ChainCatcher reports that Kain Warwick, founder of Synthetix and Infinex, posted on X that Infinex has lowered the valuation of its Sonar token sale on Echo from the initial $300 million to $99.99 million to better align with current market conditions. He noted that the original FDV was considered high by the market, and the adjustment aims to enhance the project’s appeal and prepare for the upcoming TGE.
Kain also stated that the early exit mechanism was originally designed as an incentive, but due to high pricing feedback, the related exit price will be gradually reduced from $300 million at TGE to approximately $100 million, with the lock-up period remaining unchanged at one year. Due to the FDV reduction, the overall allocation for the Sonar sale has decreased, and priority allocation arrangements for original Patron NFT holders cannot be guaranteed.
Kain emphasized that this adjustment aims to attract more new participants, not just existing holders. Infinex plans to open registration for the INX token sale on December 27, with the sale officially launching on January 3, targeting a valuation of $99.99 million, offering 5% of the total supply, aiming to raise $5 million, with a one-year lock-up period. After the sale, an additional 2% of tokens will be sold on Uniswap at a valuation of approximately $100 million.
