The Infinex sale has officially closed. Despite heavy FUD and against expectations (Polymarket had odds at 23%), it reached $7M in commitments, ending 44% oversubscribed.

In the end, the sale played out almost exactly as I predicted few days ago when the caps were removed.

Whales and smart money waited until the very end to deploy. It took 6.5 days to reach $3.6M, and then just 10 more hours to double that to $7M.

In total, 869 participants invested. But here’s the interesting part:

The top 1.6% accounted for 50% of total commitments. One single participant alone committed nearly $900k.

To the critics now arguing about “community”: Retail participants looking for a quick flip, who start hating a project the moment their $500 gets locked, are not a community.

I’d much rather see $INX supply concentrated among a smaller group of whales and smart money who genuinely believe in the project and can even actively support it with capital, expertise and networks, than distributed across a crowd that becomes a burden because they can’t manage their short-term emotions.

At the same time, the real community ( =people who have supported the project long-term and actually believe in it) is also on board. For them, a long-term lock is not a problem, because their conviction is long-term as well.

In my view, this sale structure will end up being case-study material.

It remains to be seen how $INX ultimately performs, but I expect it to significantly outperform the typical “100% unlock” sales designed to maximize short-term community happiness, only to result in everyone dumping and moving on to the next farm.

Give people what they want and you get short-term hype and love.

Give people what’s actually best for the project and you get long-term success.