Across's ACX tokens soar 80% on news of DAO abandonment
The rapid rise in the value of Across's ACX tokens, a protocol focused on solving the problem of cross-chain interoperability in DeFi, has come as a surprise to the crypto community. In just a few days, the coin has surged by 80%, significantly outpacing even Bitcoin in terms of returns.
The reason for this growth lies in the Across team's intention to transition from a decentralized autonomous organization (DAO) to a traditional corporate structure. According to the official statement, the company plans to either exchange ACX tokens for equity in a new U.S. C-corp or buy them back from holders at a 25% premium. This would be one of the first significant cases of moving away from a tokenized model to a classic corporate structure.
This step is explained by the creators of Across' desire to improve the manageability and accountability of their project, as well as to expand their financing opportunities and cooperation with traditional financial institutions. Additionally, the transition to a C-corp structure will simplify regulatory issues, especially in jurisdictions where the DAO status is ambiguous.
According to experts, Across's decision may set a precedent for other DeFi projects that have faced difficulties in managing their decentralized autonomous organizations. Despite the boom in the popularity of DAO models in 2021-2022, many teams are beginning to recognize their limitations in terms of scalability, decision-making, and interaction with the traditional financial sector. Across's move to a C-corp could be the first harbinger of a new trend in the industry.