The Infinex trading platform has changed the terms of its public token sale after raising around $600,000 in the first three days, drawing criticism from traders who said the move benefited well-positioned portfolios.
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.
The project had initially proposed a public raise of $5 million with a three-day window and a cap of $2,500 per wallet.
In a press release, Infinex admitted to having “performed the sale poorly”, claiming that the structure had tried to satisfy too many groups at once.
“Retail hates lockdown. Whales hate cap. Everyone hates complexity,” the team wrote, apologizing for the rollout.
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Infinex said it has now removed the cap entirely and moved the allocation to a max-min fair allocation model – a so-called “water-filling” approach in which all allocations increase uniformly until supply is exhausted, with excess contributions refunded. The team said Patron holders will still receive preference, but details will be finalized after the sale ends, once total demand is clear.
The one-year lock-in period remains. Infinex said it still believed the blocks created alignment for users in the long term and added that it had not done enough to explain its product – positioning itself as a self-custodial app designed to resemble a centralized exchange, with swaps, bridges and trading across multiple chains.
But changes are difficult to come by for options. Critics pointed out that Infinex raised $67 million last year and still had to rush mid-sale to drum up participation.
