With all of the token vs equity talk recently I think this is a very interesting proposal by Across. They are proposing getting rid of the token + foundation model to a single equity c-corp model. There are two main motivations for this: first of all, their token has been punished. They believe it’s undervalued and believe that the market does not value their token appropriately. Number two, having this dual model has really hindered their ability to do work with enterprises and institutions.
Proposal: “The Bridge Across”
A temp-check exploring whether Across should evolve from a DAO + token structure into a U.S. C‑corp. via a token-to-equity exchange and token buyout.
Thread and proposal below ⤵️ pic.twitter.com/AtE9DHGxS4
— Across (@AcrossProtocol)
March 11, 2026
Over the past few years they have tried to make the Across token valuable, but tokens are very much out of vogue, especially with the new investor class. And they need a way to fix this. While this is not my favorite structure I do think it is a move in the right direction. This is just another move to highlight where projects are trying to unfuck their tokens and get rid of messy legal structures and value accrual alignment problems. It’s possible that the timeline here could also be: convert tokens to equity -> build as private c-corp -> tokenize the equity.
You have some projects going the pure token route, like Morpho, Hyperliquid, MetaDAO’s ownership coins, etc. Then you have some projects like Across that are now going the pure off-chain equity model. Again, while I prefer having everything on chain because I like the cleanness of it, I do think it’s good that the paths we’re creating now are pretty aligned with the protocol and the value capture.
Slowly we are unfucking the tokens. There will be some big winners out of this, especially given the app:infra valuation gap that still exists today. Small to mid cap revenue generating protocols whose tokens have been out of vogue because of a dual equity-token structure seem ripe for this opportunity, along with launchpads that prioritize value accruing tokens.
It is the biggest trend to continue watching in crypto for active investors imo.