coindesk.com
Trading platform Infinex has changed the terms of its public token sale after raising just about $600,000 over the first three days, drawing criticism from traders who said the move benefited well-positioned wallets.
Infinex is a noncustodial crypto trading platform that aims to simplify access to DeFi and cross-chain markets through a centralized exchange-style interface.
The project had initially pitched a $5 million public raise with a three-day window and a $2,500 per-wallet cap.
In a statement, Infinex acknowledged it “got the sale wrong,” saying the structure tried to satisfy too many groups at once.
“Retail hates the lock. Whales hate the cap. Everyone hates the complexity,” the team wrote, apologizing for the rollout.
Infinex said it has now removed the cap entirely and shifted allocation to a “max-min fair allocation” model — a so-called "water-filling" approach where all allocations rise evenly until supply runs out, with excess contributions refunded. The team said Patron holders will still get preference, but details will be finalized after the sale ends, once total demand is clear.
The one-year lockup remains. Infinex said it still believes lockups create alignment for long-term users and added that it hasn’t done enough to explain its product — positioning itself as a self-custodial app built to feel like a centralized exchange, with swaps, bridging, and perps trading across multiple chains.
But the changes land awkwardly for options. Critics pointed out Infinex raised $67 million last year and still had to scramble mid-sale to spark participation.