Each Token Has It's Own Bridge to [a]Cross

We need new paths forward to create value for protocols, teams and token holders.

The goal of 🔥_🔥 since it's inception has been to empower the Ethereum token landscape with mechanisms and strategies that move the needle of token innovation. This is because we genuinely believe tokenisation leads to broader financial inclusion and this type of experimentation will meaningfully push the world towards a future where permissionless ownership is possible and value is shared more equitably.

At the same time, we can't expect every token project to continue on the same trajectory when their underlying business and revenue models are drastically different. Instead, we must continue to experiment with different pathways that continue to propagate Ethereum and decentralised protocols.

The Bridge Across

Over the past few months we've been collaborating with Risk Labs to develop a governance proposal; A Bridge Across. So why is one of the most token-aligned organisations the planet collaborating on a Token buyout proposal?

We've seen literally millions of tokens launched in the past decade. Most are abandoned shortly after launch, others bleed out gradually over time, a few maintain, push forward, and grow. But the theme is consistent across success stories; maintaining commitment to a protocol and token over a multi-year (and decade) horizon is challenging. To date, the options for teams and founders with an existing token have been extremely limited.

This proposal doesn't aim to present a token buyout and equity conversion as the best or only path forward for all tokens, but instead aims to introduce a potential pathway forward to be considered by teams and DAOs across the ecosystem. Tokens have been wound down and convertible to a treasury before, but the opportunity for token holders (with restrictions around geography and KYC) to exchange for equity alongside team members at a 1:1 token:equity ratio is an industry first.

We hope that this proposal starts a conversation for Across as well as other tokens and DAOs regarding how token holders are considered within a long term strategy, while also not wanting to paint this as the only path forward for all tokens.

Each token has it's own bridge to [a]cross

Token projects have struggled (especially in recent history) to find their lane within a broadening financial system, decentralised and permissionless ownership can lead to significant growth but can also lead to contributor breakdown, confusion and an inefficiencies. This is why a significant portion of Fire Eyes' mindshare into 2026 has been focused on exploring new ways for tokens and DAOs to thrive. This exploration has converged into two ongoing initiatives;

• The Bridge Across - An initiative to wind down a DAO and give token holders the option to exchange to equity in a newly formed C-corp that will drive growth and adoption of Across.
• The ENS DAO retrospective - An initiative to take stock of ENS DAO, continue to develop DAO initiatives, structure and outcomes.

One proposal to wind down a DAO, one proposal to continue developing and creating a DAO. Whilst these may not seem harmonious on the surface, they are both motivated by our broader goal of creating an expansive, infinite garden of tokens, DAOs, companies and organisations within the Ethereum ecosystem.

Not every token is the same. Not every business is the same. Creating space for honest experimentation for all tokens and Ethereum more broadly is the goal of this work.

More tokens, Better tokens, More options

🔥_🔥 wants to see a world that will continue to embrace more decentralised and permissionless financial structures. At the same time we want to acknowledge there are many different paths that protocols and teams building within Ethereum and the wider industry will need to take in order to get there.

Our aim is to continue creating more tangible pathways for tokens that align holders with the protocol's long-term success.