Across Protocol (ACX), a protocol specializing in cross-chain interoperability, has successfully raised $41 million in its latest funding round. This investment enables Across to expand Ethereum connectivity with Layer-2 and accelerate the deployment of the ERC-7683 standard to speed up cross-chain transactions. This is a major step forward in enhancing transaction efficiency, reducing fees, and improving user experience, especially in the rapidly growing DeFi landscape.
Details Of The Across Protocol Fundraising Process
This funding round was led by Paradigm, with participation from Bain Capital Crypto, Coinbase Ventures, Multicoin Capital, and individual investor Sina Habinian. The involvement of these major names demonstrates strong confidence in Across’s potential to shape the future of cross-chain transactions.
According to Hart Lambur, co-founder of Risk Labs (the entity behind Across and UMA), the fundraising process took place in two phases: Q2/2024 and Q4/2024. Although the total raised amount has been disclosed, the ACX token sale price and project valuation have not yet been revealed. This has sparked speculation within the community, particularly regarding the impact of the new funds on the long-term value and liquidity of the ACX token.
Previously, in 2022, Across raised $10 million at a valuation of $200 million. As of now, the total capital raised has reached $51 million. This investment not only helps expand operational scale but also accelerates the deployment of advanced technological solutions, particularly the ERC-7683 standard.
How Across Protocol Works
Across Protocol is designed to optimize cross-chain transactions, allowing users to transfer assets between blockchains easily and quickly. Previously, executing cross-chain transactions required users to perform multiple steps on different platforms, which was time-consuming and prone to errors. With Across, the entire process is automated, saving time and ensuring a smooth user experience.
A key feature of Across is its ability to minimize latency and transaction costs, enabling users to transfer assets more efficiently. This is especially crucial for frequent cross-chain traders or DeFi projects that require fast liquidity.
Accelerating Cross-Chain Transactions
One of the reasons Across outperforms other protocols is the implementation of ERC-7683. This is a new technological standard developed by Across Protocol and Uniswap Labs, simplifying and accelerating cross-chain transaction processing.
With ERC-7683, users can perform cross-chain transactions with a single request instead of executing multiple separate steps as before. This saves time, improves efficiency, and reduces the risk of transaction failures.
Currently, more than 50 protocols have integrated ERC-7683, including Base, Arbitrum, Polygon, and Optimism. This demonstrates the widespread adoption of the standard within the blockchain community while strengthening Across’s position as one of today’s leading cross-chain protocols.
Collaboration Between Across Protocol and Uniswap
Recently, Across announced its integration with Unichain, expanding cross-chain connectivity between Unichain and Ethereum. This is an important step, broadening Across’s operational scope and enhancing interoperability between different blockchains.
Additionally, Across supports the Uniswap Bridge, allowing users to move assets between 9 blockchains directly from the Uniswap wallet and web interface. This integration not only enhances user experience but also strengthens the strategic partnership between Across and Uniswap, two of the most important blockchain protocols today.
ACX Token Surges After Fundraising Announcement
Immediately after Across announced its $41 million fundraising, the ACX token price surged over 12%, rising from $0.22 to $0.25. This reflects the market’s positive response to the news and investors’ confidence in the project’s long-term growth potential.
However, at the time of writing, ACX is trading around $0.242, representing a 10% drop in the past 24 hours. This highlights strong price volatility following the announcement, possibly due to short-term profit-taking by investors.
The development of Across not only opens opportunities for investors but also contributes to the overall growth of the DeFi ecosystem. With a solid foundation, clear strategy, and strong support from major investment funds, Across is poised to become one of the most important cross-chain protocols in the future. MevXBot will continue to monitor and provide the latest updates on Across Protocol as well as blockchain and DeFi trends. Follow us to stay updated on the most important news in the crypto industry!