Infinex took a step back. The crypto trading platform urgently modified the structure of its public token sale after only raising about $600,000 in three days. A far cry from expectations, forcing the team to abandon its initial goal of $5 million and completely rethink the rules of the game.
Infinex: A Misaligned Sale from the Start
The project had initiated a three-day public raise, with a $2,500 cap per wallet. The stated goal was to balance retail access, distribution fairness, and protection against whales. In reality, the mechanism had the opposite effect.
Traders quickly criticized a structure deemed too complex and, most importantly, favoring certain already well-positioned wallets. Participation remained low, revealing a remarkable lack of interest in a platform that is otherwise well-funded.
In an unusually frank message, Infinex’s team acknowledged their mistake. They admitted to trying to cater to too many profiles at once, at the expense of clarity.
Abandoning the Cap and Shifting Towards a ‘Fair’ Allocation
Faced with poor reception, Infinex removed the wallet cap and dropped the $5 million target. The sale now relies on a model called ‘max-min fair allocation’, also known as water-filling.
The principle is simple: all allocations increase uniformly until the supply is exhausted. Excess contributions are then refunded. The idea is to avoid concentration effects while eliminating artificial barriers that deter larger participants.
‘Patron’ status holders will retain preferential treatment, but the exact terms will only be specified once the sale is concluded, and total demand is known.
A Deeper Issue than the Sales Mechanics
Despite these adjustments, one element continues to puzzle the market. Infinex raised about $67 million last year. The fact that a project with such resources struggles to mobilize $600,000 in a public sale raises questions.
The team tacitly agrees. They admit to not adequately explaining their product and value proposition. Infinex presents itself as a non-custodial application designed to offer an experience similar to a centralized exchange, with swaps, bridging, and derivative trading across multiple blockchains. A promising positioning on paper, but evidently insufficient.
The one-year lockup imposed on tokens remains in place. Here again, Infinex stands by a contrarian choice, arguing that lockups promote long-term alignment, even though such constraints are becoming less popular with retail investors.
A Signal for the Market
This episode highlights a broader trend. In 2026, raising funds, even modest ones, is no longer automatic. Capital is more selective, education becomes crucial, and poorly structured token sales are almost immediately penalized.
For Infinex, the change in direction is likely necessary. The question remains whether it will be enough to reignite interest, or if it reveals a deeper misalignment between aspirations, product, and market expectations.
