This might be the first serious token-to-equity conversion in crypto history. On paper, it's fair. But fairness depends on what valuation that equity is priced at. Early buyers and late buyers have very different cost bases - a flat 1:1 swap doesn't erase that gap. Still, the bigger question is whether this becomes a template. Many infra projects are stuck in the same awkward spot: tokens that don't reflect real value, DAO structures that can't sign contracts, and a market that simply doesn't care. If Across pulls this off cleanly, I expect more teams to follow.(Jiawei)