Why did the star Web3 project Across Protocol choose to abandon DAO?

By: rootdata|2026/03/15 12:10:00

Original Title: What Across Protocol's going private proposal really means for its token holders and DAO

Original Author: Jacquelyn Melinek

Original Translation: Ken, ChainCatcher

Today, as many traditional companies delve into the realm of tokenization, Across Protocol has proposed a different path for its token holders: to buy back their tokens to become a private company or exchange them for equity.

@AcrossProtocol co-founder @hal2001 Lambur stated on the @TokenRelations @_TalkingTokens podcast, "The protocol is seeking privatization because its DAO structure hinders its development."

"I have always been a token maximalist," Lambur said. "We launched the Across token early on when its market cap was very low and conducted a very extensive airdrop, mainly because we wanted to build publicly and accumulate value for our community and users. But I think the macro environment has changed."

Across Protocol connects multiple major networks (including @Ethereum and @Solana), allowing users to bridge or swap tokens across chains. To date, it has processed over $35 billion in transaction volume.

However, with the growing demand from institutions and enterprises, its structure has proven to be a bottleneck. Lambur believes that "adopting a more traditional structure would allow for better development."

As far as we know, Across's proposal to privatize itself is a rare move, but it comes at a time when the industry is beginning to acknowledge that DAOs are a difficult organizational structure to operate.

In August 2025, when @UniswapFND proposed creating the legal entity DUNI, the protocol stated that a formal structure would bring more "capabilities and greater autonomy."

Earlier this week, @Aave founder @StaniKulechov wrote about the friction that comes with operating a DAO. "Just like we have always operated, DAOs are exceptionally difficult, and this difficulty is different from the kind of difficulty that comes with building complex things. The challenge lies in the fact that you are fighting against your own organizational structure every day."

For Across, Risk Labs is "currently responsible for signing contracts" and building the protocol as a foundation and legal entity, but Lambur stated that the DAO is separate from it.

The protocol currently operates under a "classic token structure," meaning you have an on-chain protocol and a legal entity that maintains a loose cooperative relationship with that protocol. But Lambur indicated that they are two independent structures. "This is one of the reasons people criticize the DAO model, and essentially, we are trying to unify the two," he added.

Before announcing the proposal on Wednesday, Across had considered this move for several months. "This is the situation: you examine the macro environment, see how undervalued these tokens are, and then look at the friction faced when trying to operate in a more traditional manner."

The proposal offers token holders two options: to exchange their ACX tokens for equity in AcrossCo. or to exchange them for USDC at the average market price over a month. Users holding a large number of tokens can directly exchange their tokens for shares, while users with fewer tokens can exchange them through a fee-free special purpose entity.

Lambur acknowledged that one of the biggest downsides of the proposal is the limitation on how many token holders can transfer their holdings into a potential S corporation through equity. "This is based on U.S. securities law, and we have designed it to be as inclusive as possible under the artificially possible premise."

"A U.S. C corporation cannot have 5,000 entries on its capital structure table," thus requiring some consolidation, he pointed out. Nevertheless, he remains optimistic that it will work.

Before releasing a Snapshot vote or ballot to the community, the proposal will have a two-week discussion period.

-- Price

On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.

2025 Full Year and Fourth Quarter Financial and Operational Highlights

• Financial Performance:

Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.

Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.

Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.

• Mining Operations and Costs:

A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.

The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;

The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.

As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.

• Strategic Progress:

The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.

CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."

"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."

The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."

Fourth Quarter 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.

Operating Costs and Expenses

The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.

This includes:

· Cost of Revenue (excluding depreciation): $1.553 billion

· Cost of Revenue (depreciation): $38.1 million

· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)

· Mining Machine Impairment Loss: $81.4 million

· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million

Profit Situation

The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.

The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.

The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.

Full Year 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.

Operating Costs and Expenses

The total annual operating costs and expenses amount to $1.1 billion.

Specifically, they include:

· Revenue Cost (excluding depreciation): $543.3 million

· Revenue Cost (depreciation): $116.6 million

· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)

· Miner Impairment Loss: $338.3 million

· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million

Profitability

The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.

The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.

Financial Position

As of December 31, 2025, the company's key assets and liabilities are as follows:

· Cash and Cash Equivalents: $41.2 million

· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million

· Miner Net Value: $248.7 million

· Long-Term Debt (related party): $557.6 million

In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.

Stock Repurchase

As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.

The US AI Startup Is Loving China's Open Source Model

80% of US AI Startups Are Using Chinese Open Source Models

Three Weeks of the US-Iran War: Who's Making Money, Who's Paying the Bill?

Global Losing 10 Million Barrels of Oil Each Day, Russia Earns Over $800 Million in Just Over Two Weeks

Interpreting Polymarket's Major Update Last Night: Fee Expansion, Self-Regulation, and New Incentives

Although there is no information about a token airdrop, the overall community sentiment is optimistic. The real good news is to rhythmically control the positive promotion.

From Human Application to Intelligent Collaboration: How GOAT Network Builds the Next Generation Digital Economy

Embracing the Era of Super Individuals: GOAT Network launches Bitcoin-secured Layer 2 exclusive infrastructure, fully empowering AI entities to usher in a new era of fully automated digital economy.

CZ Washington Dialogue: Crypto Entrepreneurs are Accelerating Their Return to the United States

CZ connects with the DC Blockchain Summit: The prison memoir is about to be published, harshly criticizing the inaccuracies of traditional media reports, and pointing out that if the U.S. wants to become the "global crypto capital," it urgently needs to introduce more sufficient market competition t...