Infinex, the Web3 wallet and tool suite from Synthetix founder Kain Warwick, has made drastic changes to its initial coin offering (ICO) structure after the original format garnered little to no demand.
The company revealed the changes in an X post yesterday, where it said, “We got the sale wrong. We tried to balance existing Patron holders, new participants, and fair distribution all at once, and the result was a sale that (almost) nobody wanted to participate in.”
The original structure featured restrictions such as a $2,500 cap, random allocations with a boost to those who shared the sale, and a 1-year lockup at a $99 million fully diluted valuation (FDV).
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