Hack VC, Placeholder, and Blockchain Capital have invested $10MM in Across Protocol at a $200MM valuation using a Success Tokens design. The three leading venture capital firms that specialize in web3 technology purchased 50MM Across Success Tokens from Risk Labs (the foundation that supports Across Protocol).
Each success token matures on June 30, 2025 and returns 1 ACX (Across Protocol’s native token) along with the value of 1 call option on ACX struck at $0.50. As long-term strategic partners, Hack VC, Placeholder and Blockchain Capital will use their experience and network to provide advice and resources to help the Across protocol succeed.
Success tokens were pioneered by UMA protocol as a structure to better align the incentives of investors with the protocol and its community. Each Across Success Token combines 1 ACX token with 1 call option struck at $0.50 on the price of ACX. At maturity, the investor receives 1 ACX token in addition to the value of the ACX call option, paid in ACX. This structure allows a venture investor to gain leveraged upside to ACX while allowing the Across DAO to avoid selling tokens at an excessive discount on day one.