Bridge protocols are evolving past just moving tokens — Across exploring token-to-equity exchange

Interesting development from Across Protocol (Paradigm-backed cross-chain bridge). They posted a temp check exploring a shift from DAO to C-corp structure, where ACX holders could exchange tokens for equity at 1:1 or redeem for USDC.

This feels like a signal of where bridge/aggregator protocols might be heading. The pure token governance model has friction — regulatory uncertainty, coordination costs, unclear accountability. Meanwhile the underlying infra (routing, liquidity, cross-chain execution) keeps getting more critical.

Curious how this affects the competitive landscape. Most cross-chain aggregators are still token-governed DAOs. If one major player goes corporate, does that create pressure on others to follow?