(Source: AcrossProtocol)
The Across Protocol cross-chain bridge community recently introduced a governance proposal titled “The Bridge Across.” The central question: should the current token-centric governance model be replaced with a traditional corporate structure, allowing ACX holders to participate in future development through equity or buyback mechanisms?
At this stage, the proposal is a “Temperature Check” designed to gather community feedback. Any further action will require a formal governance vote.
Risk Labs: Four Years of Development
Across’s core development team, Risk Labs, reports that they have been building the Across protocol for over four years, delivering several technical innovations, including:
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Developing a cross-chain Intent architecture
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Reducing cross-chain bridge transaction times to about 2 seconds
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Establishing partnerships with multiple industry-leading projects
Under the DAO and token governance model, ACX holders have direct input into protocol development, creating opportunities for integration and collaboration.
The team notes that as the protocol begins working with institutions and enterprises, the DAO and token structure can sometimes limit progress, particularly with contract signing and revenue distribution.
Why Consider a Corporate Structure?
The proposal suggests that forming a formal legal entity could help resolve operational challenges, such as:
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Signing legally binding commercial contracts
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Establishing clear revenue distribution mechanisms
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Facilitating institutional partnerships
The team also points out that ACX’s current market valuation may not reflect the protocol’s true value, and hopes a new structure will unlock further growth opportunities.
Vision for the New Entity: AcrossCo
If approved, the plan is to establish a new US C-Corp, provisionally named AcrossCo.
Under this structure:
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AcrossCo will own protocol-related intellectual property
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The company will manage product development, business partnerships, and operations
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The protocol itself will continue to run
ACX holders will be able to choose between two options.
Option 1: ACX Token Conversion to Equity
The first option allows ACX tokens to be converted into AcrossCo equity. The conversion rate will be 1:1—holding 1,000 ACX entitles you to 1,000 shares of AcrossCo equity (or SPV units). All holders, including institutional investors, team members, and individual token holders, will participate under the same terms.
Different holding sizes will be handled as follows:
The minimum exchange threshold for the SPV option is set at 250,000 ACX (about $10,000) to comply with legal and administrative requirements.
US securities laws also limit the number and qualifications of investors, for example:
Option 2: Token Buyback Program
Holders who do not wish to convert to equity may opt to sell their ACX tokens.
Buyback terms include:
Buyback funds will be sourced from Across Protocol’s current liquid assets.
The buyback window is expected to remain open for 6 months and may launch within 3 months after the proposal is approved.
Protocol Operations Will Continue
The proposal emphasizes that Across Protocol will continue to operate even if a structural transformation takes place.
During the transition period:
1. Eligible ACX holders may choose to exchange or sell tokens
2. The new corporate structure will be gradually established
3. Protocol development and operations will continue
The team believes this model may offer a new paradigm for Web3 protocols, transitioning from token governance to a more mature organizational structure.
Proposed Timeline
The governance process is currently planned as follows:
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March 11: Proposal published on the community forum
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March 18: Community call for Q&A
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March 25: Temperature Check discussion ends
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March 26: Formal proposal submitted for Snapshot vote
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April 2: Voting results announced
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April 3: If approved, legal and technical preparations begin
Within the following 3 months, ACX holders will be able to choose to exchange or sell tokens.
The proposal is still in the early discussion stage. Risk Labs states the team aims to gather diverse opinions through community discussion, evaluate the strengths, weaknesses, and long-term impacts of this transformation plan, and that final implementation will depend on the outcome of community governance voting.
Conclusion
This proposal highlights structural challenges faced by Web3 protocols during development: how to balance decentralization with institutional collaboration and commercial viability. By offering both equity conversion and token buyback options, the Across team seeks to provide ACX holders with multiple ways to participate and establish a new organizational foundation for future growth. As community discussions progress, the final decision will depend on governance voting, and this process may become a significant example of Web3 protocols exploring new governance models.
