Infinex founder: Adjusts the valuation of INX token Sonar sale to 99.99 million USD

Synthetix and Infinex founder Kain Warwick posted on X platform that the valuation of the Sonar token sale conducted by Infinex on Echo has been adjusted from the initially set $300 million to $99.99 million to better align with the current market environment. He pointed out that the original FDV was considered too high by the market, and the adjustment will help enhance the project's attractiveness and prepare for the subsequent TGE.

Kain also mentioned that the early exit mechanism was originally designed as an incentive, but due to high pricing feedback, the related exit price will be gradually lowered from $300 million at TGE to about $100 million, while the lock-up period will remain unchanged at one year. As a result of the FDV adjustment, the overall allocation for the Sonar sale has decreased, making it impossible to ensure the original priority allocation arrangement for Patron NFT holders.

Kain emphasized that this adjustment aims to attract more new participants rather than just existing holders. Infinex plans to open registration for the INX token sale on December 27, with the official sale starting on January 3, targeting a valuation of $99.99 million, intending to sell 5% of the total supply, with a fundraising goal of $5 million, a one-year lock-up period, and an additional 2% of tokens will be sold through Uniswap at an estimated valuation of about $100 million after the sale ends.