The trading platform Infinex has changed the terms of its public token sale after raising only about $600,000 in the first three days, drawing criticism from traders who said the move benefited well-positioned wallets.
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 provided a public raise of $5 million with a three-day window and a cap of $2,500 per wallet.
In a statement, Infinex acknowledged it “got the sale wrong” and said the structure was trying 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.
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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 method” where all allocations rise evenly until the supply runs out, with excess contributions refunded. The team said that Patron holders will still get preference, but the details will be finalized after the sale ends once the overall demand is clear.
The one-year lock-in remains. Infinex said it still believes lockups create customization for long-term users, adding that it hasn’t done enough to explain its product — positioning itself as a self-service 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 that Infinex raised $67 million last year and still had to distort the mid-market to trigger participation.
