Kain Warwick, founder of Synthetix and Infinex, said he will pay $50,000 after losing a public wager that Ether (ETH) would reach $25,000 by 2025. The move comes as Infinex adjusts the valuation and terms of its upcoming INX token sale on the Sonar platform, aiming to broaden participation following community pushback.
Warwick Settles $50,000 Ether Bet
Warwick acknowledged on social media that his bet on ETH reaching $25,000 by 2025 has failed, committing to pay $50,000. Ether ended 2025 far below that mark after a volatile year for digital assets. Industry data also showed cooling sentiment in the fourth quarter, with Glassnode noting the 30-day simple moving average of net flows into U.S. spot Bitcoin and Ether ETFs turned negative in early November.
Infinex Cuts INX Token Sale Valuation
In separate updates, Warwick said Infinex reduced both the amount offered and the fully diluted valuation (FDV) for its INX token sale, hosted on Sonar. He wrote that initial terms appeared too rich and risked negative sentiment, adding that the revision aims to make the offer “attractive enough” for participants and to promote wider token distribution ahead of the token generation event (TGE).
Registration for the sale has opened, and the Sonar-hosted offering is scheduled to begin on January 3, according to multiple project updates.
Terms of the Sale
- Platform: Sonar
- Allocation: 5% of total INX supply
- Lockup: One-year lockup with a potential early unlock mechanism
- Valuation: Reduced sale size and FDV to improve investor alignment
Community Response and Next Steps
While the revised structure is intended to broaden access and increase participation before TGE, some early supporters (including Patron holders) argued that the mechanism changes do not fully address their perceived losses or the gap between expectations and outcomes. Infinex has stated the adjustments are designed to improve long-term distribution and market engagement.
With registration live and the sale slated for early January, Infinex’s execution and communications around the updated terms will be closely watched as the team seeks to balance early backer expectations with broader community inclusion.