I've had the chance to evaluate the Infinex sale in its entirety and here's my honest opinion.

The biggest red flag is the token layout. You can buy this project at $300 million FDV but there is a 12-month lock. Or you can buy this project at a $1 billion FDV with instant unlocks. Clearly having a token worth $300 million with a 12-month lock isn't able to create any sort of "long-term conviction" and that sounds like nonsense framing to me.

People use the Patrons NFT to back up their claim of ~$545 million FDV but these tokens are incredibly illiquid. Theoretical discounts will not apply if you cannot access your tokens for 12 months; that will make your tokens pretty much worthless as we have seen from all the major 2025 TGEs that have faired so poorly for months. The numbers from this year suggest that approx 90% of ICOs are down more than 6 months. That should give anyone reason to be concerned.

Also, the Lottery structure screams bearish. Let's face it; there is still the assumption that most of today's users are farmers grinding crates and that once TGE is released, they will completely vanish.

In saying that, the core product is solid. It's a great DeFi superapp, with real volume and real fees, and Kain is executing exactly how he should. In the long term, this could be a potential winner.

However, at this valuation with this token structure, I'm not ready to invest. I will continue farming crates, stay liquid, and look for a better opportunity to invest.