What is happening Across the Bridge: Episode 10 - All You Need to Know About The ACX Token
The Bridge Ethereum Deserves
Fast and safe cross-chain bridging has become one of the biggest requirements for crypto user, and one of the biggest challenges for DeFi protocols. Across connects Layer 2 and rollups to L1 Ethereum, being secured by the UMA’s optimistic oracle. It is optimized for capital efficiency with a single liquidity pool, a competitive relayer landscape, and a no-slippage fee model.
Across OGs that have built a one-stop solution for secure bridging, making it secure, and affordable to move assets between blockchains. The $ACX token was designed to enhance the protocol's governance, as token holders will influence further development.
Across Success Tokens
The $ACX token launch was delivered perfectly by the Across Protocol launch team! I done my part and organized the biggest poker tournament under the PVM Entertainment & Leisure umbrella.
The party was cool, the launch was cool, but the Success Token created for Hack VC, Placeholder, and Blockchain Capital is a masterpiece. The three leading venture capital firms that specialize in web3 technology purchased 50MM Across Success Tokens from Risk Labs, a $10MM investment in Across Protocol. This structure allows a venture investor to gain leveraged upside to ACX while allowing the Across DAO to avoid excessive selling of tokens after launch.
Each success token will matures on the 30th of June 2025 and returns 1 ACX along with the value of one call option on ACX struck at $0.50. As long-term strategic partners, Hack VC, Placeholder and Blockchain Capital will use their experience and network to provide advice and resources to help the Across Protocol succeed.
28th of November was a big day in the Cryptoverse, and a day to remember for Risk Labs, the SuperUMAns and everyone involved with the creation and development of Across Protocol! I done a small Twitter thread for the occasion and what happened next took my by surprise!
This was my celebration video, a tweet that turned out viral on launch day. The event animated the Cryptoverse and somehow my video had 1713 views and 9,146 impressions! PVM going viral and getting new followers through Across!
The Twitter Space started shortly after the announcement, and further updates followed during the party. Was the first time I seen so many people in a space, nearly 1600 participants.
All About ACX
The ACX token went live that day and those eligible for airdrops were able to claim the tokens. The tokenomics are simple but efficient, as all of the 1,000,000,000 Across tokens ($ACX) have been minted. One quarter of the tokens are allocated for the strategic fundraise and for the token swap with Risk Labs for $UMA tokens. This will give ACX holders a meaningful way to participate in the oracle that secures Across–UMA’s optimistic oracle.
The Treasury holds 52.50% of the supply, while the Across’ airdrop represents 12.50%, amount distributed to community members, bridge liquidity providers, and early bridge users. The remaining 10% are used to incentivize capital pool liquidity and the referral system.
The holders of the Across Protocol governance token ACX holders have immediate ownership and a say in governance and community treasury. There are many scams around so be extra careful! The ACX addresses are:
ACX Reward Locking System
The claimed airdrop automatically pools and stakes your $ACX, holders earning rewards and incrementing the reward multiplier instantly. There is no locking period, and the holder has access to the tokens at any time. Everyone staking the ACX for 100 days will earn3x APY multiplier and will be eligible for a special NFT. The tokens locked into the reward contract will be rewarded in $ACX, boosted by the increased multiplier.
My ACX launch video was followed by another one, showing facts about Across Protocol while highlighting the innovative reward locking system. The aim was to reward LPs or token holders with benefits and status for continued loyalty in not claiming and selling rewards.
The second tweet of the celebration thread, and nearly as successful as the original.
But why is the ACX Reward Locking a game changer? Most liquidity mining programs do not encourage and reward long-term supporters of the project, as token dumps are a common thing. Most DeFi protocols will treat everyone the same. and a loyal liquidity provider, who has remained in a pool for a significant period of time and has not sold their token rewards, will earns the same APY as a mercenary liquidity provider. Is this fair? The mercenary liquidity providers choose to come and go, constantly dumping what they have farmed while the loyal LP provider suffers the aftermaths.
The Across Protocol Reward Locking aims to change this broken system and enhance the rewards of loyal holders. This model is the enhanced version of traditional liquidity mining and discourages farm-and-dump activity as holders will earn faster as the LP stays untouched.
Guess What? We had the biggest poker tournament ever! The limit of 300 people was reached in less than a day, and other 500 signed for the event but couldn't get in due to limited places. So many players... so many good players! I finished the tournament on the 27th place, a honorable achievement.
I think this was the best hand from the final table, where a1tseason went on with Pantera's and zackerman all-ins! He won with a straight and maintained his advantage until the end!
What a tournament! 300 players participated. 2000 $ACX shared between the victors as it follows: the winner 750 $ACX tokens, 2nd place 550 $ACX tokens, 3rd place 400 $ACX tokens, 4th place 200 $ACX tokens and the 5th place 100 $ACX tokens. The 6th & 7th places will have 2 $ETH bridged through their AcrossProtocol referral link!
The AcrossDAO community is full of people that are here in Web3 for the right reasons. We would like to recognize four individuals personally and thank them for their contributions
pvmihalache brings life and color into everything he touches. He publishes regularly about Across and runs creative contests, like such as one for 'selfies on bridges', and, pumpkin carving. He hosted a post-launch poker game for 300 Across Rangers. PVM, your an MVP!
Hey Diddle, Diddle! The Bridge and the fiddle,
Across volume jumped over the moon!
The Across Library:
Amazon author page: PV Mihalache