The trading platform Infinex has updated the terms of its public token sale after raising approximately $600,000 within the first three days, facing backlash from traders who claimed the changes favored certain wallets.
Infinex functions as a noncustodial crypto trading platform, designed to provide easier access to DeFi and cross-chain markets through a centralized exchange-like interface.
The project originally aimed for a $5 million public raise over a three-day period, with a $2,500 cap per wallet.
Infinex stated it “mismanaged the sale,” acknowledging that the structure attempted to cater to too many parties simultaneously.
“Retail investors dislike the lock. Whales dislike the cap. Everyone dislikes the complexity,” the team expressed, apologizing for the launch.
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Infinex has since eliminated the cap and transitioned to a “max-min fair allocation” model—known as a “water-filling” approach—where all allocations increase uniformly until the supply is exhausted, with any excess contributions returned. The team noted that Patron holders would still have priority, with further details to be confirmed post-sale, once total demand is known.
The one-year lockup will remain in place. Infinex maintains that lockups promote alignment for long-term users, while also admitting that it has not effectively communicated its product—positioning itself as a self-custodial app that mimics a centralized exchange, featuring swaps, bridging, and perpetual trading across multiple chains.
However, these modifications have come at a difficult time for options. Critics pointed out that Infinex raised $67 million last year and still had to make last-minute changes to encourage participation during the sale.
