The Most Miserable Public Offering: Over $60 Million Raised, Infinex's Public Sale Attracts Only $460,000 After 1 Day
Infinex, a prominent crypto project founded by Synthetix creator Kain Warwick, has experienced one of the most disappointing public token sales in recent memory. Despite raising over $65 million in earlier funding rounds from major VCs and industry figures, its public sale—launched in early 2026—attracted only $460,000 within the first 30 hours, less than 10% of its reduced $5 million goal.
The project had already significantly lowered its valuation from $300 million to $100 million in response to weak market conditions. However, strict participation limits—capping contributions at $2,500 per address—and a one-year token lockup deterred wider interest. Even after removing the cap and adjusting allocation rules, participation remained low, with only 508 transactions totaling $1.34 million by the following day.
Infinex aims to offer a unified DeFi interface with perpetual contracts, cross-chain bridging, and simplified key management. But its failed sale highlights deeper structural issues in the current market: declining risk appetite, reduced on-chain activity, and growing investor skepticism toward long lockups and high valuations. This case may signal challenges for other upcoming token launches in a cooling market.
marsbit01/06 05:38
