Infinex Changes ICO Terms Following Low Demand

Infinex, the Web3 wallet and tool suite from Synthetix founder Kain Warwick, has made drastic changes to its initial coin offering (ICO) structure after the original format garnered little to no demand.

The company revealed the changes in an X post yesterday, where it said, “We got the sale wrong. We tried to balance existing Patron holders, new participants, and fair distribution all at once, and the result was a sale that (almost) nobody wanted to participate in.”

The original structure featured restrictions such as a $2,500 cap, random allocations with a boost to those who shared the sale, and a 1-year lockup at a $99 million fully diluted valuation (FDV).

Under the new sales terms, there is no more maximum allocation, and distribution will use a max-min design where “Everyone's allocation rises equally until it's full or supply runs out. Any excess contribution is refunded.”

Despite the changes, the sale is still less than 30% filled, at $1.5 million of its $5 million cap. At its current fill rate, the sale is not expected to reach the $5 million cap; however, it is worth noting that many large investors often wait until the final hours to contribute in ICOs to avoid losing out on yield elsewhere.

With the ICO ongoing, users have spent more time and money speculating on the sale’s outcome than actually participating in it. A Polymarket tracking the total contribution amount to the Infinex ICO has generated almost $4 million in volume, and still assigns 24% odds to more than $10 million in inflows.