ChainCatcher reports that Kain Warwick, founder of Synthetix and Infinex, posted on X that the valuation for Infinex’s Sonar token sale on Echo has been lowered from the initial $300 million to $99.99 million to better align with the current market environment. He noted that the original FDV was perceived as 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, originally designed as an incentive, will see its exit price gradually reduced from $300 million at TGE to approximately $100 million due to feedback that the pricing was too high, while the lock-up period remains unchanged at one year. Due to the FDV reduction, the overall allocation for the Sonar sale has decreased, and priority 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 to raise $5 million, and maintaining a one-year lock-up period. After the sale, an additional 2% of tokens will be sold on Uniswap at a valuation of around $100 million.
