Fundraising is sluggish, only 12% completed. Infinex founder promises to personally fund the operations.

Infinex’s public fundraising journey has encountered unexpected cold reception. This DeFi platform, which raised $67.7 million in 2024, is now facing difficulties in its token sale. According to the latest news, since the public offering started on January 3rd, as of January 5th, it has only raised about $600,000, far from the $5 million target. Facing the market’s tepid response, founder Kain Warwick stated that he has been funding the project himself for the first 18 months and will continue to do so if necessary.

Specific Data on Fundraising Difficulties

Fundraising Progress Falls Far Short of Expectations

Infinex’s token sale took place from January 3rd to 6th on the Sonar platform, offering 5% of the total INX supply, with a final valuation set at $99.99 million. Based on data from multiple sources:

This progress indicates that, at the current pace, it will be difficult to reach the goal even by the end of the sale.

Contrasts Sharply with Historical Fundraising

This tepid response becomes even more stark when compared to Infinex’s previous fundraising history:

• 2024 Patron NFT funding: $67.7 million
• Current public sale target: $5 million (down from $15 million)
• Current fundraising progress: $600,000

From a capacity to raise $67 million to the current public sale struggles, the contrast is significant. Notably, Infinex had already lowered its target from $15 million to $5 million, yet progress remains slow.

Founder’s Attitude and Commitment

Firm Commitment to Self-Funding

Kain Warwick responded on X (formerly Twitter), saying: “The first 18 months I funded the project myself, and if needed, I will do so again.” This statement signals to the market that even if the public sale fails, the project will not halt due to funding issues.

This pledge reflects two points: confidence in the project’s long-term prospects and full psychological preparedness for market indifference.

Market Confidence in the Founder

According to Polymarket’s forecast data, the market estimates the probability of the Infinex public sale’s success at 25-53%, indicating cautious investor sentiment about the project’s outlook. This caution is not entirely unfounded, as founder Kain Warwick recently paid a $50,000 bet to Multicoin co-founder after losing a wager on ETH price, revealing some divergence between market expectations and reality.

Root Causes of the Cold Reception

“Unfriendly” Lock-up Period Settings

The sale features a one-year lock-up period, with an early unlock option available but with a penalty. This is a clear disadvantage for investors, especially in a high-uncertainty market, where locking large sums for a year entails significant risk.

Uneven Market Sentiment

In contrast, other projects’ fundraising performances during the same period show different trends. According to reports, Ranger Finance’s public sale on MetaDAO received enthusiastic community response, with Polymarket predicting an 81% chance that its subscription exceeds $20 million. This indicates that the market is not entirely cold but more cautious in project selection.

Future Focus

Infinex’s sale will continue until January 6th, with one day remaining. Based on current fundraising speed, it is uncertain whether it can surpass $200,000. If the final amount raised is far below the target, the founder’s commitment to self-funding will face a real test.

Summary

The difficulties faced by Infinex’s public sale reflect a rational market correction. Despite the fundraising challenges, the founder’s pledge indicates that the project will not stagnate because of funding issues, but it also exposes differing market valuations of the project’s value. From a capacity to raise $67 million to the current cold reception, this shift warrants reflection: has the market changed, or is the project’s attractiveness truly declining? The final answer may only become clear after the sale ends and whether the founder truly initiates self-funded operations.