Infinex founder Kain Warwick recently shared a decision to make an adjustment on social media: they initially set the valuation for the Sonar token sale at up to $300 million, with a one-year lock-up mechanism. It sounded ambitious, but reality quickly delivered a blow—the market responded with a clear "no."

Investors' feedback was straightforward: this price is way too high. Coupled with the current market environment showing little sign of improvement, raising the price further would seem inconsiderate. So Kain decided to make a significant concession, reducing the FDV directly to $99.99 million, nearly halving the valuation.

What does this move reflect? It essentially reveals the market's true attitude toward project valuation. Overestimating early funding valuations has become a common "trap" in Web3 projects, with many teams only realizing how unrealistic their quotes are during bear markets. Kain's quick response and price adjustment at least show that the team is willing to listen to the market—this can, to some extent, boost investor confidence.

The revised fundraising amount is expected to be around $5 million. Although it has shrunk, it should still be enough for the team to continue product development. This also serves as a wake-up call for other projects seeking funding: no matter how good the product, if the pricing deviates from market expectations, support will be hard to come by.