Across Protocol, backed by venture investment firm Paradigm, is seeking to scrap its decentralised autonomous organisation (DAO) and token structure and shift to a U.S. corporation and share structure, The Block reported on Tuesday.
A new corporation, AcrossCo, would become the operating body, and ACX token holders could choose between a share exchange and a token buyback option. The share exchange would be conducted directly for large holders, while smaller holders could participate through a separate special purpose vehicle. The token buyback would exchange ACX for USDC at $0.04375 per token, applying a 25 percent premium to the one-month average market price.
Across Protocol judged that the governance change and corporate restructuring would be favourable for long-term growth. It said growing institutional demand for the protocol meant the need to work with partners requiring legal contracts, and that this became a limitation under the existing DAO structure.
The new corporation will hold intellectual property and manage development, partnerships and commercialisation, while the existing protocol will remain open source.
Co-founder Hart Lambur (하트 람부르) said, "This proposal will also benefit ACX holders."
Chi-gyu Hwang
delight@d-today.co.kr