Infinex drops $2,500 cap after raising just $600K, a reminder markets are pickier now
Infinex revised its token sale structure after raising only $600,000, replacing its $5 million target and $2,500 cap with a fair allocation model.Summary
The noncustodial trading platform Infinex significantly altered its public token sale terms after raising only about $600,000 in three days, falling far short of its initial $5 million goal. The project initially featured a $2,500 per-wallet cap and a three-day window, but faced criticism that the structure favored well-positioned wallets. Infinex acknowledged the rollout was flawed, stating the structure tried to satisfy too many conflicting interests, including retail users who disliked the lockup and whales who disliked the cap. Consequently, the exchange removed the cap entirely and switched to a "max-min fair allocation" or "water-filling" model, where allocations increase evenly until supply is exhausted, with excess funds refunded. The one-year lockup remains in place, as the team believes it aligns long-term users. This mid-sale scramble comes despite Infinex having previously raised $67 million.
(Source：CoinDesk)