the DAO vision dead?
DeFi proponents spent years arguing that tokens and DAOs were superior to traditional corporate structures for building decentralized infrastructure.
Across is one of the first protocols to publicly argue the opposite, that the token structure is actively holding back growth and that a C-corp would deliver more value to the same stakeholders.
Risk Labs acknowledged the token has been “significantly undervalued” and described the proposal as a chance to “double down on Across” through a structure that institutional partners actually understand.
The 24-hour trading volume of $149 million is roughly 3.5 times the token’s market cap, reflecting the intensity of speculative interest around the proposal.
Whether that interest translates into support for the conversion or simply a trade on the buyout premium is what the next two weeks of governance discussion will determine.
Source: https://www.coindesk.com/markets/2026/03/12/across-s-acx-rockets-80-massively-beating-bitcoin-on-plans-to-dump-its-dao-structure
