Mixed signals emerge from crypto sector with token-to-equity conversions driving gains amid broader developer exodus to AI projects.
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Across Protocol's ACX token rocketed 80% today after the team announced plans to abandon its DAO structure in favor of a traditional U.S. C-corporation, offering token holders either equity conversion or a 25% buyout premium. The move represents one of the first major reversals from decentralized governance back to conventional corporate structure, sparking investor optimism about operational efficiency.
The rally comes as broader crypto development faces significant headwinds, with code commits across blockchain projects falling 75% as developers migrate to artificial intelligence infrastructure projects. Major networks including Ethereum and Solana are losing contributors to the AI boom, raising questions about long-term ecosystem sustainability and innovation capacity.
Meanwhile, Tokyo-listed Metaplanet, Asia's largest corporate Bitcoin holder, announced expansion beyond passive BTC accumulation into active ecosystem building through funding, incubation, and grants for bitcoin financial infrastructure companies. The stock gained 3% on the news as investors viewed the pivot as a natural evolution of its bitcoin strategy.
Analysts note the divergent trends highlight crypto's maturation challenges, with successful projects potentially requiring traditional corporate governance while the broader ecosystem struggles to retain technical talent against competing AI opportunities.