Bear markets treat everyone equally, even traders like Kain have to bow their heads. Previously, the Sonar platform's public sale sparked a lot of criticism, claiming the valuation was inflated. Infinex has now made a 180-degree turn—overnight, they revised their fundraising plan.

Is this move smart or forced? Just look at these numbers:

**Core Adjustments**

FDV valuation was directly cut from $300 million to $99.99 million, a decline of over 66%. This is not a minor tweak; it's a complete revaluation. Meanwhile, the fundraising target was also reduced from $15 million to $5 million.

In simple terms, the project team is bowing to the market. The previous high valuation was just an illusion; if investors don't buy in, it’s worthless. Infinex's proactive adjustment actually reflects the current funding environment—no one is willing to pay for overvaluation anymore.

What about the lock-up terms? These determine the real cost for participants. The market will vote with its feet, and the key is whether there will be tangible progress to support this new valuation.