#市场情绪 Seeing Infinex's recent moves, I have to say a few heartfelt words.

Dropping from a $300 million FDV directly to $99.99 million is not just a strategic adjustment; it's the market voting with real money against it. The founder was quite honest—prices are too high, terms don't match, and the market is full of negative sentiment. But listen carefully to the underlying message: if the project team didn't prioritize the interests of participants from the start, and only adjusts when funding becomes difficult, that's a dangerous signal in itself.

I've seen this pattern too many times in this circle. During the ICO era, they would inflate valuations to sky-high levels, only to find no one willing to buy, then come back with a "we hear the community" heartfelt story. A one-year lock-up period sounds like a way to filter for long-term participants, but frankly, it also locks in those who are trapped, making it impossible for them to exit even if they want to.

The most heartbreaking part is that projects like this tend to perform even worse after the TGE. Because the data used to justify the lowered valuation reflects not just pricing issues but also the market's true assessment of the project itself. Next time you encounter this kind of financing, look carefully: is the project team actively embracing market feedback, or are they being forced to compromise? The former might still have some potential; the latter, you'd better stay far away.