I just noticed that ACX skyrocketed by 80 percent to $0.06 on Thursday. It turns out the Across Protocol team posted a proposal to transition from a DAO to a regular American C-corporation. Such 18+ stories happen constantly in crypto — yesterday a DAO, tomorrow a traditional company.

The point is that the current token structure allegedly prevents them from forming partnerships with institutional investors. Therefore, they offered ACX holders two options: either exchange tokens 1:1 for shares of the new company AcrossCo, or sell them for USDC at $0.04375 — which is 25 percent higher than the average price over the past month. Interestingly, the price has already jumped above the proposed buyback, meaning the market is expecting either a higher offer or believes in greater stock value.

The trading volume over the past 24 hours was $149 million — 3.5 times the token’s market capitalization. This shows how strongly speculators are interested in this story. The vote was scheduled for March 26, but now it’s already April, so a decision seems to have been made. For comparison, Bitcoin is currently trading around $74,000 and isn’t moving much — all attention is on these corporate dramas in DeFi.

Honestly, this shows how quickly attitudes toward DAOs are changing. Just a few years ago, everyone said tokens and decentralized governance were the future. Now, the first major protocols admit that traditional corporate structures work better. Risk Labs explicitly said that the token was undervalued and this is a chance to double down on the project through a form that institutional partners understand. The current ACX price has fallen to $0.04, but the story of transitioning to a C-corp remains one of the most interesting in DeFi history.