#市场情绪 Infinex's recent actions reflect the current state of the market. The FDV was directly cut from $300 million to $99.99 million, a nearly 67% reduction. This is not just a simple price adjustment but a direct compromise of market sentiment.

The key signals are as follows: First, the funding amount decreased from $15 million to $5 million, indicating that even with a significant valuation reduction, market participation remains limited — this is a true reflection of the funding environment. Second, the one-year lock-up period reveals their core concern: there is a strong expectation of short-term resale at TGE, implying that the market is not optimistic about the project's mid-term prospects.

From an on-chain perspective, when a project team actively discounts heavily, there are usually two possibilities: either they are forced to do so due to funding pressure, or they are sufficiently pessimistic about the subsequent market. Considering the current market filled with "bad sentiment," the former is more likely.

It is also important to pay attention to the subsequent capital flow — note the 2% token allocation to Uniswap CCA, which is usually intended to lay the groundwork for liquidity upon listing. If whales participate in large follow-on investments before TGE in this discounted round, that would be a truly noteworthy signal; otherwise, it is just a forced valuation correction.