The Infinex trading platform has changed the terms of its public token sale after raising around $600,000 during the first three days, drawing criticism from traders who said the move benefited well-positioned wallets.
Infinex is a non-custodial crypto trading platform that aims to simplify access to DeFi and cross-chain markets through a centralized exchange-style interface.
Initially, the project had proposed a public fundraising of $5 million with a three-day deadline and a limit of $2,500 per wallet.
In a statement, Infinex acknowledged that it “made a mistake on the sale” and said the structure was trying to satisfy too many groups at once.
“Retail hates the lock. Whales hate the lid. Everyone hates complexity,” the team wrote, apologizing for the release.
Charging…
Infinex said it has now removed the cap entirely and changed the allocation to a “max-min fair allocation” model, a so-called “water-filling” approach in which all allocations increase evenly until the supply is exhausted, and any excess contributions are refunded. The team said owners will still have preference, but details will be finalized after the sale is finalized, once overall demand is clear.
The year-long confinement persists. Infinex said it still believes lockdowns create alignment for long-term users and added that it hasn’t done enough to explain its product, positioning itself as a self-custody app built to look like a centralized exchange, with exchanges, bridges and felon trading across multiple chains.
But the changes uncomfortably affect the options. Critics pointed out that Infinex raised $67 million last year and still had to struggle mid-sale to generate share.
