Overview
The Infinex Patron NFT project is a fundraising mechanism introduced by Infinex, a decentralized exchange platform under development by Synthetix, a prominent DeFi project. The initiative aimed to democratize investment opportunities by offering limited-edition non-fungible tokens (NFTs) to a broad spectrum of participants, including venture capitalists, angel investors, and community members. The primary objective was to support the development and expansion of the Infinex platform.
Fundraising Structure
The Patron NFT sale was structured to ensure equitable access for all participants, regardless of their investment capacity. A total of 100,000 Patron NFTs were created on the Ethereum blockchain, with 50% allocated for public sale and the remaining 50% designated for the treasury, core working group, and incentives. The public sale was conducted in multiple waves, each targeting different participant groups to manage demand and maintain fairness.
Pricing Tiers
The Patron NFTs were offered in three distinct pricing tiers, each associated with specific lock-up periods:
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Liquid Patrons: Priced at $5,000 per NFT, these tokens could be withdrawn and transferred immediately following the distribution date.
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Linear Patrons: Priced at $3,000 per NFT, these tokens featured a 12-month linear unlock period. For instance, if a participant owned 24 Linear Patrons, two NFTs would unlock each month over the course of a year.
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Locked Patrons: Priced at $1,250 per NFT, these tokens had a 12-month cliff, followed by a 24-month linear unlock period. For example, if a participant owned 24 Locked Patrons, one NFT would unlock each month starting after the initial 12-month lock-up, completing the unlock process over the subsequent two years.
This tiered structure allowed participants to choose options aligning with their investment preferences and time horizons.
Participation and Distribution
The Patron NFT sale attracted a diverse group of participants, including notable venture capital firms, industry leaders, and individual investors. Prominent participants included:
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Founders Fund: Co-founded by Peter Thiel, this venture capital firm was among the significant investors in the Patron NFT sale.
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Solana Ventures: The investment arm of the Solana blockchain participated, highlighting cross-chain interest in the project.
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Framework Ventures and Wintermute Ventures: These firms also contributed to the fundraising effort.
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Angel Investors: Notable individuals such as Ethereum co-founder Vitalik Buterin, Solana co-founder Anatoly Yakovenko, and Aave founder Stani Kulechov participated, underscoring the project’s credibility and appeal within the crypto community.
The sale concluded with the distribution of 43,244 Patron NFTs across multiple blockchain platforms, including Ethereum, Solana, Arbitrum, Base, Polygon, and Optimism. Post-distribution, these NFTs became tradable on secondary markets like OpenSea and Blur, providing liquidity and flexibility to holders.
Objectives and Impact
The primary objective of the Patron NFT sale was to fund the development of the Infinex platform, which aims to offer a non-custodial, unified user experience across various blockchains and decentralized finance (DeFi) applications. By adopting a “patronage” model, Infinex sought to create a more inclusive funding landscape compared to traditional venture capital, allowing participants from all backgrounds to invest on equal terms.
The successful fundraising of $67.7 million reflects strong community support and confidence in Infinex’s mission to accelerate the transition to decentralized exchanges and provide a seamless multichain user experience. This innovative approach to fundraising could serve as a model for future projects seeking to foster a more inclusive and supportive crypto ecosystem.
